Everest Re Group Ltd (NYSE:RE) announced a quarterly dividend on Wednesday, February 21st, RTT News reports. Investors of record on Wednesday, March 7th will be paid a dividend of 1.30 per share by the insurance provider on Wednesday, March 21st. This represents a $5.20 annualized dividend and a yield of 2.17%.
Everest Re Group has increased its dividend by an average of 16.4% annually over the last three years and has increased its dividend every year for the last 5 years. Everest Re Group has a dividend payout ratio of 422.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Everest Re Group to earn $23.23 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 22.4%.
Shares of Everest Re Group (RE) opened at $239.94 on Thursday. Everest Re Group has a twelve month low of $208.81 and a twelve month high of $277.17. The company has a market capitalization of $9,933.76, a P/E ratio of 21.54, a P/E/G ratio of 1.13 and a beta of 0.59. The company has a current ratio of 0.31, a quick ratio of 0.33 and a debt-to-equity ratio of 0.08.
Several research analysts have issued reports on the stock. Barclays restated a “buy” rating and issued a $290.00 price target (up previously from $279.00) on shares of Everest Re Group in a research report on Sunday. TheStreet upgraded shares of Everest Re Group from a “c+” rating to a “b-” rating in a research report on Monday, January 22nd. Zacks Investment Research lowered shares of Everest Re Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Wells Fargo & Co restated a “market perform” rating and issued a $235.00 price target (down previously from $240.00) on shares of Everest Re Group in a research report on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $234.00 price target on shares of Everest Re Group in a research report on Wednesday, December 6th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Everest Re Group presently has an average rating of “Hold” and an average target price of $254.13.
In other Everest Re Group news, VP John P. Doucette sold 300 shares of Everest Re Group stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $242.84, for a total transaction of $72,852.00. Following the transaction, the vice president now directly owns 21,434 shares in the company, valued at approximately $5,205,032.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John A. Graf acquired 2,285 shares of the stock in a transaction on Monday, January 8th. The shares were purchased at an average price of $219.07 per share, for a total transaction of $500,574.95. Following the completion of the transaction, the director now owns 5,550 shares in the company, valued at approximately $1,215,838.50. The disclosure for this purchase can be found here. Insiders own 1.30% of the company’s stock.
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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