Texas Permanent School Fund Sells 2,143 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Texas Permanent School Fund decreased its position in RenaissanceRe Holdings Ltd. (NYSE:RNRGet Rating) by 6.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,181 shares of the insurance provider’s stock after selling 2,143 shares during the quarter. Texas Permanent School Fund owned approximately 0.07% of RenaissanceRe worth $4,943,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. SRB Corp raised its stake in RenaissanceRe by 206.1% during the 4th quarter. SRB Corp now owns 478,529 shares of the insurance provider’s stock valued at $81,029,000 after purchasing an additional 322,200 shares during the period. Kingdon Capital Management L.L.C. purchased a new position in shares of RenaissanceRe in the 4th quarter worth approximately $29,633,000. Southeastern Asset Management Inc. TN boosted its holdings in shares of RenaissanceRe by 16.9% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 1,062,630 shares of the insurance provider’s stock worth $179,935,000 after purchasing an additional 153,677 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of RenaissanceRe by 85.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 170,355 shares of the insurance provider’s stock valued at $28,846,000 after purchasing an additional 78,530 shares during the period. Finally, Great Lakes Advisors LLC increased its stake in RenaissanceRe by 10.9% in the 4th quarter. Great Lakes Advisors LLC now owns 463,807 shares of the insurance provider’s stock worth $78,536,000 after buying an additional 45,697 shares during the period. Institutional investors own 98.18% of the company’s stock.

RenaissanceRe Stock Down 0.1 %

RNR stock opened at $125.30 on Friday. The firm has a 50 day moving average of $145.77 and a 200 day moving average of $149.74. The stock has a market capitalization of $5.48 billion, a PE ratio of -5.77 and a beta of 0.40. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a 52 week low of $124.18 and a 52 week high of $174.54.

RenaissanceRe (NYSE:RNRGet Rating) last released its earnings results on Monday, July 25th. The insurance provider reported $5.51 EPS for the quarter, topping analysts’ consensus estimates of $5.11 by $0.40. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.88%. RenaissanceRe’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period last year, the business earned $5.64 EPS. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 14.65 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.18%. The ex-dividend date is Wednesday, September 14th. RenaissanceRe’s payout ratio is -6.81%.

Wall Street Analyst Weigh In

A number of research firms have commented on RNR. Jefferies Financial Group downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating and cut their target price for the company from $173.00 to $162.00 in a research report on Tuesday, July 12th. Morgan Stanley lowered their price target on shares of RenaissanceRe from $175.00 to $162.00 and set an “equal weight” rating on the stock in a report on Monday, May 23rd. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $180.67.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, Director David C. Bushnell sold 600 shares of RenaissanceRe stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $148.41, for a total transaction of $89,046.00. Following the completion of the sale, the director now directly owns 19,914 shares in the company, valued at approximately $2,955,436.74. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Company Profile

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RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.

Further Reading

Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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