Ameriprise Financial Inc. increased its stake in shares of Everest Re Group, Ltd. (NYSE:RE) by 5.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,089 shares of the insurance provider’s stock after buying an additional 7,038 shares during the period. Ameriprise Financial Inc. owned about 0.31% of Everest Re Group worth $29,473,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in RE. Norges Bank acquired a new stake in Everest Re Group during the fourth quarter valued at approximately $131,042,000. Karp Capital Management Corp acquired a new stake in Everest Re Group during the first quarter valued at approximately $69,686,000. Russell Investments Group Ltd. purchased a new position in shares of Everest Re Group during the fourth quarter worth about $51,785,000. Numeric Investors LLC increased its position in shares of Everest Re Group by 53.8% in the fourth quarter. Numeric Investors LLC now owns 396,916 shares of the insurance provider’s stock worth $85,893,000 after buying an additional 138,916 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in shares of Everest Re Group by 3,155.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 132,089 shares of the insurance provider’s stock worth $28,582,000 after buying an additional 128,031 shares during the period. 93.10% of the stock is currently owned by institutional investors.
Shares of Everest Re Group, Ltd. (RE) traded up 1.39% during midday trading on Friday, hitting $255.59. 7,583,803 shares of the stock were exchanged. Everest Re Group, Ltd. has a 52-week low of $169.19 and a 52-week high of $258.47. The firm’s 50 day moving average price is $249.26 and its 200-day moving average price is $232.54. The stock has a market cap of $10.50 billion, a P/E ratio of 9.54 and a beta of 0.61.
Everest Re Group (NYSE:RE) last announced its quarterly earnings data on Monday, April 24th. The insurance provider reported $6.29 earnings per share for the quarter, beating analysts’ consensus estimates of $5.35 by $0.94. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. Everest Re Group had a return on equity of 12.70% and a net margin of 18.49%. During the same period in the prior year, the company earned $5.19 earnings per share. On average, equities research analysts expect that Everest Re Group, Ltd. will post $20.65 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 14th. Investors of record on Wednesday, May 31st were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Friday, May 26th. Everest Re Group’s dividend payout ratio (DPR) is 18.60%.
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A number of research firms recently issued reports on RE. Zacks Investment Research downgraded shares of Everest Re Group from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. Wells Fargo & Company restated a “hold” rating on shares of Everest Re Group in a research note on Monday, April 24th. Barclays PLC boosted their price target on shares of Everest Re Group from $269.00 to $299.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 25th. Deutsche Bank AG reiterated a “buy” rating and issued a $262.00 target price (up previously from $240.00) on shares of Everest Re Group in a research note on Saturday, April 29th. Finally, ValuEngine upgraded shares of Everest Re Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $234.83.
In related news, VP John P. Doucette sold 1,000 shares of the firm’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $256.03, for a total transaction of $256,030.00. Following the sale, the vice president now directly owns 21,834 shares of the company’s stock, valued at $5,590,159.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John R. Dunne sold 500 shares of the firm’s stock in a transaction dated Monday, March 20th. The stock was sold at an average price of $234.75, for a total value of $117,375.00. Following the sale, the director now directly owns 12,079 shares in the company, valued at $2,835,545.25. The disclosure for this sale can be found here. 1.30% of the stock is 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 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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