Brookfield Corp ON Acquires 37,258 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Posted by Defense World Staff on Sep 12th, 2023

Brookfield Corp ON increased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) by 44.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 121,514 shares of the insurance provider’s stock after buying an additional 37,258 shares during the quarter. Brookfield Corp ON owned about 0.28% of RenaissanceRe worth $24,344,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of RNR. Laffer Tengler Investments lifted its holdings in RenaissanceRe by 3.7% in the 1st quarter. Laffer Tengler Investments now owns 1,437 shares of the insurance provider’s stock worth $288,000 after purchasing an additional 51 shares in the last quarter. First Trust Direct Indexing L.P. lifted its holdings in RenaissanceRe by 2.0% in the 1st quarter. First Trust Direct Indexing L.P. now owns 3,007 shares of the insurance provider’s stock worth $602,000 after purchasing an additional 58 shares in the last quarter. M&T Bank Corp lifted its holdings in RenaissanceRe by 1.1% in the 1st quarter. M&T Bank Corp now owns 6,424 shares of the insurance provider’s stock worth $1,287,000 after purchasing an additional 67 shares in the last quarter. TCI Wealth Advisors Inc. lifted its holdings in RenaissanceRe by 73.4% in the 1st quarter. TCI Wealth Advisors Inc. now owns 163 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 69 shares in the last quarter. Finally, Advisor Partners II LLC lifted its holdings in RenaissanceRe by 6.2% in the 1st quarter. Advisor Partners II LLC now owns 1,454 shares of the insurance provider’s stock worth $291,000 after purchasing an additional 85 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

NYSE RNR opened at $199.94 on Tuesday. The company has a market cap of $10.23 billion, a P/E ratio of 24.99 and a beta of 0.42. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.41 and a current ratio of 1.41. The business’s 50 day moving average price is $189.74 and its 200-day moving average price is $195.94. RenaissanceRe Holdings Ltd. has a fifty-two week low of $128.00 and a fifty-two week high of $223.80.

RenaissanceRe (NYSE:RNR – Get Free Report) last released its earnings results on Tuesday, July 25th. The insurance provider reported $8.79 earnings per share for the quarter, beating the consensus estimate of $7.58 by $1.21. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $1.96 billion. RenaissanceRe had a return on equity of 14.22% and a net margin of 5.60%. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.51 EPS. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.8 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Thursday, September 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently 19.00%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RNR shares. BMO Capital Markets raised RenaissanceRe from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $198.00 to $216.00 in a report on Tuesday, July 11th. Morgan Stanley assumed coverage on RenaissanceRe in a report on Tuesday, June 20th. They issued an “equal weight” rating and a $222.00 price target on the stock. StockNews.com assumed coverage on RenaissanceRe in a report on Thursday, August 17th. They set a “hold” rating on the stock. Bank of America decreased their price objective on RenaissanceRe from $275.00 to $266.00 and set a “buy” rating on the stock in a report on Monday, August 21st. Finally, TheStreet cut RenaissanceRe from a “b-” rating to a “c+” rating in a report on Thursday, June 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.71.

Check Out Our Latest Analysis on RNR

RenaissanceRe Profile

(Free Report)

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.