Everest Re Group Ltd (NYSE:RE)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $260.88 and last traded at $260.29, with a volume of 1323 shares changing hands. The stock had previously closed at $260.44.
Several brokerages recently commented on RE. Morgan Stanley decreased their price objective on shares of Everest Re Group from $265.00 to $260.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. UBS Group increased their price objective on shares of Everest Re Group from $252.00 to $257.00 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. ValuEngine lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Credit Suisse Group set a $256.00 price objective on shares of Everest Re Group and gave the company a “hold” rating in a research report on Sunday. Finally, Barclays set a $300.00 price objective on shares of Everest Re Group and gave the company a “buy” rating in a research report on Monday, August 12th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $254.57.
The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $10.59 billion, a PE ratio of 56.12, a price-to-earnings-growth ratio of 1.03 and a beta of 0.25. The business’s 50-day simple moving average is $247.61 and its 200-day simple moving average is $240.71.
Everest Re Group (NYSE:RE) last posted its quarterly earnings results on Monday, July 29th. The insurance provider reported $7.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.66 by $1.19. Everest Re Group had a net margin of 6.67% and a return on equity of 6.37%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same period last year, the firm posted $0.98 EPS. Everest Re Group’s revenue for the quarter was up 6.7% compared to the same quarter last year. Sell-side analysts forecast that Everest Re Group Ltd will post 24.94 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Tuesday, September 3rd. Everest Re Group’s dividend payout ratio is presently 120.43%.
In other Everest Re Group news, CEO John P. Doucette sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $251.97, for a total transaction of $1,259,850.00. Following the completion of the transaction, the chief executive officer now directly owns 22,747 shares of the company’s stock, valued at approximately $5,731,561.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Meryl D. Hartzband purchased 500 shares of Everest Re Group stock in a transaction on Friday, August 2nd. The shares were acquired 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 directly owns 9,570 shares in the company, valued at approximately $2,318,906.70. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of RE. River & Mercantile Asset Management LLP purchased a new position in shares of Everest Re Group during the 2nd quarter valued at approximately $329,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Everest Re Group by 140.1% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 21,665 shares of the insurance provider’s stock valued at $5,355,000 after purchasing an additional 12,642 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Everest Re Group by 6.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 28,875 shares of the insurance provider’s stock valued at $7,137,000 after purchasing an additional 1,689 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of Everest Re Group during the 2nd quarter valued at approximately $14,750,000. Finally, BlackRock Inc. increased its holdings in shares of Everest Re Group by 16.3% during the 2nd quarter. BlackRock Inc. now owns 3,965,427 shares of the insurance provider’s stock valued at $980,173,000 after purchasing an additional 555,838 shares in the last quarter. 91.76% of the stock is owned by institutional investors.
Everest Re Group Company Profile (NYSE:RE)
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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