Mitsubishi UFJ Trust & Banking Corp lowered its stake in shares of Everest Re Group Ltd (NYSE:RE) by 0.1% during the first quarter, Holdings Channel reports. The institutional investor owned 157,680 shares of the insurance provider’s stock after selling 220 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Everest Re Group were worth $36,867,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Capstone Investment Advisors LLC purchased a new stake in Everest Re Group during the fourth quarter worth $735,000. State Street Corp raised its stake in Everest Re Group by 5.7% in the fourth quarter. State Street Corp now owns 1,668,648 shares of the insurance provider’s stock worth $361,099,000 after buying an additional 90,494 shares during the period. Accident Compensation Corp raised its stake in Everest Re Group by 14.9% in the third quarter. Accident Compensation Corp now owns 23,200 shares of the insurance provider’s stock worth $4,407,000 after buying an additional 3,000 shares during the period. Norges Bank purchased a new stake in Everest Re Group during the fourth quarter worth $131,042,000. Finally, BP PLC purchased a new stake in Everest Re Group during the fourth quarter worth $1,191,000. Hedge funds and other institutional investors own 91.37% of the company’s stock.
Everest Re Group Ltd (NYSE:RE) traded up 0.04% during trading on Friday, hitting $243.94. 269,673 shares of the stock were exchanged. Everest Re Group Ltd has a 12 month low of $169.19 and a 12 month high of $258.30. The stock has a market cap of $10.02 billion, a P/E ratio of 9.10 and a beta of 0.49. The stock’s 50 day moving average price is $240.94 and its 200 day moving average price is $226.32.
Everest Re Group (NYSE:RE) last announced its earnings results on Monday, April 24th. The insurance provider reported $6.29 earnings per share for the quarter, topping the consensus estimate of $5.35 by $0.94. Everest Re Group had a net margin of 17.19% and a return on equity of 12.44%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the firm earned $5.19 EPS. Analysts forecast that Everest Re Group Ltd will post $20.49 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 14th. Investors of record on Wednesday, May 31st will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Friday, May 26th. Everest Re Group’s payout ratio is currently 21.00%.
A number of brokerages have recently commented on RE. Zacks Investment Research raised shares of Everest Re Group from a “hold” rating to a “buy” rating and set a $263.00 target price on the stock in a research report on Tuesday, April 18th. Deutsche Bank AG reaffirmed a “buy” rating and set a $262.00 target price (up from $240.00) on shares of Everest Re Group in a research report on Saturday, April 29th. Barclays PLC raised their target price on shares of Everest Re Group from $269.00 to $299.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 25th. Finally, Wells Fargo & Co reaffirmed a “hold” rating on shares of Everest Re Group in a research report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $234.83.
In related news, VP John P. Doucette sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $256.03, for a total transaction of $256,030.00. Following the sale, the vice president now directly owns 21,834 shares of the company’s stock, valued at approximately $5,590,159.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John R. Dunne sold 500 shares of the company’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $234.75, for a total transaction of $117,375.00. Following the sale, the director now directly owns 12,079 shares in the company, valued at $2,835,545.25. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate 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 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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