Mackenzie Financial Corp Cuts Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Mackenzie Financial Corp lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNR. Bruce G. Allen Investments LLC purchased a new stake in RenaissanceRe in the fourth quarter worth approximately $38,000. Global Retirement Partners LLC boosted its holdings in RenaissanceRe by 519.4% in the third quarter. Global Retirement Partners LLC now owns 192 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 161 shares during the last quarter. VisionPoint Advisory Group LLC purchased a new stake in RenaissanceRe in the third quarter worth approximately $57,000. CWM LLC boosted its holdings in RenaissanceRe by 200.0% in the third quarter. CWM LLC now owns 636 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 424 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in RenaissanceRe in the third quarter worth approximately $143,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

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

RenaissanceRe Stock Down 0.2 %

Shares of RNR stock opened at $219.75 on Thursday. The company has a market capitalization of $11.58 billion, a price-to-earnings ratio of 4.29, a PEG ratio of 2.92 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a one year low of $174.22 and a one year high of $239.42. The company’s fifty day moving average price is $227.24 and its 200-day moving average price is $216.06. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.40 and a quick ratio of 1.40.

RenaissanceRe (NYSE:RNR) last announced its quarterly 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. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the firm posted $7.33 EPS. RenaissanceRe’s revenue for the quarter was up 17.9% compared to the same quarter last year. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 34.41 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

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

Insider Buying and Selling

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