Corebridge Financial Inc. Sells 4,355 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Corebridge Financial Inc. reduced its stake in RenaissanceRe Holdings Ltd. by 7.4%, selling 4,355 shares and now owning approximately 54,413 shares worth $13,059,000.
• RenaissanceRe reported a surprising increase in earnings per share (EPS) at $12.29 for the recent quarter, exceeding analyst estimates while revenue dipped by 2.4% year-over-year to $2.77 billion.
• The company declared a quarterly dividend of $0.40 per share, with an annualized yield of 0.7%, which will be paid to shareholders of record as of September 15th.

Corebridge Financial Inc. trimmed its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 7.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,413 shares of the insurance provider's stock after selling 4,355 shares during the period. Corebridge Financial Inc. owned about 0.11% of RenaissanceRe worth $13,059,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in RenaissanceRe by 37.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock valued at $599,049,000 after buying an additional 676,125 shares during the last quarter. GAMMA Investing LLC boosted its holdings in RenaissanceRe by 33,487.8% in the 1st quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock valued at $95,040,000 after purchasing an additional 394,821 shares during the period. Nuveen LLC bought a new stake in RenaissanceRe in the 1st quarter valued at about $54,087,000. Cooke & Bieler LP lifted its holdings in shares of RenaissanceRe by 18.0% during the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock worth $299,458,000 after acquiring an additional 190,139 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of RenaissanceRe by 17.9% during the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock worth $203,339,000 after acquiring an additional 124,125 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of research analyst reports. Wells Fargo & Company reiterated an "equal weight" rating and set a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Barclays upped their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Stock Up 0.5%

NYSE RNR traded up $1.30 on Friday, hitting $242.71. 304,929 shares of the company were exchanged, compared to its average volume of 315,705. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a market cap of $11.42 billion, a PE ratio of 6.20, a PEG ratio of 2.37 and a beta of 0.29. The stock has a fifty day moving average of $241.37 and a 200-day moving average of $240.69. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period last year, the firm earned $12.41 earnings per share. The business's quarterly revenue was down 2.4% compared to the same quarter last year. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

About RenaissanceRe

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.