Mackenzie Financial Corp Boosts Holdings in RenaissanceRe Holdings Ltd. $RNR

Mackenzie Financial Corp lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 34.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 224,821 shares of the insurance provider’s stock after buying an additional 57,401 shares during the period. Mackenzie Financial Corp’s holdings in RenaissanceRe were worth $57,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in RenaissanceRe by 39.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after acquiring an additional 2,737 shares during the period. Millennium Management LLC purchased a new stake in RenaissanceRe in the first quarter valued at $15,289,000. Jones Financial Companies Lllp raised its position in RenaissanceRe by 900.0% in the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 1,215 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of RenaissanceRe by 72.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after purchasing an additional 24,027 shares during the last quarter. Finally, AE Wealth Management LLC grew its holdings in shares of RenaissanceRe by 28.4% during the 2nd quarter. AE Wealth Management LLC now owns 1,371 shares of the insurance provider’s stock worth $333,000 after purchasing an additional 303 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $291.02 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $315.88. The stock has a market capitalization of $12.66 billion, a PE ratio of 5.13, a P/E/G ratio of 0.67 and a beta of 0.21. The firm has a 50 day moving average of $288.68 and a two-hundred day moving average of $268.66.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company’s revenue was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.06 earnings per share. On average, research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is presently 2.82%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction 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.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. The Goldman Sachs Group restated a “sell” rating and issued a $267.00 price objective on shares of RenaissanceRe in a report on Wednesday, January 7th. Wells Fargo & Company increased their target price on shares of RenaissanceRe from $281.00 to $306.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Morgan Stanley downgraded shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price target on the stock. in a research note on Thursday, February 26th. Finally, TD Cowen upped their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, February 26th. Three analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $310.27.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.