SRB Corp Has $115.47 Million Stake in RenaissanceRe Holdings Ltd. $RNR

Key Points

• SRB Corp reduced its RenaissanceRe stake by 7.5% in the first quarter, selling 31,611 shares and ending with 388,478 shares worth about $115.47 million. RenaissanceRe remains SRB’s third-largest holding and makes up 7.1% of its portfolio.
• RenaissanceRe posted stronger-than-expected quarterly results, reporting $12.92 in EPS versus estimates of $11.72 and revenue of $2.77 billion versus expectations of $2.57 billion. The company also delivered a 23.10% return on equity and 23.65% net margin.
• Analysts remain cautious overall despite several price-target increases, with the stock carrying a consensus rating of Hold and a consensus target price of $335.33. Meanwhile, RenaissanceRe recently paid a quarterly dividend of $0.41 per share, equal to an annualized yield of 0.5%.

SRB Corp decreased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 388,478 shares of the insurance provider's stock after selling 31,611 shares during the period. RenaissanceRe comprises 7.1% of SRB Corp's portfolio, making the stock its 3rd largest holding. SRB Corp owned about 0.91% of RenaissanceRe worth $115,467,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Partners grew its position in RenaissanceRe by 9.9% in the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after purchasing an additional 128,245 shares during the period. Lightrock Netherlands B.V. lifted its holdings in shares of RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock valued at $350,263,000 after buying an additional 160,915 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock valued at $322,603,000 after buying an additional 52,371 shares during the period. Bank of America Corp DE boosted its stake in shares of RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock worth $195,182,000 after buying an additional 120,063 shares during the last quarter. Finally, Orbis Allan Gray Ltd purchased a new position in shares of RenaissanceRe in the 4th quarter worth $178,519,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. UBS Group lifted their price objective on RenaissanceRe from $326.00 to $342.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Cantor Fitzgerald reissued an "overweight" rating on shares of RenaissanceRe in a research report on Thursday. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Bank of America boosted their price target on RenaissanceRe from $410.00 to $438.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Morgan Stanley upped their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $335.33.

RenaissanceRe Price Performance

NYSE RNR opened at $328.33 on Friday. The company has a market capitalization of $14.00 billion, a PE ratio of 5.63, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.37 and a current ratio of 1.38. The business's fifty day moving average is $305.10 and its 200 day moving average is $298.42. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $329.60.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping analysts' consensus estimates of $11.72 by $1.20. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the prior year, the business posted $12.29 earnings per share. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.41 per share. The ex-dividend date was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's payout ratio is 2.81%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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