Veriti Management LLC grew its stake in shares of Everest Re Group, Ltd. (NYSE:RE – Get Rating) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,581 shares of the insurance provider's stock after acquiring an additional 44 shares during the period. Veriti Management LLC's holdings in Everest Re Group were worth $723,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of RE. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. raised its position in shares of Everest Re Group by 500.0% in the first quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 120 shares of the insurance provider's stock valued at $36,000 after buying an additional 100 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Everest Re Group by 581.0% in the first quarter. Parkside Financial Bank & Trust now owns 143 shares of the insurance provider's stock valued at $43,000 after buying an additional 122 shares in the last quarter. Zions Bancorporation N.A. raised its position in shares of Everest Re Group by 450.0% in the first quarter. Zions Bancorporation N.A. now owns 286 shares of the insurance provider's stock valued at $86,000 after buying an additional 234 shares in the last quarter. Prospera Financial Services Inc acquired a new stake in shares of Everest Re Group in the first quarter valued at approximately $100,000. Finally, US Asset Management LLC acquired a new stake in shares of Everest Re Group in the first quarter valued at approximately $119,000. 92.35% of the stock is currently owned by institutional investors and hedge funds.
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Shares of RE opened at $253.85 on Wednesday. The firm has a 50 day simple moving average of $269.99 and a two-hundred day simple moving average of $278.45. The company has a market cap of $10.00 billion, a P/E ratio of 12.87, a P/E/G ratio of 0.70 and a beta of 0.52. Everest Re Group, Ltd. has a one year low of $244.57 and a one year high of $308.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.32 and a quick ratio of 0.32.
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 for the quarter, topping analysts' consensus estimates of $9.07 by $0.72. The firm had revenue of $2.92 billion for the quarter, compared to analysts' expectations of $3.01 billion. Everest Re Group had a net margin of 6.61% and a return on equity of 11.41%. The company's revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $14.63 earnings per share. Research analysts forecast that Everest Re Group, Ltd. will post 33.25 EPS for the current fiscal year.Everest Re Group Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 24th were paid a dividend of $1.65 per share. The ex-dividend date was Tuesday, August 23rd. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.60%. Everest Re Group's payout ratio is presently 0.20%.
Insiders Place Their Bets
In other Everest Re Group news, Director John A. Weber sold 3,000 shares of the business's stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $270.92, for a total transaction of $812,760.00. Following the sale, the director now owns 3,096 shares of the company's stock, valued at $838,768.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company's stock.
Analysts Set New Price Targets
A number of research firms have recently weighed in on RE. Morgan Stanley dropped their price target on shares of Everest Re Group from $340.00 to $320.00 and set an "overweight" rating for the company in a research report on Friday, August 19th. Jefferies Financial Group boosted their price objective on shares of Everest Re Group from $343.00 to $344.00 and gave the company a "buy" rating in a research report on Tuesday, July 12th. Finally, StockNews.com upgraded shares of Everest Re Group from a "hold" rating to a "buy" rating in a research report on Saturday, July 23rd.
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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