Bank of Montreal Can decreased its position in shares of Everest Re Group Ltd (NYSE:RE) by 9.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 330,419 shares of the insurance provider’s stock after selling 36,448 shares during the quarter. Bank of Montreal Can’s holdings in Everest Re Group were worth $65,442,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in RE. TCTC Holdings LLC bought a new stake in Everest Re Group during the 2nd quarter worth approximately $12,551,000. Pacitti Group Inc. increased its position in shares of Everest Re Group by 21.3% during the 2nd quarter. Pacitti Group Inc. now owns 883 shares of the insurance provider’s stock valued at $204,000 after purchasing an additional 155 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Everest Re Group during the second quarter valued at $203,000. Kentucky Retirement Systems purchased a new stake in Everest Re Group during the second quarter valued at about $459,000. Finally, AlphaCrest Capital Management LLC raised its holdings in Everest Re Group by 106.0% during the 2nd quarter. AlphaCrest Capital Management LLC now owns 3,714 shares of the insurance provider’s stock valued at $766,000 after acquiring an additional 1,911 shares during the period. Institutional investors and hedge funds own 93.28% of the company’s stock.
RE has been the subject of a number of research analyst reports. Bank of America initiated coverage on Everest Re Group in a research report on Monday, July 6th. They set a “buy” rating and a $258.00 price target for the company. Wells Fargo & Co upgraded shares of Everest Re Group from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $203.00 to $255.00 in a report on Tuesday, June 16th. ValuEngine upgraded Everest Re Group from a “sell” rating to a “hold” rating in a research report on Thursday, May 21st. UBS Group upped their target price on Everest Re Group from $235.00 to $246.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Finally, Zacks Investment Research downgraded Everest Re Group from a “hold” rating to a “sell” rating and set a $183.00 target price on the stock. in a report on Monday, May 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $248.58.
NYSE:RE traded down $2.11 during mid-day trading on Tuesday, hitting $217.97. 2,581 shares of the stock traded hands, compared to its average volume of 248,023. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 17.47, a PEG ratio of 1.71 and a beta of 0.47. Everest Re Group Ltd has a 52 week low of $157.32 and a 52 week high of $294.31. The firm’s 50 day moving average is $220.88 and its two-hundred day moving average is $213.14.
Everest Re Group (NYSE:RE) last announced its quarterly earnings data on Wednesday, August 5th. The insurance provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.44. The company had revenue of $2.05 billion during the quarter. Everest Re Group had a net margin of 6.24% and a return on equity of 5.74%. During the same quarter in the previous year, the business earned $7.85 EPS. As a group, research analysts predict that Everest Re Group Ltd will post 12.48 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Tuesday, September 1st. Everest Re Group’s dividend payout ratio is 29.05%.
In other news, CEO John P. Doucette sold 994 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $223.05, for a total transaction of $221,711.70. Following the completion of the sale, the chief executive officer now owns 24,704 shares in the company, valued at approximately $5,510,227.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John P. Doucette sold 1,006 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $215.75, for a total value of $217,044.50. Following the completion of the sale, the chief executive officer now directly owns 23,698 shares of the company’s stock, valued at approximately $5,112,843.50. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Everest Re Group Company Profile
Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through four segments: U.S. Reinsurance, International, Bermuda, and Insurance. 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 United States.
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