Jacobs Levy Equity Management Inc. increased its position in shares of Everest Re Group Ltd (NYSE:RE) by 2.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,067 shares of the insurance provider’s stock after acquiring an additional 4,281 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.39% of Everest Re Group worth $39,565,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Oakworth Capital Inc. purchased a new stake in Everest Re Group during the 2nd quarter worth about $34,000. Advisory Services Network LLC purchased a new stake in Everest Re Group during the 2nd quarter worth about $51,000. Ossiam purchased a new stake in Everest Re Group during the 2nd quarter worth about $53,000. Asset Dedication LLC purchased a new stake in Everest Re Group during the 2nd quarter worth about $62,000. Finally, Private Ocean LLC purchased a new stake in Everest Re Group during the 2nd quarter worth about $69,000. 91.81% of the stock is currently owned by hedge funds and other institutional investors.
RE has been the topic of several recent research reports. Morgan Stanley cut their price target on Everest Re Group from $265.00 to $260.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. ValuEngine downgraded Everest Re Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Barclays set a $300.00 price target on Everest Re Group and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, UBS Group upped their price target on Everest Re Group from $252.00 to $257.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $254.71.
Shares of RE traded up $4.69 during mid-day trading on Friday, reaching $256.39. The company’s stock had a trading volume of 348,418 shares, compared to its average volume of 265,262. Everest Re Group Ltd has a 12-month low of $201.09 and a 12-month high of $260.51. The stock has a market cap of $10.38 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 1.02 and a beta of 0.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.37 and a quick ratio of 0.37. The company’s 50 day moving average is $247.80 and its 200 day moving average is $240.06.
Everest Re Group (NYSE:RE) last released its quarterly earnings data on Monday, July 29th. The insurance provider reported $7.85 EPS for the quarter, beating analysts’ consensus estimates of $6.66 by $1.19. Everest Re Group had a return on equity of 6.37% and a net margin of 6.67%. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Everest Re Group Ltd will post 24.94 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.18%. Everest Re Group’s payout ratio is currently 120.43%.
In related news, CEO John P. Doucette sold 5,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $251.97, for a total value of $1,259,850.00. Following the completion of the sale, the chief executive officer now directly owns 22,747 shares of the company’s stock, valued at approximately $5,731,561.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Meryl D. Hartzband bought 500 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average cost of $242.31 per share, with a total value of $121,155.00. Following the completion of the transaction, the director now owns 9,570 shares in the company, valued at $2,318,906.70. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.
About Everest Re Group
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.
Further Reading: Neutral Rating
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