Principal Financial Group Inc. Reduces Position in Everest Re Group Ltd (RE)

Principal Financial Group Inc. cut its position in shares of Everest Re Group Ltd (NYSE:RE) by 5.8% during the 1st quarter, HoldingsChannel reports. The firm owned 61,295 shares of the insurance provider’s stock after selling 3,766 shares during the period. Principal Financial Group Inc.’s holdings in Everest Re Group were worth $15,742,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RE. Boston Partners boosted its position in shares of Everest Re Group by 53.5% during the first quarter. Boston Partners now owns 2,672,684 shares of the insurance provider’s stock valued at $686,399,000 after purchasing an additional 932,031 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Everest Re Group by 494.0% during the fourth quarter. Alliancebernstein L.P. now owns 478,879 shares of the insurance provider’s stock valued at $105,957,000 after purchasing an additional 398,257 shares in the last quarter. Champlain Investment Partners LLC bought a new stake in shares of Everest Re Group during the fourth quarter valued at approximately $79,987,000. Scout Investments Inc. bought a new stake in Everest Re Group in the first quarter worth $61,412,000. Finally, Westwood Holdings Group Inc. bought a new stake in Everest Re Group in the fourth quarter worth $32,680,000. Institutional investors own 91.19% of the company’s stock.

Several research firms have commented on RE. Zacks Investment Research raised Everest Re Group from a “hold” rating to a “strong-buy” rating and set a $302.00 target price on the stock in a report on Monday, March 12th. Wells Fargo & Co set a $240.00 target price on Everest Re Group and gave the stock a “hold” rating in a report on Wednesday, April 11th. ValuEngine raised Everest Re Group from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Morgan Stanley reissued an “equal weight” rating and issued a $258.00 target price (up from $247.00) on shares of Everest Re Group in a report on Thursday, March 1st. Finally, Goldman Sachs Group began coverage on Everest Re Group in a report on Monday, June 18th. They issued a “buy” rating and a $280.00 target price on the stock. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $263.00.

Shares of Everest Re Group opened at $232.67 on Tuesday, Marketbeat Ratings reports. The firm has a market cap of $9.43 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 1.13 and a beta of 0.47. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.33 and a current ratio of 0.33. Everest Re Group Ltd has a 1 year low of $208.81 and a 1 year high of $277.17.

Everest Re Group (NYSE:RE) last announced its quarterly earnings results on Wednesday, April 25th. The insurance provider reported $5.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.40 by ($0.06). The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.66 billion. Everest Re Group had a net margin of 5.64% and a return on equity of 4.04%. During the same period in the previous year, the company earned $6.48 earnings per share. research analysts predict that Everest Re Group Ltd will post 20.31 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 13th. Stockholders of record on Wednesday, May 30th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Tuesday, May 29th. Everest Re Group’s payout ratio is currently 57.14%.

Everest Re Group Profile

Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products. The company operates through the U.S. Reinsurance, International, Bermuda, and Insurance segments. 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 Unites States.

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Institutional Ownership by Quarter for Everest Re Group (NYSE:RE)

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