California Public Employees Retirement System cut its position in shares of Everest Re Group, Ltd. (NYSE:RE – Get Rating) by 71.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,285 shares of the insurance provider’s stock after selling 214,133 shares during the period. California Public Employees Retirement System owned 0.21% of Everest Re Group worth $23,361,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in RE. BlackRock Inc. grew its stake in Everest Re Group by 10.4% in the 3rd quarter. BlackRock Inc. now owns 3,117,598 shares of the insurance provider’s stock valued at $781,833,000 after buying an additional 293,887 shares during the last quarter. Man Group plc boosted its holdings in Everest Re Group by 616.1% in the 3rd quarter. Man Group plc now owns 277,771 shares of the insurance provider’s stock valued at $69,660,000 after purchasing an additional 238,979 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Everest Re Group by 16.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,056,922 shares of the insurance provider’s stock valued at $265,054,000 after purchasing an additional 151,475 shares during the period. Franklin Resources Inc. boosted its holdings in Everest Re Group by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,895,859 shares of the insurance provider’s stock valued at $475,443,000 after purchasing an additional 110,840 shares during the period. Finally, CWM LLC bought a new stake in Everest Re Group in the 4th quarter valued at about $22,609,000. Institutional investors and hedge funds own 75.12% of the company’s stock.
In other Everest Re Group news, VP Sanjoy Mukherjee sold 400 shares of the company’s stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $295.00, for a total value of $118,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William F. Galtney, Jr. sold 3,278 shares of the company’s stock in a transaction that occurred on Friday, February 18th. The shares were sold at an average price of $305.67, for a total transaction of $1,001,986.26. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.
Everest Re Group (NYSE:RE – Get Rating) last released its quarterly earnings data on Wednesday, April 27th. The insurance provider reported $10.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.92 by $0.39. Everest Re Group had a net margin of 11.11% and a return on equity of 12.97%. During the same quarter in the previous year, the business posted $6.49 earnings per share. On average, equities research analysts anticipate that Everest Re Group, Ltd. will post 34.25 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 17th. Investors of record on Wednesday, May 25th will be given a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a yield of 2.36%. This is a boost from Everest Re Group’s previous quarterly dividend of $1.55. Everest Re Group’s dividend payout ratio is currently 18.47%.
A number of brokerages have recently weighed in on RE. Morgan Stanley upped their price target on shares of Everest Re Group from $331.00 to $340.00 and gave the stock an “overweight” rating in a report on Tuesday, February 15th. StockNews.com raised shares of Everest Re Group from a “hold” rating to a “buy” rating in a report on Thursday. Wells Fargo & Company upped their price target on shares of Everest Re Group from $310.00 to $330.00 in a report on Friday, February 11th. Finally, Zacks Investment Research downgraded shares of Everest Re Group from a “buy” rating to a “hold” rating and set a $300.00 price target for the company. in a report on Thursday, March 17th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $317.50.
Everest Re Group Profile (Get Rating)
Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through Reinsurance Operations and Insurance Operations segments. The Reinsurance Operations segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.
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