Corebridge Financial Inc. Sells 2,903 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Corebridge Financial Inc. trimmed its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.7% in the 4th quarter, according to the company in its most recent Form 13F 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 filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of RNR. Stevens Capital Management LP purchased a new stake in RenaissanceRe in the 4th quarter worth about $206,000. LPL Financial LLC increased its stake in shares of RenaissanceRe by 1.4% in the fourth quarter. LPL Financial LLC now owns 7,125 shares of the insurance provider’s stock worth $1,773,000 after purchasing an additional 98 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of RenaissanceRe during the 4th quarter valued at approximately $3,359,000. AXQ Capital LP bought a new position in RenaissanceRe in the 4th quarter worth approximately $477,000. Finally, Sei Investments Co. grew its stake in RenaissanceRe by 19.5% in the 4th quarter. Sei Investments Co. now owns 183,835 shares of the insurance provider’s stock valued at $45,744,000 after buying an additional 29,974 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

NYSE RNR opened at $239.44 on Wednesday. RenaissanceRe Holdings Ltd. has a 52-week low of $208.98 and a 52-week high of $300.00. The company has a fifty day moving average of $240.51 and a 200-day moving average of $256.79. The company has a market capitalization of $11.79 billion, a P/E ratio of 6.84, a P/E/G ratio of 2.09 and a beta of 0.38. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, beating analysts’ consensus estimates 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, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 yield of 0.67%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio is currently 4.57%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RNR shares. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Keefe, Bruyette & Woods reduced their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a report on Tuesday, February 4th. Wells Fargo & Company lowered their price target on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. boosted their price objective on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research note on Friday, January 3rd. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 target price (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $279.90.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

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.