Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $3.04 Million Stake in RenaissanceRe Holdings Ltd. $RNR

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 6.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,500 shares of the insurance provider’s stock after acquiring an additional 727 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in RenaissanceRe were worth $3,036,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Impax Asset Management Group plc raised its position in shares of RenaissanceRe by 11.2% in the second quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after purchasing an additional 122,732 shares during the period. Vise Technologies Inc. acquired a new position in RenaissanceRe in the 2nd quarter valued at $460,000. Illinois Municipal Retirement Fund raised its holdings in RenaissanceRe by 67.3% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 15,479 shares of the insurance provider’s stock worth $3,760,000 after acquiring an additional 6,226 shares during the period. ProShare Advisors LLC lifted its position in RenaissanceRe by 14.7% during the 2nd quarter. ProShare Advisors LLC now owns 138,434 shares of the insurance provider’s stock worth $33,626,000 after acquiring an additional 17,787 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in RenaissanceRe by 40.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,434 shares of the insurance provider’s stock worth $10,550,000 after acquiring an additional 12,467 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Evercore ISI set a $244.00 price objective on RenaissanceRe and gave the stock an “in-line” rating in a research note on Wednesday, October 1st. Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. Citigroup started coverage on RenaissanceRe in a report on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target for the company. Barclays set a $278.00 price objective on shares of RenaissanceRe in a research note on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of RenaissanceRe in a research note on Friday, October 31st. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $284.50.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $262.25 on Thursday. The firm has a market capitalization of $12.09 billion, a price-to-earnings ratio of 7.29, a PEG ratio of 2.08 and a beta of 0.25. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $290.78. The business has a fifty day simple moving average of $254.22 and a 200 day simple moving average of $246.87. The company has a current ratio of 1.40, a quick ratio of 1.36 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The firm had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company earned $10.23 earnings per share. The business’s revenue was down 4.8% compared to the same quarter last year. Sell-side analysts expect 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 will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is presently 4.45%.

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.