Royal Bank of Canada Has $30.27 Million Holdings in Everest Re Group, Ltd. (RE)
Royal Bank of Canada raised its position in shares of Everest Re Group, Ltd. (NYSE:RE) by 121.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 118,900 shares of the insurance provider’s stock after purchasing an additional 65,127 shares during the quarter. Royal Bank of Canada owned 0.29% of Everest Re Group worth $30,270,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Capital Fund Management S.A. bought a new stake in Everest Re Group during the 2nd quarter valued at about $7,256,000. OMERS ADMINISTRATION Corp bought a new stake in Everest Re Group during the 2nd quarter valued at about $1,451,000. Swiss National Bank increased 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 purchasing an additional 4,200 shares in the last quarter. Aberdeen Asset Management PLC UK increased 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 purchasing an additional 60,058 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Everest Re Group by 3.1% during the 1st quarter. Renaissance Technologies LLC now owns 174,900 shares of the insurance provider’s stock valued at $40,893,000 after purchasing an additional 5,200 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.
A number of analysts have weighed in on the stock. ValuEngine lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a research note on Thursday. UBS AG reduced their price objective on shares of Everest Re Group from $240.00 to $230.00 and set a “neutral” rating for the company in a research note on Monday, October 2nd. Barclays PLC raised their price objective on shares of Everest Re Group from $299.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, August 11th. Zacks Investment Research lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods restated a “sell” rating and set a $245.00 price objective on shares of Everest Re Group in a research note on Thursday, September 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. Everest Re Group has an average rating of “Hold” and a consensus price target of $247.89.
Shares of Everest Re Group, Ltd. (NYSE:RE) opened at 225.01 on Friday. Everest Re Group, Ltd. has a 52 week low of $189.43 and a 52 week high of $277.17. The company has a market capitalization of $9.24 billion, a price-to-earnings ratio of 7.72 and a beta of 0.62. The stock has a 50 day moving average of $236.17 and a 200-day moving average of $247.65.
Everest Re Group (NYSE:RE) last issued its quarterly 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 company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company earned $3.17 EPS. On average, analysts anticipate that Everest Re Group, Ltd. will post $5.93 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, September 1st. This represents a $5.00 annualized dividend and a yield of 2.22%. Everest Re Group’s dividend payout ratio (DPR) is presently 17.15%.
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About Everest Re Group
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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