Mackenzie Financial Corp Buys 62,091 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Mackenzie Financial Corp significantly increased its stake in RenaissanceRe Holdings by 366.1% in Q1, now owning approximately 79,053 shares valued at $18.97 million.
• RenaissanceRe reported strong quarterly earnings, with an EPS of $12.29, exceeding estimates, although the company saw a 2.4% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.40 per share, reflecting a 0.65% dividend yield and a payout ratio of 4.09%.

Mackenzie Financial Corp grew its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 366.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,053 shares of the insurance provider's stock after buying an additional 62,091 shares during the quarter. Mackenzie Financial Corp owned approximately 0.16% of RenaissanceRe worth $18,973,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its holdings in shares of RenaissanceRe by 5.8% in the 4th quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock valued at $274,000 after purchasing an additional 61 shares during the period. Fifth Third Bancorp raised its holdings in shares of RenaissanceRe by 1.2% in the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock valued at $1,584,000 after purchasing an additional 79 shares during the period. Seeds Investor LLC raised its holdings in shares of RenaissanceRe by 6.3% in the 4th quarter. Seeds Investor LLC now owns 1,385 shares of the insurance provider's stock valued at $344,000 after purchasing an additional 82 shares during the period. QRG Capital Management Inc. grew its stake in RenaissanceRe by 5.7% in the 1st quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock valued at $394,000 after buying an additional 88 shares during the last quarter. Finally, Rehmann Capital Advisory Group grew its stake in RenaissanceRe by 10.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,027 shares of the insurance provider's stock valued at $243,000 after buying an additional 93 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Performance

Shares of NYSE:RNR traded down $2.36 on Friday, reaching $241.38. 325,128 shares of the company's stock were exchanged, compared to its average volume of 515,340. The company has a fifty day moving average of $242.40 and a 200-day moving average of $241.10. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00. The company has a market capitalization of $11.36 billion, a price-to-earnings ratio of 6.17, a PEG ratio of 2.48 and a beta of 0.29. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The business's revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $12.41 EPS. On average, research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. RenaissanceRe's dividend payout ratio (DPR) is currently 4.09%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Barclays upped their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target on the stock in a research note on Tuesday, April 8th. UBS Group upped their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods upped their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Finally, JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $287.50.

Insider Activity

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares in the company, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.30% of the company's stock.

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.