BlackRock Inc. lifted its stake in Everest Re Group Ltd (NYSE:RE) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,233,369 shares of the insurance provider’s stock after purchasing an additional 30,095 shares during the period. BlackRock Inc. owned approximately 7.92% of Everest Re Group worth $738,724,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in RE. State Treasurer State of Michigan lifted its stake in shares of Everest Re Group by 6,612.4% in the third quarter. State Treasurer State of Michigan now owns 812,200 shares of the insurance provider’s stock valued at $185,563,000 after purchasing an additional 800,100 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Everest Re Group by 326.4% in the third quarter. JPMorgan Chase & Co. now owns 828,753 shares of the insurance provider’s stock valued at $189,345,000 after purchasing an additional 634,401 shares during the period. Royal London Asset Management Ltd. lifted its stake in shares of Everest Re Group by 2,284.9% in the third quarter. Royal London Asset Management Ltd. now owns 406,108 shares of the insurance provider’s stock valued at $11,935,000 after purchasing an additional 389,080 shares during the period. Vulcan Value Partners LLC lifted its stake in shares of Everest Re Group by 24.8% in the second quarter. Vulcan Value Partners LLC now owns 1,830,722 shares of the insurance provider’s stock valued at $421,945,000 after purchasing an additional 363,518 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Everest Re Group by 12.3% in the third quarter. Alliancebernstein L.P. now owns 2,194,667 shares of the insurance provider’s stock valued at $501,416,000 after purchasing an additional 240,860 shares during the period. Hedge funds and other institutional investors own 98.26% of the company’s stock.
RE has been the subject of several recent analyst reports. ValuEngine upgraded shares of Everest Re Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st. Morgan Stanley dropped their target price on shares of Everest Re Group from $258.00 to $243.00 and set an “equal weight” rating for the company in a report on Tuesday, August 14th. Wells Fargo & Co restated a “hold” rating and set a $235.00 target price on shares of Everest Re Group in a report on Thursday, October 18th. Citigroup initiated coverage on shares of Everest Re Group in a report on Wednesday, October 10th. They set a “neutral” rating and a $237.00 target price for the company. Finally, TheStreet downgraded shares of Everest Re Group from a “b” rating to a “c+” rating in a report on Thursday, September 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $254.11.
NYSE:RE opened at $222.08 on Monday. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.08. Everest Re Group Ltd has a twelve month low of $203.90 and a twelve month high of $264.88. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 24.40, a price-to-earnings-growth ratio of 1.36 and a beta of 0.43.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, October 29th. The insurance provider reported $4.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.07 by $1.02. Everest Re Group had a net margin of 14.19% and a return on equity of 11.82%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the firm posted ($16.43) EPS. On average, research analysts forecast that Everest Re Group Ltd will post 16.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Wednesday, November 28th will be issued a dividend of $1.40 per share. This is an increase from Everest Re Group’s previous quarterly dividend of $1.30. This represents a $5.60 annualized dividend and a yield of 2.52%. The ex-dividend date is Tuesday, November 27th. Everest Re Group’s dividend payout ratio (DPR) is 61.54%.
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About Everest Re Group
Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products. The company operates through the U.S. Reinsurance, International, Bermuda, and Insurance segments. The U.S. Reinsurance segment writes property and casualty reinsurance; and specialty lines of business, including marine, aviation, surety, and accident and health insurance through reinsurance brokers, as well as directly with ceding companies in the Unites States.
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