Uncommon Cents Investing LLC acquired a new stake in shares of Everest Re Group, Ltd. (NYSE:RE – Get Rating) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,989 shares of the insurance provider’s stock, valued at approximately $557,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RE. Vanguard Group Inc. grew its stake in shares of Everest Re Group by 5.4% during the first quarter. Vanguard Group Inc. now owns 4,629,441 shares of the insurance provider’s stock valued at $1,395,221,000 after buying an additional 237,698 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Everest Re Group in the first quarter worth approximately $67,377,000. Schonfeld Strategic Advisors LLC grew its stake in Everest Re Group by 342.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 206,472 shares of the insurance provider’s stock worth $56,557,000 after purchasing an additional 159,814 shares in the last quarter. Gillson Capital LP bought a new position in Everest Re Group in the fourth quarter worth approximately $39,475,000. Finally, Strs Ohio grew its stake in Everest Re Group by 1,389.4% in the first quarter. Strs Ohio now owns 141,408 shares of the insurance provider’s stock worth $42,617,000 after purchasing an additional 131,914 shares in the last quarter. 92.35% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other Everest Re Group news, Director John A. Weber sold 3,000 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $270.92, for a total value of $812,760.00. Following the completion of the transaction, the director now owns 3,096 shares in the company, valued at $838,768.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.
Everest Re Group Trading Down 1.7 %
Everest Re Group (NYSE:RE – Get Rating) last announced its earnings results on Wednesday, July 27th. The insurance provider reported $9.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.31 by $0.48. The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $3.01 billion. Everest Re Group had a return on equity of 11.41% and a net margin of 6.61%. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $14.63 earnings per share. As a group, research analysts forecast that Everest Re Group, Ltd. will post 33.25 earnings per share for the current fiscal year.
Everest Re Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 24th were paid a dividend of $1.65 per share. The ex-dividend date of this dividend was Tuesday, August 23rd. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.61%. Everest Re Group’s payout ratio is currently 0.20%.
Analysts Set New Price Targets
RE has been the subject of several analyst reports. Jefferies Financial Group increased their price objective on Everest Re Group from $343.00 to $344.00 and gave the company a “buy” rating in a report on Tuesday, July 12th. StockNews.com upgraded Everest Re Group from a “hold” rating to a “buy” rating in a research note on Saturday, July 23rd. Finally, Morgan Stanley dropped their target price on Everest Re Group from $340.00 to $320.00 and set an “overweight” rating on the stock in a research report on Friday, August 19th.
About Everest Re Group
Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through Reinsurance Operations and Insurance Operations segments. The Reinsurance Operations segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.
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