Diamond Hill Capital Management Inc. Sells 4,359 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Diamond Hill Capital Management Inc. reduced its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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. owned approximately 0.35% of RenaissanceRe worth $41,845,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Riverview Trust Co bought a new position in RenaissanceRe during the first quarter worth $26,000. Blue Trust Inc. bought a new position in shares of RenaissanceRe during the 2nd quarter worth about $27,000. Rise Advisors LLC bought a new stake in shares of RenaissanceRe in the first quarter valued at about $31,000. V Square Quantitative Management LLC bought a new stake in shares of RenaissanceRe in the second quarter valued at about $31,000. Finally, Mather Group LLC. acquired a new stake in RenaissanceRe during the first quarter worth about $34,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RenaissanceRe

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

RenaissanceRe Stock Up 1.8 %

NYSE RNR opened at $258.51 on Friday. The stock’s 50 day simple moving average is $238.38 and its 200 day simple moving average is $229.97. RenaissanceRe Holdings Ltd. has a one year low of $188.24 and a one year high of $261.62. The firm has a market cap 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. 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 announced its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.93 billion. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s dividend payout ratio is presently 3.45%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Bank of America raised their price objective on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Barclays assumed coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target on the stock. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Morgan Stanley lowered their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company cut their price target on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $272.60.

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.