ING Groep NV Acquires Shares of 3,549 Everest Re Group, Ltd. (RE)
ING Groep NV acquired a new stake in Everest Re Group, Ltd. (NYSE:RE) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,549 shares of the insurance provider’s stock, valued at approximately $811,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Fund Management S.A. purchased a new position in Everest Re Group in the second quarter valued at $7,256,000. Stifel Financial Corp increased its stake in shares of Everest Re Group by 32.1% during the second quarter. Stifel Financial Corp now owns 10,755 shares of the insurance provider’s stock worth $2,740,000 after purchasing an additional 2,611 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Everest Re Group during the second quarter worth about $1,451,000. Swiss National Bank grew its stake in Everest Re Group by 2.9% during the 2nd quarter. Swiss National Bank now owns 148,975 shares of the insurance provider’s stock valued at $37,928,000 after acquiring an additional 4,200 shares in the last quarter. Finally, Aberdeen Asset Management PLC UK grew its stake in Everest Re Group by 144.2% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 101,717 shares of the insurance provider’s stock valued at $25,897,000 after acquiring an additional 60,058 shares in the last quarter. 92.78% of the stock is owned by institutional investors.
Everest Re Group, Ltd. (NYSE:RE) traded down $1.57 during trading hours on Monday, reaching $217.67. 299,200 shares of the company’s stock traded hands, compared to its average volume of 401,397. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.08. The firm has a market cap of $8,939.71, a price-to-earnings ratio of 51.83, a price-to-earnings-growth ratio of 12.71 and a beta of 0.65. Everest Re Group, Ltd. has a 12 month low of $206.60 and a 12 month high of $277.17.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, October 30th. The insurance provider reported ($16.43) earnings per share for the quarter, missing the consensus estimate of $3.68 by ($20.11). The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.62 billion. Everest Re Group had a net margin of 4.27% and a return on equity of 2.22%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $6.53 earnings per share. sell-side analysts anticipate that Everest Re Group, Ltd. will post 1.71 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Wednesday, November 29th will be issued a $1.30 dividend. This is a positive change from Everest Re Group’s previous quarterly dividend of $1.25. This represents a $5.20 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Tuesday, November 28th. Everest Re Group’s dividend payout ratio is currently 78.49%.
In related news, Director William F. Galtney, Jr. acquired 6,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were purchased at an average cost of $225.29 per share, for a total transaction of $1,351,740.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
Several brokerages recently issued reports on RE. Keefe, Bruyette & Woods raised shares of Everest Re Group from an “underperform” rating to a “market perform” rating in a research note on Monday. Zacks Investment Research raised shares of Everest Re Group from a “hold” rating to a “buy” rating and set a $294.00 price objective for the company in a research note on Tuesday, August 1st. Barclays PLC boosted their target price 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. UBS AG reiterated a “neutral” rating and issued a $256.00 target price (up from $251.00) on shares of Everest Re Group in a report on Tuesday, August 1st. Finally, BidaskClub lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $248.56.
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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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