Everest International Reinsurance, Ltd recently stated that they own a 19.1% stake in Everest Re Group Ltd. (NYSE:RE) in a Schedule 13D/A disclosure that was filed with the SEC on Thursday, September 22nd. The investor owns 9,719,971 shares of the stock worth approximately $1,896,852,341. The filing is available through EDGAR at this link.
Everest International Reinsurance, Ltd provided the following explanation of their ownership:
The disclosure in Item 4 of this Schedule 13D is hereby amended and supplemented by adding the following statement after the final paragraph thereof:
Everest International Reinsurance, Ltd. (“Everest International”), a direct whollyowned subsidiary of Group, has not repurchased any additional Common Shares of Group.
However, due to Groups continued repurchases of its own Common Shares through open market transactions pursuant to Groups authorized share repurchase program, Everest Internationals percentage ownership interest of Group Common Shares has increased to 19.1%.
Several other institutional investors have also added to or reduced their stakes in the stock. Legal & General Group Plc boosted its stake in Everest Re Group by 1.1% in the first quarter. Legal & General Group Plc now owns 233,009 shares of the company’s stock valued at $45,988,000 after buying an additional 2,496 shares during the period. Renaissance Technologies LLC boosted its stake in Everest Re Group by 145.1% in the first quarter. Renaissance Technologies LLC now owns 204,200 shares of the company’s stock valued at $40,315,000 after buying an additional 120,900 shares during the period. Panagora Asset Management Inc. boosted its stake in Everest Re Group by 27.0% in the first quarter. Panagora Asset Management Inc. now owns 314,265 shares of the company’s stock valued at $62,045,000 after buying an additional 66,860 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Everest Re Group by 3.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 13,143 shares of the company’s stock valued at $2,595,000 after buying an additional 403 shares during the period. Finally, Swiss National Bank boosted its stake in Everest Re Group by 6.7% in the second quarter. Swiss National Bank now owns 119,675 shares of the company’s stock valued at $21,861,000 after buying an additional 7,500 shares during the period. 91.98% of the stock is owned by hedge funds and other institutional investors.
Everest Re Group Ltd. (NYSE:RE) traded up 0.75% during midday trading on Thursday, reaching $195.15. 182,716 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $190.69 and a 200 day moving average price of $186.70. The company has a market cap of $8.17 billion, a price-to-earnings ratio of 10.90 and a beta of 0.60. Everest Re Group Ltd. has a 12-month low of $167.07 and a 12-month high of $199.98.
Everest Re Group (NYSE:RE) last announced its quarterly earnings data on Monday, July 25th. The company reported $3.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.85 by $0.32. The firm earned $1.43 billion during the quarter, compared to analyst estimates of $1.30 billion. Everest Re Group had a net margin of 13.79% and a return on equity of 11.78%. During the same period in the previous year, the business posted $5.03 EPS. On average, analysts expect that Everest Re Group Ltd. will post $16.47 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th were issued a $1.15 dividend. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.36%. Everest Re Group’s payout ratio is 25.66%.
Several research firms have recently weighed in on RE. Zacks Investment Research upgraded shares of Everest Re Group from a “sell” rating to a “hold” rating in a research report on Thursday, July 21st. Barclays PLC reiterated an “overweight” rating and set a $215.00 price objective on shares of Everest Re Group in a research report on Wednesday, July 27th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Everest Re Group from $199.00 to $204.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 27th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Everest Re Group currently has a consensus rating of “Hold” and an average price target of $204.00.
In other news, VP John P. Doucette sold 1,840 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $189.84, for a total value of $349,305.60. Following the completion of the sale, the vice president now directly owns 23,265 shares in the company, valued at approximately $4,416,627.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John R. Dunne sold 200 shares of the business’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $190.03, for a total transaction of $38,006.00. Following the completion of the sale, the director now owns 10,579 shares of the company’s stock, valued at $2,010,327.37. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
Everest Re Group Company 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’s segments include U.S. Reinsurance segment, International segment, Bermuda segment, Insurance segment and Mt. Logan Re segment.
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