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

Diamond Hill Capital Management Inc. grew its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 16.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 119,240 shares of the insurance provider’s stock after acquiring an additional 16,448 shares during the period. Diamond Hill Capital Management Inc. owned 0.26% of RenaissanceRe worth $30,279,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Smartleaf Asset Management LLC lifted its holdings in RenaissanceRe by 191.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 248 shares of the insurance provider’s stock worth $62,000 after purchasing an additional 163 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of RenaissanceRe by 207.9% in the third quarter. Bessemer Group Inc. now owns 3,590 shares of the insurance provider’s stock valued at $912,000 after acquiring an additional 2,424 shares during the period. Optimize Financial Inc grew its stake in RenaissanceRe by 25.0% during the third quarter. Optimize Financial Inc now owns 1,874 shares of the insurance provider’s stock valued at $476,000 after acquiring an additional 375 shares in the last quarter. Savant Capital LLC purchased a new stake in RenaissanceRe in the 3rd quarter worth approximately $380,000. Finally, Anderson Financial Strategies LLC boosted its holdings in RenaissanceRe by 9.8% in the 3rd quarter. Anderson Financial Strategies LLC now owns 6,067 shares of the insurance provider’s stock valued at $1,541,000 after purchasing an additional 540 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RNR shares. Zacks Research downgraded RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a report on Friday, December 5th. Evercore boosted their price objective on RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a report on Wednesday. Barclays raised their target price on shares of RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research note on Thursday, January 8th. Finally, TD Cowen reissued a “hold” rating on shares of RenaissanceRe in a report on Thursday, January 8th. Five investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, RenaissanceRe presently has an average rating of “Hold” and an average target price of $303.33.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Down 1.3%

Shares of RNR stock opened at $301.19 on Friday. The business has a 50-day moving average of $276.11 and a 200 day moving average of $259.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.40. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $310.80. The stock has a market capitalization of $13.89 billion, a PE ratio of 5.31, a P/E/G ratio of 0.74 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating the consensus estimate of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the company posted $8.06 earnings per share. The business’s revenue was up 29.6% on a year-over-year basis. As a group, sell-side 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.