Bank of America Corp DE lessened its position in Everest Re Group, Ltd. (NYSE:RE – Get Rating) by 15.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 167,448 shares of the insurance provider's stock after selling 31,176 shares during the quarter. Bank of America Corp DE owned approximately 0.42% of Everest Re Group worth $50,466,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in RE. Nissay Asset Management Corp Japan ADV lifted its position in Everest Re Group by 3.9% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,355 shares of the insurance provider's stock worth $1,193,000 after buying an additional 164 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Everest Re Group by 29.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 117,123 shares of the insurance provider's stock worth $32,082,000 after buying an additional 26,383 shares in the last quarter. State Street Corp lifted its position in Everest Re Group by 1.9% in the 4th quarter. State Street Corp now owns 1,963,593 shares of the insurance provider's stock worth $537,867,000 after buying an additional 35,801 shares in the last quarter. Credit Suisse AG lifted its position in Everest Re Group by 42.4% in the 4th quarter. Credit Suisse AG now owns 66,146 shares of the insurance provider's stock worth $18,119,000 after buying an additional 19,711 shares in the last quarter. Finally, Bridgewater Associates LP purchased a new stake in Everest Re Group in the 4th quarter worth approximately $1,387,000. Hedge funds and other institutional investors own 92.35% of the company's stock.
Get Everest Re Group alerts:Analyst Upgrades and Downgrades
A number of research firms have issued reports on RE. Jefferies Financial Group increased their target price on shares of Everest Re Group from $343.00 to $344.00 and gave the stock a "buy" rating in a research report on Tuesday, July 12th. StockNews.com upgraded shares of Everest Re Group from a "hold" rating to a "buy" rating in a research note on Saturday, July 23rd. Finally, Morgan Stanley dropped their price target on shares of Everest Re Group from $340.00 to $320.00 and set an "overweight" rating on the stock in a research note on Friday, August 19th.
Insiders Place Their Bets
In other Everest Re Group news, Director John A. Weber sold 3,000 shares of the firm'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 sale, the director now directly owns 3,096 shares in the company, valued at approximately $838,768.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.40% of the company's stock.Everest Re Group Stock Performance
NYSE:RE opened at $253.85 on Wednesday. Everest Re Group, Ltd. has a 1 year low of $244.57 and a 1 year high of $308.20. The firm's fifty day simple moving average is $269.99 and its 200 day simple moving average is $278.45. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $10.00 billion, a PE ratio of 12.87, a PEG ratio of 0.70 and a beta of 0.52.
Everest Re Group (NYSE:RE – Get Rating) last posted 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 $9.07 by $0.72. Everest Re Group had a net margin of 6.61% and a return on equity of 11.41%. The business had revenue of $2.92 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same period last year, the business posted $14.63 EPS. Everest Re Group's revenue was up 14.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Everest Re Group, Ltd. will post 33.25 EPS for the current year.
Everest Re Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 24th were given a $1.65 dividend. The ex-dividend date was Tuesday, August 23rd. This represents a $6.60 annualized dividend and a yield of 2.60%. Everest Re Group's dividend payout ratio is 0.20%.
Everest Re Group Company Profile
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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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