Louisiana State Employees Retirement System Invests $2.88 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Louisiana State Employees Retirement System purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,700 shares of the insurance provider’s stock, valued at approximately $2,881,000.

Several other institutional investors also recently modified their holdings of RNR. Financial Management Professionals Inc. increased its holdings in shares of RenaissanceRe by 4,833.3% during the third quarter. Financial Management Professionals Inc. now owns 148 shares of the insurance provider’s stock worth $29,000 after buying an additional 145 shares in the last quarter. Quarry LP bought a new stake in shares of RenaissanceRe in the 1st quarter valued at about $32,000. Bruce G. Allen Investments LLC acquired a new stake in shares of RenaissanceRe in the fourth quarter valued at about $38,000. Global Retirement Partners LLC raised its position in shares of RenaissanceRe by 519.4% during the third quarter. Global Retirement Partners LLC now owns 192 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 161 shares during the last quarter. Finally, Fred Alger Management LLC bought a new position in shares of RenaissanceRe during the first quarter worth about $44,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RNR has been the subject of a number of analyst reports. BMO Capital Markets raised their price objective on RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. UBS Group raised their price objective on RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Evercore ISI raised their price objective on RenaissanceRe from $213.00 to $216.00 and gave the stock an “underperform” rating in a research report on Thursday, April 11th. TD Cowen started coverage on RenaissanceRe in a research report on Wednesday, January 10th. They set a “market perform” rating for the company. Finally, JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $204.00 to $237.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $247.89.

Insider Buying and Selling at RenaissanceRe

In related news, EVP David E. Marra sold 750 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $229.00, for a total transaction of $171,750.00. Following the transaction, the executive vice president now owns 79,699 shares of the company’s stock, valued at $18,251,071. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP David E. Marra sold 750 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $229.00, for a total transaction of $171,750.00. Following the transaction, the executive vice president now owns 79,699 shares of the company’s stock, valued at $18,251,071. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares in the company, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,130 shares of company stock valued at $1,167,479. Company insiders own 1.80% of the company’s stock.

RenaissanceRe Trading Down 1.0 %

Shares of RNR stock opened at $213.52 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40. RenaissanceRe Holdings Ltd. has a fifty-two week low of $174.22 and a fifty-two week high of $239.42. The stock has a 50 day simple moving average of $228.26 and a two-hundred day simple moving average of $215.21. The company has a market cap of $11.25 billion, a P/E ratio of 4.17, a PEG ratio of 2.86 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, beating analysts’ consensus estimates of $8.13 by $3.64. RenaissanceRe had a return on equity of 26.93% and a net margin of 28.04%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the firm posted $7.33 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 34.41 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date was Thursday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s dividend payout ratio (DPR) is 3.05%.

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.