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

Corebridge Financial Inc. cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,768 shares of the insurance provider's stock after selling 2,903 shares during the period. Corebridge Financial Inc. owned 0.11% of RenaissanceRe worth $14,622,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Boston Partners boosted its holdings in shares of RenaissanceRe by 28.5% in the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock worth $500,991,000 after acquiring an additional 446,781 shares during the period. Impax Asset Management Group plc lifted its holdings in RenaissanceRe by 10.8% during the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider's stock worth $466,969,000 after purchasing an additional 182,530 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in RenaissanceRe in the 3rd quarter worth about $18,969,000. Northwest & Ethical Investments L.P. purchased a new position in RenaissanceRe during the 3rd quarter valued at about $17,086,000. Finally, World Investment Advisors LLC bought a new stake in shares of RenaissanceRe during the third quarter valued at about $16,176,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on RNR shares. Wells Fargo & Company cut their price objective on shares of RenaissanceRe from $288.00 to $277.00 and set an "overweight" rating for the company in a research report on Thursday, January 30th. Jefferies Financial Group reissued a "hold" rating and issued a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a report on Thursday, January 30th. Barclays lowered RenaissanceRe from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Finally, Keefe, Bruyette & Woods decreased 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of "Hold" and a consensus target price of $283.40.

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Insider Activity at RenaissanceRe

In related 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 transaction of $254,160.00. Following the transaction, the executive vice president now owns 79,392 shares in the company, valued at $20,178,270.72. The trade was a 1.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is currently owned by company insiders.

RenaissanceRe Price Performance

NYSE:RNR traded down $4.27 during mid-day trading on Friday, reaching $242.46. The stock had a trading volume of 269,503 shares, compared to its average volume of 407,716. 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 stock has a market capitalization of $11.88 billion, a P/E ratio of 6.92, a P/E/G ratio of 2.09 and a beta of 0.38. The firm has a 50 day moving average price of $239.76 and a two-hundred day moving average price of $256.53. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. This is an increase from RenaissanceRe's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. RenaissanceRe's payout ratio is presently 4.57%.

RenaissanceRe Company 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.