Diamond Hill Capital Management Inc. Has $36.03 Million Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Diamond Hill Capital Management Inc. cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 19.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 144,813 shares of the insurance provider’s stock after selling 36,073 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in RenaissanceRe were worth $36,031,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Impax Asset Management Group plc grew its position in RenaissanceRe by 32.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after acquiring an additional 415,366 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of RenaissanceRe during the third quarter valued at about $18,969,000. Northwest & Ethical Investments L.P. bought a new stake in shares of RenaissanceRe during the third quarter worth about $17,086,000. World Investment Advisors LLC acquired a new position in shares of RenaissanceRe in the third quarter valued at approximately $16,176,000. Finally, Raymond James Financial Inc. bought a new position in RenaissanceRe in the 4th quarter valued at approximately $8,498,000. 99.97% of the stock is currently owned by institutional investors.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

RNR has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $284.00 to $234.00 in a report on Monday, January 6th. Keefe, Bruyette & Woods cut their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Finally, Jefferies Financial Group restated a “hold” rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus price target of $279.90.

RenaissanceRe Stock Up 0.5 %

Shares of NYSE RNR opened at $236.21 on Friday. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The firm has a market cap of $11.63 billion, a PE ratio of 6.74, a P/E/G ratio of 2.09 and a beta of 0.38. The company’s fifty day simple moving average is $242.71 and its 200 day simple moving average is $257.81.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.40 per share. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.60 annualized dividend and a dividend yield of 0.68%. RenaissanceRe’s payout ratio is currently 4.57%.

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.