Illinois Municipal Retirement Fund Purchases 5,751 Shares of RenaissanceRe Holdings Ltd. $RNR

Illinois Municipal Retirement Fund increased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 37.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,230 shares of the insurance provider’s stock after acquiring an additional 5,751 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in RenaissanceRe were worth $5,391,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Impax Asset Management Group plc lifted its position in shares of RenaissanceRe by 11.2% in the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock worth $295,494,000 after purchasing an additional 122,732 shares during the period. Bank of America Corp DE raised its stake in RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after buying an additional 120,063 shares in the last quarter. Norges Bank purchased a new stake in RenaissanceRe during the second quarter worth $139,543,000. Great Lakes Advisors LLC lifted its holdings in RenaissanceRe by 12.2% during the third quarter. Great Lakes Advisors LLC now owns 490,283 shares of the insurance provider’s stock worth $124,498,000 after buying an additional 53,303 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of RenaissanceRe by 0.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock valued at $81,208,000 after acquiring an additional 3,070 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

RNR opened at $301.21 on Friday. The company has a market cap of $13.10 billion, a P/E ratio of 5.31, a price-to-earnings-growth ratio of 0.76 and a beta of 0.24. The company has a quick ratio of 1.40, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $279.56 and its 200-day moving average price is $261.10. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $315.88.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping the consensus estimate of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the firm earned $8.06 EPS. RenaissanceRe’s revenue was up 29.6% compared to the same quarter last year. As a group, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is currently 2.82%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RNR shares. TD Cowen restated a “hold” rating on shares of RenaissanceRe in a research note on Thursday, January 8th. UBS Group reiterated a “neutral” rating and issued a $312.00 target price on shares of RenaissanceRe in a report on Monday. Cantor Fitzgerald raised their price target on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods boosted their price objective on shares of RenaissanceRe from $314.00 to $323.00 and gave the stock a “market perform” rating in a research note on Monday, February 9th. Finally, Wells Fargo & Company increased their target price on shares of RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday, February 5th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average target price of $309.27.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.