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

Mackenzie Financial Corp increased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 366.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,053 shares of the insurance provider’s stock after purchasing an additional 62,091 shares during the quarter. Mackenzie Financial Corp owned approximately 0.16% of RenaissanceRe worth $18,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new stake in shares of RenaissanceRe in the 4th quarter worth approximately $27,000. Tsfg LLC purchased a new stake in RenaissanceRe in the first quarter worth $40,000. LRI Investments LLC boosted its holdings in RenaissanceRe by 116.5% in the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider’s stock valued at $63,000 after acquiring an additional 141 shares in the last quarter. Huntington National Bank increased its position in RenaissanceRe by 179.3% during the 4th quarter. Huntington National Bank now owns 257 shares of the insurance provider’s stock valued at $64,000 after purchasing an additional 165 shares during the period. Finally, UMB Bank n.a. raised its holdings in RenaissanceRe by 165.1% in the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 289 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Trading Up 0.0%

NYSE RNR opened at $244.38 on Thursday. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The stock’s fifty day moving average price is $242.25 and its 200-day moving average price is $241.34. The stock has a market cap of $11.50 billion, a P/E ratio of 6.24, a P/E/G ratio of 2.57 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating the consensus estimate of $10.28 by $2.01. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. RenaissanceRe’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $12.41 EPS. As a group, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe’s payout ratio is 4.09%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group cut their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a report on Monday. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, April 24th. UBS Group raised their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Morgan Stanley reduced their price target on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $287.50.

Insider Buying and Selling at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer directly owned 27,154 shares of the company’s stock, valued at $6,776,009.16. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.

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.