Menu Close

New York State Common Retirement Fund Trims Stake in Everest Re Group, Ltd. (NYSE:RE)

view original post

New York State Common Retirement Fund reduced its stake in Everest Re Group, Ltd. (NYSE:REGet Rating) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,315 shares of the insurance provider’s stock after selling 1,470 shares during the period. New York State Common Retirement Fund owned 0.12% of Everest Re Group worth $18,178,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its holdings in shares of Everest Re Group by 1.9% in the fourth quarter. State Street Corp now owns 1,963,593 shares of the insurance provider’s stock worth $537,867,000 after buying an additional 35,801 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Everest Re Group by 1.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,075,164 shares of the insurance provider’s stock valued at $294,508,000 after purchasing an additional 18,242 shares during the period. Invesco Ltd. grew its position in shares of Everest Re Group by 5.8% in the fourth quarter. Invesco Ltd. now owns 576,916 shares of the insurance provider’s stock valued at $158,028,000 after purchasing an additional 31,404 shares during the period. First Trust Advisors LP boosted its position in Everest Re Group by 9.6% during the fourth quarter. First Trust Advisors LP now owns 329,068 shares of the insurance provider’s stock worth $90,138,000 after acquiring an additional 28,859 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Everest Re Group by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 292,421 shares of the insurance provider’s stock worth $80,100,000 after acquiring an additional 4,333 shares during the last quarter. 75.12% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RE shares. StockNews.com upgraded shares of Everest Re Group from a “hold” rating to a “buy” rating in a research report on Saturday, July 23rd. Jefferies Financial Group boosted their price target on shares of Everest Re Group from $343.00 to $344.00 and gave the stock a “buy” rating in a research report on Tuesday, July 12th.

Everest Re Group Price Performance

Shares of RE stock opened at $251.81 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.33 and a quick ratio of 0.33. The firm’s 50-day moving average is $273.68 and its two-hundred day moving average is $282.78. Everest Re Group, Ltd. has a 12 month low of $248.63 and a 12 month high of $308.20. The company has a market capitalization of $9.93 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.72 and a beta of 0.54.

Everest Re Group (NYSE:REGet Rating) last issued its earnings results on Wednesday, July 27th. The insurance provider reported $9.79 EPS for the quarter, topping analysts’ consensus estimates of $9.31 by $0.48. Everest Re Group had a net margin of 6.61% and a return on equity of 11.41%. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the previous year, the firm earned $14.63 earnings per share. Everest Re Group’s quarterly revenue was up 14.0% compared to the same quarter last year. Analysts predict that Everest Re Group, Ltd. will post 33.4 earnings per share for the current year.

Everest Re Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 17th. Stockholders of record on Wednesday, May 25th were paid a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.62%. This is an increase from Everest Re Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Tuesday, May 24th. Everest Re Group’s payout ratio is 33.45%.

Everest Re Group Profile

(Get Rating)

Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through Reinsurance Operations and Insurance Operations segments. The Reinsurance Operations segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.

Recommended Stories

Want to see what other hedge funds are holding RE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Everest Re Group, Ltd. (NYSE:REGet Rating).

Receive News & Ratings for Everest Re Group Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Everest Re Group and related companies with MarketBeat.com’s FREE daily email newsletter.