State of New Jersey Common Pension Fund D Cuts Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

State of New Jersey Common Pension Fund D lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 6.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,632 shares of the insurance provider’s stock after selling 1,366 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in RenaissanceRe were worth $5,075,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNR. Blue Trust Inc. purchased a new stake in shares of RenaissanceRe in the second quarter valued at approximately $27,000. ORG Wealth Partners LLC acquired a new stake in RenaissanceRe in the third quarter valued at $30,000. V Square Quantitative Management LLC purchased a new stake in shares of RenaissanceRe during the 2nd quarter worth $31,000. UMB Bank n.a. grew its stake in shares of RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in shares of RenaissanceRe in the 1st quarter valued at about $46,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RNR shares. Barclays began coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. Citigroup upped their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, Jefferies Financial Group lifted their price target on RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $291.30.

RenaissanceRe Stock Performance

NYSE:RNR opened at $264.76 on Tuesday. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $300.00. The firm has a 50 day simple moving average of $267.82 and a 200-day simple moving average of $242.31. The firm has a market cap of $13.81 billion, a PE ratio of 3.81, a P/E/G ratio of 1.75 and a beta of 0.39. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $8.33 EPS. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 40.75 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.59%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is 2.25%.

RenaissanceRe Company 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.