Diamond Hill Capital Management Inc. Increases Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Diamond Hill Capital Management Inc. boosted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 16.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 119,240 shares of the insurance provider’s stock after purchasing an additional 16,448 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in RenaissanceRe were worth $30,279,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Asset Management One Co. Ltd. purchased a new position in shares of RenaissanceRe during the third quarter valued at approximately $1,564,000. Y Intercept Hong Kong Ltd grew its stake in shares of RenaissanceRe by 812.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 17,078 shares of the insurance provider’s stock worth $4,337,000 after buying an additional 15,207 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in RenaissanceRe by 0.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock valued at $81,208,000 after buying an additional 3,070 shares during the last quarter. Nordea Investment Management AB boosted its holdings in RenaissanceRe by 207.2% in the third quarter. Nordea Investment Management AB now owns 41,871 shares of the insurance provider’s stock worth $10,539,000 after acquiring an additional 28,241 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of RenaissanceRe in the second quarter worth $4,980,000. 99.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $267.00 price target on shares of RenaissanceRe in a research report on Wednesday, January 7th. Wells Fargo & Company upped their target price on shares of RenaissanceRe from $281.00 to $306.00 and gave the stock an “equal weight” rating in a research note on Thursday. Morgan Stanley restated an “overweight” rating and issued a $310.00 price objective on shares of RenaissanceRe in a report on Friday. Evercore boosted their price target on RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a report on Wednesday, January 7th. Five investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $303.33.

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This trade represents a 6.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

NYSE RNR opened at $301.19 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $310.80. The stock has a market cap of $13.89 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.74 and a beta of 0.24. The company’s 50 day moving average is $276.11 and its two-hundred day moving average is $259.21.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period in the prior year, the company posted $8.06 earnings per share. As a group, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

About RenaissanceRe

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.