Diamond Hill Capital Management LLC Investment Advisor Acquires Shares of 73,128 RenaissanceRe Holdings Ltd. $RNR

Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, Holdings Channel reports. The fund bought 73,128 shares of the insurance provider’s stock, valued at approximately $23,174,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in RenaissanceRe in the 2nd quarter valued at about $344,000. Bank of New York Mellon Corp acquired a new stake in RenaissanceRe during the 2nd quarter worth approximately $116,717,000. State of Wyoming acquired a new stake in RenaissanceRe during the 2nd quarter worth approximately $318,000. GSA Capital Partners LLP purchased a new position in shares of RenaissanceRe in the 2nd quarter valued at approximately $675,000. Finally, Ausbil Investment Management Ltd grew its stake in shares of RenaissanceRe by 45.4% in the 2nd quarter. Ausbil Investment Management Ltd now owns 11,425 shares of the insurance provider’s stock valued at $3,620,000 after purchasing an additional 3,569 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $323.53 on Monday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a 50 day simple moving average of $314.97 and a 200-day simple moving average of $303.84. The company has a market cap of $13.44 billion, a price-to-earnings ratio of 5.55, a price-to-earnings-growth ratio of 1.18 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.97.

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

RenaissanceRe Announces Dividend

The business also recently announced 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. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s payout ratio is presently 2.81%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RNR has been the subject of several analyst reports. Evercore set a $330.00 price target on RenaissanceRe in a research note on Thursday, July 23rd. Morgan Stanley lifted their price objective on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods boosted their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Mizuho upped their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Finally, Bank of America raised their target price on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus target price of $336.33.

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.