Diamond Hill Capital Management LLC Investment Advisor Takes $23.17 Million Position in RenaissanceRe Holdings Ltd. $RNR

Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 73,128 shares of the insurance provider’s stock, valued at approximately $23,174,000. Diamond Hill Capital Management LLC Investment Advisor owned approximately 0.18% of RenaissanceRe as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in RNR. Boston Partners increased its position in shares of RenaissanceRe by 9.9% in the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock valued at $400,150,000 after purchasing an additional 128,245 shares during the last quarter. Lightrock Netherlands B.V. lifted its position in shares of RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after purchasing an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock worth $322,603,000 after purchasing an additional 52,371 shares during the last quarter. Bank of America Corp DE grew its stake in shares of RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after purchasing an additional 120,063 shares in the last quarter. Finally, Orbis Allan Gray Ltd acquired a new position in shares of RenaissanceRe during the fourth quarter worth $178,519,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Mizuho raised their price target on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Wolfe Research set a $315.00 price objective on RenaissanceRe in a research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their target price on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Barclays upped their price target on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $336.33.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

RenaissanceRe Stock Performance

NYSE RNR opened at $323.53 on Monday. The company has a fifty day moving average of $314.97 and a two-hundred day moving average of $303.84. The company has a market capitalization of $13.44 billion, a PE ratio of 5.55, a P/E/G ratio of 1.18 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $335.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business had revenue of $2.77 billion for the quarter. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 42.29 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s payout ratio is 2.81%.

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.