Everest Re Group Ltd. (RE) Stake Reduced by Capital Fund Management S.A.
Capital Fund Management S.A. cut its position in shares of Everest Re Group Ltd. (NYSE:RE) by 50.6% during the second quarter, Holdings Channel reports. The institutional investor owned 3,156 shares of the company’s stock after selling 3,238 shares during the period. Capital Fund Management S.A.’s holdings in Everest Re Group were worth $577,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the stock. Bank of Montreal Can acquired a new stake in Everest Re Group during the second quarter worth approximately $56,042,000. Renaissance Technologies LLC raised its stake in Everest Re Group by 145.1% in the first quarter. Renaissance Technologies LLC now owns 204,200 shares of the company’s stock worth $40,315,000 after buying an additional 120,900 shares in the last quarter. Panagora Asset Management Inc. raised its stake in Everest Re Group by 27.0% in the first quarter. Panagora Asset Management Inc. now owns 314,265 shares of the company’s stock worth $62,045,000 after buying an additional 66,860 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Everest Re Group by 188.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 41,790 shares of the company’s stock worth $8,251,000 after buying an additional 27,300 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in Everest Re Group by 22.1% in the second quarter. Acadian Asset Management LLC now owns 126,038 shares of the company’s stock worth $23,023,000 after buying an additional 22,796 shares in the last quarter. 91.98% of the stock is owned by institutional investors and hedge funds.
Shares of Everest Re Group Ltd. (NYSE:RE) traded up 0.85% during midday trading on Wednesday, reaching $191.82. 182,720 shares of the company’s stock traded hands. The stock has a 50 day moving average of $190.82 and a 200-day moving average of $186.35. Everest Re Group Ltd. has a 12 month low of $167.07 and a 12 month high of $199.98. The stock has a market cap of $8.03 billion, a P/E ratio of 10.71 and a beta of 0.63.
Everest Re Group (NYSE:RE) last posted its quarterly earnings data on Monday, July 25th. The company reported $3.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.85 by $0.32. Everest Re Group had a net margin of 13.79% and a return on equity of 11.78%. The company earned $1.43 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company posted $5.03 earnings per share. On average, equities research analysts forecast that Everest Re Group Ltd. will post $17.01 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, September 7th were paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Friday, September 2nd. Everest Re Group’s dividend payout ratio (DPR) is 25.66%.
Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of Everest Re Group from a “hold” rating to a “buy” rating and set a $214.00 price objective on the stock in a research report on Tuesday, September 27th. Barclays PLC reaffirmed an “overweight” rating and issued a $215.00 price objective on shares of Everest Re Group in a research report on Wednesday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Everest Re Group from $199.00 to $204.00 and gave the company a “market perform” rating in a research report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $202.40.
In other Everest Re Group news, VP John P. Doucette sold 1,840 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $189.84, for a total value of $349,305.60. Following the transaction, the vice president now directly owns 23,265 shares of the company’s stock, valued at $4,416,627.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John R. Dunne sold 200 shares of the firm’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $190.03, for a total transaction of $38,006.00. Following the completion of the transaction, the director now directly owns 10,579 shares in the company, valued at $2,010,327.37. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.
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’s segments include U.S. Reinsurance segment, International segment, Bermuda segment, Insurance segment and Mt. Logan Re segment.
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