Corebridge Financial Inc. Decreases Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Corebridge Financial Inc. lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 58,768 shares of the insurance provider’s stock after selling 2,903 shares during the quarter. Corebridge Financial Inc.’s holdings in RenaissanceRe were worth $14,622,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RNR. SBI Securities Co. Ltd. purchased a new stake in RenaissanceRe during the 4th quarter valued at $29,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of RenaissanceRe by 51.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 41 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of RenaissanceRe by 1,587.5% during the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 127 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of RenaissanceRe by 71.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 65 shares during the period. Finally, UMB Bank n.a. increased its holdings in RenaissanceRe by 40.0% during the 4th quarter. UMB Bank n.a. now owns 175 shares of the insurance provider’s stock valued at $44,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on RNR. Morgan Stanley dropped their price objective on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Jefferies Financial Group restated a “hold” rating and issued a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Keefe, Bruyette & Woods lowered their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. Finally, Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $279.90.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $239.44 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market capitalization of $11.79 billion, a price-to-earnings ratio of 6.84, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00. The company’s 50-day moving average is $240.51 and its 200 day moving average is $256.79.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS 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 paid a $0.40 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s payout ratio is currently 4.57%.

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.