Tocqueville Asset Management L.P. reduced its position in Everest Re Group Ltd (NYSE:RE) by 20.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 31,025 shares of the insurance provider’s stock after selling 8,061 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Everest Re Group were worth $7,088,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Everest Re Group by 0.9% during the third quarter. BlackRock Inc. now owns 3,233,369 shares of the insurance provider’s stock worth $738,724,000 after purchasing an additional 30,095 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Everest Re Group by 12.3% during the third quarter. Alliancebernstein L.P. now owns 2,194,667 shares of the insurance provider’s stock worth $501,416,000 after purchasing an additional 240,860 shares during the last quarter. LSV Asset Management raised its stake in shares of Everest Re Group by 0.4% during the second quarter. LSV Asset Management now owns 1,855,805 shares of the insurance provider’s stock worth $427,725,000 after purchasing an additional 7,072 shares during the last quarter. Vulcan Value Partners LLC raised its stake in shares of Everest Re Group by 24.8% during the second quarter. Vulcan Value Partners LLC now owns 1,830,722 shares of the insurance provider’s stock worth $421,945,000 after purchasing an additional 363,518 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Everest Re Group by 326.4% during the third quarter. JPMorgan Chase & Co. now owns 828,753 shares of the insurance provider’s stock worth $189,345,000 after purchasing an additional 634,401 shares during the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on RE shares. Credit Suisse Group upped their price target on Everest Re Group from $239.00 to $257.00 and gave the stock a “hold” rating in a research note on Thursday, November 1st. Morgan Stanley cut their price objective on Everest Re Group from $258.00 to $243.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 14th. TheStreet upgraded Everest Re Group from a “c+” rating to a “b” rating in a research report on Monday, October 29th. Zacks Investment Research cut Everest Re Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 23rd. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $235.00 price objective on shares of Everest Re Group in a research report on Monday, October 29th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $254.11.
Shares of RE stock opened at $228.87 on Friday. Everest Re Group Ltd has a fifty-two week low of $203.90 and a fifty-two week high of $264.88. The firm has a market capitalization of $9.16 billion, a PE ratio of 9.44, a PEG ratio of 1.38 and a beta of 0.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.37 and a quick ratio of 0.37.
Everest Re Group (NYSE:RE) last announced its quarterly earnings results on Monday, October 29th. The insurance provider reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.07 by $1.02. Everest Re Group had a return on equity of 11.82% and a net margin of 14.19%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter last year, the business posted ($16.43) earnings per share. As a group, sell-side analysts anticipate that Everest Re Group Ltd will post 16.38 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Wednesday, November 28th will be given a $1.40 dividend. The ex-dividend date is Tuesday, November 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.45%. This is a boost from Everest Re Group’s previous quarterly dividend of $1.30. Everest Re Group’s dividend payout ratio (DPR) is currently 61.54%.
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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