Davis Selected Advisers grew its stake in shares of Everest Re Group, Ltd. (NYSE:RE) by 0.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 60,018 shares of the insurance provider’s stock after acquiring an additional 190 shares during the quarter. Davis Selected Advisers’ holdings in Everest Re Group were worth $14,873,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Guggenheim Capital LLC lifted its holdings in Everest Re Group by 16.2% in the 1st quarter. Guggenheim Capital LLC now owns 8,880 shares of the insurance provider’s stock valued at $2,200,000 after purchasing an additional 1,235 shares in the last quarter. Brandywine Global Investment Management LLC raised its position in shares of Everest Re Group by 5.8% in the first quarter. Brandywine Global Investment Management LLC now owns 33,414 shares of the insurance provider’s stock valued at $8,280,000 after buying an additional 1,845 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Everest Re Group by 10.8% during the first quarter. Franklin Resources Inc. now owns 1,560,878 shares of the insurance provider’s stock valued at $386,802,000 after buying an additional 152,267 shares during the period. QS Investors LLC lifted its stake in shares of Everest Re Group by 124.3% during the first quarter. QS Investors LLC now owns 34,130 shares of the insurance provider’s stock valued at $8,458,000 after buying an additional 18,911 shares during the period. Finally, SG Americas Securities LLC boosted its position in Everest Re Group by 107.9% during the first quarter. SG Americas Securities LLC now owns 12,338 shares of the insurance provider’s stock worth $3,057,000 after acquiring an additional 6,404 shares during the last quarter. 74.38% of the stock is owned by institutional investors.
A number of research analysts have weighed in on the company. Zacks Investment Research lowered Everest Re Group from a “hold” rating to a “sell” rating and set a $262.00 price target on the stock. in a research note on Monday, March 8th. Deutsche Bank Aktiengesellschaft upgraded Everest Re Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $245.00 to $305.00 in a research report on Sunday, March 28th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut Everest Re Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $287.00 to $270.00 in a report on Friday, June 18th. Morgan Stanley cut their price objective on shares of Everest Re Group from $316.00 to $312.00 and set an “overweight” rating on the stock in a report on Friday, April 16th. Finally, Citigroup cut shares of Everest Re Group from a “buy” rating to a “neutral” rating in a research report on Friday, June 18th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $272.22.
Everest Re Group (NYSE:RE) last announced its quarterly earnings results on Wednesday, April 28th. The insurance provider reported $6.49 earnings per share for the quarter, beating analysts’ consensus estimates of $4.61 by $1.88. Everest Re Group had a net margin of 8.10% and a return on equity of 4.14%. The firm had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.42 billion. During the same period in the previous year, the company posted $4.03 earnings per share. On average, sell-side analysts anticipate that Everest Re Group, Ltd. will post 25.62 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 9th. Investors of record on Wednesday, May 26th were issued a dividend of $1.55 per share. The ex-dividend date of this dividend was Tuesday, May 25th. This represents a $6.20 annualized dividend and a dividend yield of 2.46%. Everest Re Group’s payout ratio is 83.11%.
In other Everest Re Group news, CEO John P. Doucette sold 5,000 shares of the business’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $278.29, for a total transaction of $1,391,450.00. Following the transaction, the chief executive officer now owns 21,552 shares in the company, valued at $5,997,706.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.
Everest Re Group Company Profile
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, and the United Kingdom.
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