State of Tennessee Treasury Department Increases Position in RenaissanceRe Holdings Ltd. (RNR)

State of Tennessee Treasury Department increased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 400.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 75,000 shares of the insurance provider’s stock after purchasing an additional 60,000 shares during the period. State of Tennessee Treasury Department owned 0.19% of RenaissanceRe Holdings worth $10,136,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its position in RenaissanceRe Holdings by 1.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock worth $294,000 after purchasing an additional 19 shares during the period. M&T Bank Corp boosted its position in RenaissanceRe Holdings by 0.9% in the 2nd quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock valued at $1,142,000 after buying an additional 74 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in RenaissanceRe Holdings by 2.7% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock valued at $390,000 after buying an additional 75 shares during the last quarter. ETRADE Capital Management LLC boosted its position in RenaissanceRe Holdings by 5.2% in the 2nd quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock valued at $228,000 after buying an additional 81 shares during the last quarter. Finally, State Treasurer State of Michigan boosted its position in RenaissanceRe Holdings by 0.6% in the 2nd quarter. State Treasurer State of Michigan now owns 16,700 shares of the insurance provider’s stock valued at $2,322,000 after buying an additional 100 shares during the last quarter. 91.76% of the stock is owned by hedge funds and other institutional investors.

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A number of research firms have weighed in on RNR. Zacks Investment Research raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Friday. Citigroup Inc. raised shares of RenaissanceRe Holdings from a “neutral” rating to a “buy” rating and upped their price objective for the company from $151.00 to $157.00 in a research report on Thursday, November 2nd. Morgan Stanley decreased their price objective on shares of RenaissanceRe Holdings from $144.00 to $142.00 and set an “equal weight” rating for the company in a research report on Thursday, November 2nd. UBS AG upped their price objective on shares of RenaissanceRe Holdings from $135.00 to $144.00 and gave the company a “neutral” rating in a research report on Monday, November 6th. Finally, BidaskClub raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. RenaissanceRe Holdings has a consensus rating of “Hold” and a consensus target price of $144.38.

Shares of RenaissanceRe Holdings Ltd. (RNR) opened at $139.70 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66. RenaissanceRe Holdings Ltd. has a 12 month low of $120.55 and a 12 month high of $152.00.

RenaissanceRe Holdings (NYSE:RNR) last issued its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The company had revenue of $483.22 million during the quarter, compared to analyst estimates of $300.46 million. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. The business’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.09 EPS. equities research analysts forecast that RenaissanceRe Holdings Ltd. will post -6.7 EPS for the current year.

RenaissanceRe Holdings announced that its board has authorized a stock repurchase program on Wednesday, August 2nd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $135.58, for a total transaction of $677,900.00. Following the sale, the chief executive officer now owns 193,447 shares in the company, valued at $26,227,544.26. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

About RenaissanceRe Holdings

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.

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Institutional Ownership by Quarter for RenaissanceRe Holdings (NYSE:RNR)

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