Mackenzie Financial Corp Increases Stake in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Mackenzie Financial raised its stake in RenaissanceRe by 34.3%, adding 57,401 shares to own 224,821 shares (about 0.49% of the company) worth approximately $57.1 million at quarter-end.
• RenaissanceRe reported a strong quarter, beating expectations with $13.34 EPS (vs. $10.59 est.) and $2.97 billion in revenue (up 29.6% year-over-year), while trading at a low PE of 5.13
• The company raised its quarterly dividend to $0.41 per share (annualized $1.64) with an ex-dividend date of March 13, implying a 0.6% yield and a very low payout ratio of 2.82%.

Mackenzie Financial Corp raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 34.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 224,821 shares of the insurance provider's stock after acquiring an additional 57,401 shares during the quarter. Mackenzie Financial Corp owned approximately 0.49% of RenaissanceRe worth $57,089,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of RNR. Financial Consulate Inc. purchased a new position in shares of RenaissanceRe during the 3rd quarter valued at approximately $29,000. Farther Finance Advisors LLC boosted its holdings in RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock worth $33,000 after buying an additional 79 shares in the last quarter. Root Financial Partners LLC acquired a new stake in RenaissanceRe during the third quarter valued at $36,000. Mather Group LLC. acquired a new stake in RenaissanceRe during the third quarter valued at $52,000. Finally, Smartleaf Asset Management LLC increased its holdings in RenaissanceRe by 191.8% in the third quarter. Smartleaf Asset Management LLC now owns 248 shares of the insurance provider's stock valued at $62,000 after buying an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Price Performance

RNR stock opened at $291.02 on Friday. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $315.88. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market capitalization of $12.66 billion, a PE ratio of 5.13, a price-to-earnings-growth ratio of 0.67 and a beta of 0.21. The business has a 50 day simple moving average of $288.68 and a 200-day simple moving average of $268.66.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, topping analysts' consensus estimates of $10.59 by $2.75. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm's revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the business posted $8.06 earnings per share. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

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

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares of the company's stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $314.00 to $323.00 and gave the stock a "market perform" rating in a research report on Monday, February 9th. UBS Group restated a "neutral" rating and set a $312.00 target price on shares of RenaissanceRe in a research report on Monday, February 9th. TD Cowen upped their price target on RenaissanceRe from $280.00 to $290.00 and gave the stock a "hold" rating in a report on Thursday, February 26th. Barclays increased their price target on RenaissanceRe from $278.00 to $304.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 8th. Finally, Cantor Fitzgerald raised their price objective on RenaissanceRe from $252.00 to $282.00 and gave the company a "neutral" rating in a report on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target 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.

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