Diamond Hill Capital Management Inc. Has $41.85 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Diamond Hill Capital Management Inc. trimmed its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 187,218 shares of the insurance provider’s stock after selling 4,359 shares during the period. Diamond Hill Capital Management Inc.’s holdings in RenaissanceRe were worth $41,845,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of RNR. Vanguard Group Inc. boosted its position in shares of RenaissanceRe by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after purchasing an additional 148,173 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in RenaissanceRe by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after acquiring an additional 124,039 shares in the last quarter. Capital World Investors grew its stake in RenaissanceRe by 1.0% in the fourth quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock valued at $497,709,000 after acquiring an additional 25,898 shares during the period. Capital Research Global Investors increased its holdings in shares of RenaissanceRe by 5.3% in the fourth quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock worth $278,963,000 after acquiring an additional 71,377 shares in the last quarter. Finally, American International Group Inc. raised its position in shares of RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after purchasing an additional 1,321,325 shares during the period. Institutional investors own 99.97% of the company’s stock.

Insider Buying and Selling

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $258.51 on Friday. The stock has a market capitalization of $13.48 billion, a PE ratio of 5.71, a price-to-earnings-growth ratio of 1.39 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $261.62. The stock has a 50 day moving average price of $238.38 and a 200 day moving average price of $229.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. Analysts predict that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.39 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.60%. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.45%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RNR. JPMorgan Chase & Co. increased their target price on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Citigroup boosted their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Barclays began coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target on the stock. Finally, UBS Group reduced their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average target price of $272.60.

RenaissanceRe 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.