VIRGINIA RETIREMENT SYSTEMS ET Al Grows Position in RenaissanceRe Holdings Ltd. $RNR

VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1,002.2% in the third quarter, Holdings Channel.com reports. The fund owned 14,737 shares of the insurance provider’s stock after purchasing an additional 13,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in RenaissanceRe were worth $3,742,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RNR. Sivia Capital Partners LLC purchased a new stake in RenaissanceRe in the 3rd quarter worth $210,000. Diversified Trust Co purchased a new position in shares of RenaissanceRe during the third quarter valued at about $526,000. Ethic Inc. increased its holdings in shares of RenaissanceRe by 4.7% in the third quarter. Ethic Inc. now owns 3,733 shares of the insurance provider’s stock worth $948,000 after purchasing an additional 168 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in shares of RenaissanceRe in the third quarter worth about $218,000. Finally, CWM LLC lifted its position in shares of RenaissanceRe by 241.4% in the third quarter. CWM LLC now owns 2,728 shares of the insurance provider’s stock worth $693,000 after buying an additional 1,929 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

NYSE RNR opened at $281.14 on Friday. The business’s 50 day moving average price is $266.06 and its 200-day moving average price is $252.28. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $285.26. The company has a market cap of $12.96 billion, a P/E ratio of 7.81, a P/E/G ratio of 1.65 and a beta of 0.26. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the company earned $10.23 earnings per share. RenaissanceRe’s revenue was down 4.8% on a year-over-year basis. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. RenaissanceRe’s payout ratio is currently 4.45%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RNR. UBS Group raised their price target on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. BMO Capital Markets reiterated an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Friday, December 5th. Cowen restated a “hold” rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. Zacks Research raised shares of RenaissanceRe from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 8th. Finally, Mizuho started coverage on shares of RenaissanceRe in a research report on Monday, December 15th. They set a “neutral” rating and a $281.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $286.29.

About RenaissanceRe

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.