Sei Investments Co. reduced its holdings in Everest Re Group, Ltd. (NYSE:RE) by 47.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,904 shares of the insurance provider’s stock after selling 141,419 shares during the quarter. Sei Investments Co. owned 0.39% of Everest Re Group worth $36,292,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Acrospire Investment Management LLC raised its holdings in shares of Everest Re Group by 66.7% in the 2nd quarter. Acrospire Investment Management LLC now owns 500 shares of the insurance provider’s stock worth $127,000 after purchasing an additional 200 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Everest Re Group in the 2nd quarter worth approximately $160,000. IFP Advisors Inc raised its holdings in shares of Everest Re Group by 29.1% in the 2nd quarter. IFP Advisors Inc now owns 657 shares of the insurance provider’s stock worth $167,000 after purchasing an additional 148 shares in the last quarter. ETRADE Capital Management LLC bought a new stake in shares of Everest Re Group in the 2nd quarter worth approximately $201,000. Finally, Sawtooth Solutions LLC bought a new stake in shares of Everest Re Group in the 2nd quarter worth approximately $205,000. Institutional investors and hedge funds own 93.22% of the company’s stock.
RE has been the topic of a number of recent analyst reports. Wells Fargo & Company restated a “hold” rating on shares of Everest Re Group in a report on Monday, July 24th. Barclays PLC boosted their price target on shares of Everest Re Group from $299.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, August 11th. Zacks Investment Research lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. UBS AG restated a “neutral” rating and set a $256.00 price target (up previously from $251.00) on shares of Everest Re Group in a report on Tuesday, August 1st. Finally, Keefe, Bruyette & Woods lowered shares of Everest Re Group from a “market perform” rating to an “underperform” rating and cut their price target for the company from $251.00 to $245.00 in a report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $243.20.
Everest Re Group, Ltd. (RE) traded up $0.35 during mid-day trading on Friday, reaching $231.14. 329,100 shares of the company’s stock traded hands, compared to its average volume of 396,291. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.33 and a quick ratio of 0.30. The company has a market capitalization of $9,478.47, a P/E ratio of 54.95, a price-to-earnings-growth ratio of 13.32 and a beta of 0.65. Everest Re Group, Ltd. has a 12 month low of $206.60 and a 12 month high of $277.17.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, October 30th. The insurance provider reported ($16.43) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.68 by ($20.11). The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.62 billion. Everest Re Group had a return on equity of 2.22% and a net margin of 4.27%. The business’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $6.53 earnings per share. sell-side analysts expect that Everest Re Group, Ltd. will post 1.73 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 29th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 2.25%. This is an increase from Everest Re Group’s previous quarterly dividend of $1.25. Everest Re Group’s payout ratio is currently 78.49%.
Everest Re Group Profile
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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