Diamond Hill Capital Management Inc. Has $28.83 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Diamond Hill Capital Management Inc. cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 17.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,139 shares of the insurance provider's stock after selling 24,674 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.25% of RenaissanceRe worth $28,833,000 as of its most recent SEC filing.

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

Insider Activity

In related news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer directly owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Jefferies Financial Group decreased their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research report on Friday, April 11th. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. 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 report on Thursday. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $268.00 price objective (down previously from $282.00) on shares of RenaissanceRe in a research note on Wednesday, July 9th. One equities research 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $289.89.

RenaissanceRe Stock Up 0.7%

RNR traded up $1.67 on Thursday, hitting $238.92. 849,285 shares of the company were exchanged, compared to its average volume of 454,313. The company has a market cap of $11.62 billion, a PE ratio of 6.10, a PEG ratio of 2.78 and a beta of 0.30. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.36 and a current ratio of 1.36. RenaissanceRe Holdings Ltd. has a 12 month low of $210.51 and a 12 month high of $300.00. The stock's fifty day moving average is $242.33 and its 200-day moving average is $241.54.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.03% and a net margin of 15.44%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the previous year, the business earned $12.41 earnings per share. The business's revenue was down 2.4% compared to the same quarter last year. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's dividend payout ratio is currently 5.10%.

RenaissanceRe Company 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.