Everest Re Group, Ltd. (RE) Shares Bought by State Street Corp
State Street Corp raised its stake in Everest Re Group, Ltd. (NYSE:RE) by 26.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,157,326 shares of the insurance provider’s stock after buying an additional 450,606 shares during the period. State Street Corp owned approximately 5.25% of Everest Re Group worth $549,219,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Acrospire Investment Management LLC grew its position in shares of Everest Re Group by 66.7% in the second quarter. Acrospire Investment Management LLC now owns 500 shares of the insurance provider’s stock valued at $127,000 after purchasing an additional 200 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Everest Re Group in the second quarter valued at approximately $160,000. IFP Advisors Inc grew its position in shares of Everest Re Group by 29.1% in the second quarter. IFP Advisors Inc now owns 657 shares of the insurance provider’s stock valued at $167,000 after purchasing an additional 148 shares during the last quarter. ETRADE Capital Management LLC acquired a new stake in shares of Everest Re Group in the second quarter valued at approximately $201,000. Finally, Sawtooth Solutions LLC acquired a new stake in shares of Everest Re Group in the second quarter valued at approximately $205,000. 92.44% of the stock is owned by institutional investors.
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A number of equities analysts have weighed in on RE shares. ValuEngine lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. UBS AG decreased their price target on shares of Everest Re Group from $240.00 to $230.00 and set a “neutral” rating on the stock in a report on Monday, October 2nd. Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $245.00 price target on shares of Everest Re Group in a report on Thursday, September 21st. Buckingham Research started coverage on shares of Everest Re Group in a report on Monday, September 11th. They issued a “neutral” rating and a $255.00 price target on the stock. Finally, Barclays PLC lifted their price target on shares of Everest Re Group from $299.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $247.89.
Everest Re Group, Ltd. (RE) traded up 0.98% during midday trading on Thursday, hitting $224.68. 44,982 shares of the stock traded hands. Everest Re Group, Ltd. has a 1-year low of $190.62 and a 1-year high of $277.17. The stock has a market cap of $9.23 billion, a PE ratio of 7.71 and a beta of 0.62. The company has a 50-day moving average of $232.86 and a 200-day moving average of $247.54.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, July 24th. The insurance provider reported $5.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $5.24 by $0.27. Everest Re Group had a net margin of 19.65% and a return on equity of 13.60%. The business had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the firm earned $3.17 EPS. On average, equities analysts expect that Everest Re Group, Ltd. will post ($3.24) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Friday, September 1st. Everest Re Group’s dividend payout ratio (DPR) is presently 17.15%.
Everest Re Group Profile
Everest Re Group, Ltd., through its subsidiaries, is engaged in the underwriting of reinsurance and insurance in the United States, Bermuda and international markets. The Company operates in segments: U.S. Reinsurance, International, Bermuda and Insurance segment. The Company underwrites reinsurance both through brokers and directly with ceding companies.
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