State of Michigan Retirement System Has $3.05 Million Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

State of Michigan Retirement System lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,265 shares of the insurance provider’s stock after selling 100 shares during the quarter. State of Michigan Retirement System’s holdings in RenaissanceRe were worth $3,052,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Impax Asset Management Group plc raised its stake in RenaissanceRe by 32.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after buying an additional 415,366 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new stake in RenaissanceRe during the 3rd quarter worth $18,969,000. Northwest & Ethical Investments L.P. acquired a new stake in RenaissanceRe during the 3rd quarter worth $17,086,000. World Investment Advisors LLC acquired a new stake in RenaissanceRe during the 3rd quarter worth $16,176,000. Finally, Assetmark Inc. raised its stake in RenaissanceRe by 115.3% during the 3rd quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock worth $22,066,000 after buying an additional 43,384 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $243.81 on Friday. The stock has a market capitalization of $12.01 billion, a price-to-earnings ratio of 6.96, a PEG ratio of 2.09 and a beta of 0.38. The business has a 50-day moving average of $243.45 and a 200-day moving average of $257.92. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.57%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RNR. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Wells Fargo & Company dropped their price target on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Keefe, Bruyette & Woods dropped their price target on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 4th. Finally, Morgan Stanley dropped their price target on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, RenaissanceRe presently has an average rating of “Hold” and a consensus target price of $279.90.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.