Tocqueville Asset Management L.P. decreased its position in shares of Everest Re Group Ltd (NYSE:RE) by 20.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,025 shares of the insurance provider’s stock after selling 8,061 shares during the quarter. Tocqueville Asset Management L.P. owned approximately 0.08% of Everest Re Group worth $7,088,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the company. Epoch Investment Partners Inc. acquired a new position in shares of Everest Re Group during the third quarter worth about $15,257,000. Highbridge Capital Management LLC acquired a new position in shares of Everest Re Group during the third quarter worth about $1,044,000. GAM Holding AG grew its position in shares of Everest Re Group by 65.8% during the third quarter. GAM Holding AG now owns 3,455 shares of the insurance provider’s stock worth $789,000 after buying an additional 1,371 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Everest Re Group by 27.9% during the third quarter. Tower Research Capital LLC TRC now owns 1,957 shares of the insurance provider’s stock worth $447,000 after buying an additional 427 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new position in shares of Everest Re Group during the third quarter worth about $149,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RE opened at $228.87 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.37 and a quick ratio of 0.37. The company has a market capitalization of $9.16 billion, a P/E ratio of 9.44, a price-to-earnings-growth ratio of 1.38 and a beta of 0.43. Everest Re Group Ltd has a 52-week low of $203.90 and a 52-week high of $264.88.
Everest Re Group (NYSE:RE) last announced its quarterly earnings results on Monday, October 29th. The insurance provider reported $4.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.07 by $1.02. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.80 billion. Everest Re Group had a return on equity of 11.82% and a net margin of 14.19%. During the same period in the prior year, the company posted ($16.43) earnings per share. On average, sell-side analysts predict that Everest Re Group Ltd will post 16.38 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Wednesday, November 28th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.45%. This is an increase from Everest Re Group’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Tuesday, November 27th. Everest Re Group’s dividend payout ratio is 61.54%.
A number of equities analysts have recently commented on RE shares. Morgan Stanley lowered their price objective on Everest Re Group from $258.00 to $243.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 14th. TheStreet downgraded Everest Re Group from a “b” rating to a “c+” rating in a research report on Thursday, September 6th. Citigroup started coverage on Everest Re Group in a research report on Wednesday, October 10th. They set a “neutral” rating and a $237.00 price objective for the company. Zacks Investment Research raised Everest Re Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 10th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $235.00 price objective on shares of Everest Re Group in a research report on Thursday, October 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Everest Re Group currently has a consensus rating of “Hold” and an average target price of $254.11.
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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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