State of Alaska Department of Revenue Reduces Holdings in RenaissanceRe Holdings Ltd. $RNR

State of Alaska Department of Revenue decreased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,469 shares of the insurance provider’s stock after selling 300 shares during the period. State of Alaska Department of Revenue’s holdings in RenaissanceRe were worth $1,328,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Advisors Asset Management Inc. grew its stake in shares of RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 42 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of RenaissanceRe by 43.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock worth $45,000 after acquiring an additional 56 shares during the last quarter. Resona Asset Management Co. Ltd. grew its stake in shares of RenaissanceRe by 0.8% during the first quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider’s stock worth $1,931,000 after acquiring an additional 61 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of RenaissanceRe by 1.2% during the first quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider’s stock worth $1,584,000 after acquiring an additional 79 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of RenaissanceRe by 18.8% during the second quarter. UMB Bank n.a. now owns 551 shares of the insurance provider’s stock worth $134,000 after acquiring an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Up 1.4%

Shares of NYSE:RNR opened at $259.38 on Friday. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $300.00. The company has a market capitalization of $12.21 billion, a PE ratio of 6.63, a PEG ratio of 2.54 and a beta of 0.27. The business has a 50 day moving average of $244.40 and a two-hundred day moving average of $242.38. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.28 by $2.01. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.RenaissanceRe’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $12.41 earnings per share. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, September 15th. RenaissanceRe’s dividend payout ratio is presently 4.09%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RNR shares. Evercore ISI set a $244.00 target price on RenaissanceRe and gave the company an “in-line” rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a “market perform” rating in a research report on Monday, July 28th. Morgan Stanley dropped their target price on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, July 14th. Cantor Fitzgerald upgraded RenaissanceRe to a “hold” rating in a research report on Wednesday, August 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research report on Saturday, September 27th. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $281.91.

About RenaissanceRe

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.