California Public Employees Retirement System Acquires 3,315 Shares of RenaissanceRe Holdings Ltd. (RNR)

California Public Employees Retirement System increased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,302 shares of the insurance provider’s stock after buying an additional 3,315 shares during the period. California Public Employees Retirement System owned 0.24% of RenaissanceRe worth $13,014,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RNR. AlphaStar Capital Management LLC acquired a new position in RenaissanceRe during the third quarter valued at approximately $430,000. Nepsis Capital Management Inc. grew its holdings in RenaissanceRe by 29.4% during the third quarter. Nepsis Capital Management Inc. now owns 58,577 shares of the insurance provider’s stock valued at $7,916,000 after purchasing an additional 13,297 shares during the period. Lagoda Investment Management L.P. grew its holdings in RenaissanceRe by 0.6% during the third quarter. Lagoda Investment Management L.P. now owns 149,087 shares of the insurance provider’s stock valued at $20,148,000 after purchasing an additional 847 shares during the period. First Republic Investment Management Inc. acquired a new position in RenaissanceRe during the third quarter valued at approximately $490,000. Finally, Prospector Partners LLC grew its holdings in RenaissanceRe by 1.1% during the third quarter. Prospector Partners LLC now owns 93,974 shares of the insurance provider’s stock valued at $12,700,000 after purchasing an additional 1,020 shares during the period. 93.33% of the stock is owned by institutional investors and hedge funds.

In related news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $131.65, for a total transaction of $658,250.00. Following the completion of the transaction, the chief executive officer now owns 190,707 shares in the company, valued at $25,106,576.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the transaction, the senior vice president now owns 8,405 shares of the company’s stock, valued at approximately $1,140,810.65. The disclosure for this sale can be found here. Insiders have sold 16,391 shares of company stock valued at $2,199,400 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Several research analysts have recently weighed in on RNR shares. Zacks Investment Research cut shares of RenaissanceRe from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Wells Fargo & Co set a $140.00 price target on shares of RenaissanceRe and gave the company a “hold” rating in a report on Wednesday, October 4th. UBS Group reduced their price target on shares of RenaissanceRe from $136.00 to $135.00 and set a “neutral” rating for the company in a report on Monday, October 2nd. Buckingham Research started coverage on shares of RenaissanceRe in a report on Monday, September 11th. They issued a “buy” rating and a $165.00 price target for the company. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 price target on shares of RenaissanceRe in a report on Thursday, September 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. RenaissanceRe currently has an average rating of “Hold” and a consensus target price of $148.38.

RenaissanceRe Holdings Ltd. (NYSE RNR) opened at $125.83 on Tuesday. The firm has a market cap of $5,036.86, a P/E ratio of -27.53 and a beta of 0.67. RenaissanceRe Holdings Ltd. has a 1-year low of $120.55 and a 1-year high of $152.00. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($12.25) by ($1.56). RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company had revenue of $483.22 million during the quarter, compared to analyst estimates of $300.46 million. During the same quarter last year, the company earned $2.09 EPS. The firm’s quarterly revenue was up 70.0% compared to the same quarter last year. sell-side analysts expect that RenaissanceRe Holdings Ltd. will post -8.85 EPS for the current fiscal year.

RenaissanceRe declared that its Board of Directors has approved a stock buyback program on Friday, November 10th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.02%. The ex-dividend date is Thursday, December 14th. RenaissanceRe’s payout ratio is -28.01%.

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About RenaissanceRe

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.

Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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