Franklin Resources Inc. Lowers Stake in Everest Re Group, Ltd. (RE)
Franklin Resources Inc. trimmed its position in shares of Everest Re Group, Ltd. (NYSE:RE) by 3.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,315 shares of the insurance provider’s stock after selling 163 shares during the quarter. Franklin Resources Inc.’s holdings in Everest Re Group were worth $1,353,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. Pacer Advisors Inc. bought a new position in shares of Everest Re Group in the 2nd quarter worth $160,000. IFP Advisors Inc grew its position in Everest Re Group by 29.1% in the 2nd 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 period. Sawtooth Solutions LLC acquired a new stake in Everest Re Group in the 2nd quarter valued at $205,000. Checchi Capital Advisers LLC acquired a new stake in Everest Re Group in the 2nd quarter valued at $215,000. Finally, Eagle Global Advisors LLC acquired a new stake in Everest Re Group in the 2nd quarter valued at $218,000. 92.44% of the stock is currently owned by institutional investors.
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Everest Re Group, Ltd. (NYSE:RE) opened at 228.39 on Monday. Everest Re Group, Ltd. has a 12-month low of $183.04 and a 12-month high of $277.17. The firm’s 50-day moving average is $251.27 and its 200-day moving average is $248.66. The stock has a market capitalization of $9.38 billion, a P/E ratio of 7.84 and a beta of 0.62.
Everest Re Group (NYSE:RE) last announced its quarterly earnings data on Monday, July 24th. The insurance provider reported $5.51 earnings per share for the quarter, topping the Zacks’ 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 analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company earned $3.17 earnings per share. Analysts predict that Everest Re Group, Ltd. will post $20.81 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 issued a dividend of $1.25 per share. The ex-dividend date was Friday, September 1st. This represents a $5.00 annualized dividend and a dividend yield of 2.19%. Everest Re Group’s payout ratio is 17.15%.
Several research analysts have weighed in on the stock. Wells Fargo & Company restated a “hold” rating on shares of Everest Re Group in a report on Monday, July 24th. Barclays PLC lifted their price objective 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. Zacks Investment Research cut shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. UBS AG reiterated a “neutral” rating and set a $256.00 price objective (up from $251.00) on shares of Everest Re Group in a report on Tuesday, August 1st. Finally, BidaskClub raised shares of Everest Re Group from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Everest Re Group presently has a consensus rating of “Hold” and a consensus target price of $249.00.
Everest Re Group Company 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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