Vestcor Inc Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Vestcor Inc bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,175 shares of the insurance provider’s stock, valued at approximately $1,785,000.

A number of other hedge funds have also recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of RenaissanceRe during the fourth quarter valued at approximately $4,290,000. Avantax Advisory Services Inc. grew its stake in shares of RenaissanceRe by 5.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 2,404 shares of the insurance provider’s stock valued at $598,000 after buying an additional 133 shares during the last quarter. Independent Advisor Alliance grew its stake in shares of RenaissanceRe by 7.7% during the fourth quarter. Independent Advisor Alliance now owns 864 shares of the insurance provider’s stock valued at $215,000 after buying an additional 62 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of RenaissanceRe by 15.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,418 shares of the insurance provider’s stock valued at $3,339,000 after buying an additional 1,766 shares during the last quarter. Finally, Davis Selected Advisers grew its stake in shares of RenaissanceRe by 0.8% during the fourth quarter. Davis Selected Advisers now owns 142,313 shares of the insurance provider’s stock valued at $35,409,000 after buying an additional 1,099 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 1.4 %

RenaissanceRe stock opened at $239.63 on Friday. The business has a fifty day moving average of $242.19 and a two-hundred day moving average of $257.59. The firm has a market cap of $11.80 billion, a P/E ratio of 6.84, a P/E/G ratio of 2.09 and a beta of 0.38. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.67%. RenaissanceRe’s dividend payout ratio is presently 4.57%.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods cut their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 4th. Morgan Stanley lowered their price target on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $284.00 to $234.00 in a report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company lowered their price target on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus target price of $279.90.

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.