State of Alaska Department of Revenue Increases Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

State of Alaska Department of Revenue raised its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,516 shares of the insurance provider’s stock after buying an additional 214 shares during the period. State of Alaska Department of Revenue’s holdings in RenaissanceRe were worth $1,693,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Parallel Advisors LLC increased its stake in shares of RenaissanceRe by 862.1% in the 1st quarter. Parallel Advisors LLC now owns 558 shares of the insurance provider’s stock worth $80,000 after purchasing an additional 500 shares in the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of RenaissanceRe in the 2nd quarter worth $140,000. Quadrant Capital Group LLC increased its stake in shares of RenaissanceRe by 138.6% in the 1st quarter. Quadrant Capital Group LLC now owns 847 shares of the insurance provider’s stock worth $116,000 after purchasing an additional 492 shares in the last quarter. Machina Capital S.A.S. purchased a new stake in shares of RenaissanceRe in the 2nd quarter worth $166,000. Finally, NEXT Financial Group Inc purchased a new stake in shares of RenaissanceRe in the 2nd quarter worth $167,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

In other RenaissanceRe news, insider Aditya Dutt sold 15,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $176.44, for a total transaction of $2,646,600.00. Following the completion of the transaction, the insider now owns 65,556 shares of the company’s stock, valued at approximately $11,566,700.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ian D. Branagan sold 2,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $160.00, for a total transaction of $320,000.00. Following the transaction, the senior vice president now directly owns 50,617 shares of the company’s stock, valued at approximately $8,098,720. The disclosure for this sale can be found here. Insiders sold a total of 22,931 shares of company stock valued at $4,017,820 in the last ninety days. 1.60% of the stock is currently owned by insiders.

Several equities research analysts have recently commented on the company. Wells Fargo & Co upped their price objective on RenaissanceRe from $155.00 to $175.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Deutsche Bank lowered RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 price objective for the company. in a research note on Monday, July 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $154.00 to $187.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. ValuEngine raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Finally, UBS Group upped their target price on shares of RenaissanceRe from $144.00 to $153.00 and gave the stock a “neutral” rating in a report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. RenaissanceRe has an average rating of “Hold” and a consensus target price of $162.45.

RenaissanceRe stock traded up $0.01 during mid-day trading on Monday, hitting $182.55. The stock had a trading volume of 1,582 shares, compared to its average volume of 385,504. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of 19.77, a P/E/G ratio of 1.36 and a beta of 0.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.54 and a quick ratio of 1.54. The company has a 50 day moving average of $181.92. RenaissanceRe Holdings Ltd. has a one year low of $118.28 and a one year high of $189.00.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, July 23rd. The insurance provider reported $4.78 earnings per share for the quarter, topping the consensus estimate of $3.58 by $1.20. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $824.40 million. RenaissanceRe had a net margin of 19.47% and a return on equity of 8.87%. RenaissanceRe’s quarterly revenue was up 69.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.23 EPS. On average, research analysts predict that RenaissanceRe Holdings Ltd. will post 14.15 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Thursday, September 12th. RenaissanceRe’s dividend payout ratio is currently 14.83%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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