Retirement Systems of Alabama Has $28.02 Million Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Retirement Systems of Alabama decreased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,365 shares of the insurance provider’s stock after selling 906 shares during the period. Retirement Systems of Alabama owned 0.24% of RenaissanceRe worth $28,020,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in RenaissanceRe in the 1st quarter valued at approximately $26,000. Blue Trust Inc. bought a new stake in shares of RenaissanceRe in the second quarter valued at approximately $27,000. Rise Advisors LLC acquired a new stake in shares of RenaissanceRe in the first quarter worth $31,000. V Square Quantitative Management LLC bought a new position in RenaissanceRe during the second quarter worth $31,000. Finally, Mather Group LLC. bought a new position in shares of RenaissanceRe during the 1st quarter worth about $34,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Price Performance

RenaissanceRe stock traded up $4.74 on Friday, reaching $251.99. The company’s stock had a trading volume of 449,741 shares, compared to its average volume of 336,622. The business’s fifty day moving average price is $228.05 and its 200 day moving average price is $226.89. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $13.14 billion, a price-to-earnings ratio of 5.57, a PEG ratio of 1.32 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a twelve month low of $178.12 and a twelve month high of $252.39.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 38.92 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.62%. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. UBS Group decreased their target price on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Evercore ISI boosted their price objective on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Wells Fargo & Company cut their target price on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Morgan Stanley decreased their price target on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Finally, Bank of America increased their price objective on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $263.40.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at $16,598,352.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

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.