Mackenzie Financial Corp Decreases Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Mackenzie Financial Corp trimmed its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,061 shares of the insurance provider’s stock after selling 311 shares during the quarter. Mackenzie Financial Corp’s holdings in RenaissanceRe were worth $1,188,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Louisiana State Employees Retirement System purchased a new position in RenaissanceRe in the 4th quarter valued at $2,881,000. Cerity Partners LLC grew its position in RenaissanceRe by 14.1% in the 4th quarter. Cerity Partners LLC now owns 3,190 shares of the insurance provider’s stock valued at $625,000 after buying an additional 393 shares during the last quarter. Custom Index Systems LLC purchased a new position in RenaissanceRe in the 4th quarter valued at $283,000. Allspring Global Investments Holdings LLC grew its position in RenaissanceRe by 2,235.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 16,864 shares of the insurance provider’s stock valued at $3,305,000 after buying an additional 16,142 shares during the last quarter. Finally, New York State Teachers Retirement System grew its position in RenaissanceRe by 1.5% in the 4th quarter. New York State Teachers Retirement System now owns 51,301 shares of the insurance provider’s stock valued at $10,055,000 after buying an additional 753 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RNR has been the topic of a number of analyst reports. Evercore ISI lifted their price objective on shares of RenaissanceRe from $213.00 to $216.00 and gave the company an “underperform” rating in a research report on Thursday, April 11th. UBS Group boosted their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. BMO Capital Markets boosted their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, TD Cowen began coverage on shares of RenaissanceRe in a research report on Wednesday, January 10th. They set a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $247.89.

Insider Buying and Selling at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares in the company, valued at approximately $16,518,653.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares in the company, valued at approximately $16,518,653.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Carol P. Sanders sold 880 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the transaction, the director now owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,130 shares of company stock worth $958,429. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

NYSE:RNR opened at $219.75 on Thursday. The firm has a market cap of $11.58 billion, a price-to-earnings ratio of 4.29, a price-to-earnings-growth ratio of 2.92 and a beta of 0.30. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.23. The company’s 50-day moving average is $227.24 and its two-hundred day moving average is $216.06. RenaissanceRe Holdings Ltd. has a 12-month low of $174.22 and a 12-month high of $239.42.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.13 by $3.64. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.83 billion. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm earned $7.33 EPS. Research analysts expect that RenaissanceRe Holdings Ltd. will post 34.41 EPS for the current year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 14th. RenaissanceRe’s dividend payout ratio is 3.05%.

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.