Highstreet Asset Management Inc. Purchases New Position in Everest Re Group, Ltd. (RE)
Highstreet Asset Management Inc. purchased a new position in Everest Re Group, Ltd. (NYSE:RE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,440 shares of the insurance provider’s stock, valued at approximately $622,000.
Other large investors also recently modified their holdings of the company. Toronto Dominion Bank increased its stake in shares of Everest Re Group by 23.1% in the first quarter. Toronto Dominion Bank now owns 447 shares of the insurance provider’s stock worth $104,000 after buying an additional 84 shares in the last quarter. IFP Advisors Inc increased its stake in shares of Everest Re Group by 1.6% in the first quarter. IFP Advisors Inc now owns 509 shares of the insurance provider’s stock worth $119,000 after buying an additional 8 shares in the last quarter. Assetmark Inc. bought a new stake in shares of Everest Re Group during the first quarter worth about $142,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Everest Re Group during the first quarter worth about $200,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Everest Re Group during the first quarter worth about $204,000. 91.63% of the stock is currently owned by institutional investors and hedge funds.
Shares of Everest Re Group, Ltd. (NYSE RE) opened at 262.50 on Friday. The firm has a market cap of $10.78 billion, a P/E ratio of 9.01 and a beta of 0.63. Everest Re Group, Ltd. has a one year low of $183.04 and a one year high of $277.17. The firm has a 50 day moving average price of $264.60 and a 200-day moving average price of $246.55.
Everest Re Group (NYSE:RE) last announced its earnings results on Monday, July 24th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.24 by $0.27. Everest Re Group had a net margin of 19.65% and a return on equity of 13.60%. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the business earned $3.17 earnings per share. Analysts forecast that Everest Re Group, Ltd. will post $21.48 earnings per share for the current year.
A number of equities research analysts have weighed in on RE shares. Zacks Investment Research raised Everest Re Group from a “hold” rating to a “buy” rating and set a $294.00 target price on the stock in a report on Tuesday, August 1st. UBS AG reaffirmed a “neutral” rating and issued a $256.00 target price (up previously from $251.00) on shares of Everest Re Group in a report on Tuesday, August 1st. Barclays PLC raised their target price on Everest Re Group from $299.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, August 11th. ValuEngine raised Everest Re Group from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Finally, BidaskClub downgraded Everest Re Group from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Everest Re Group currently has a consensus rating of “Hold” and an average price target of $250.25.
Everest Re Group Company Profile
Everest Re Group, Ltd., through its subsidiaries, is engaged in the underwriting of reinsurance and insurance in the United States, Bermuda and international markets. The Company operates in segments: U.S. Reinsurance, International, Bermuda and Insurance segment. The Company underwrites reinsurance both through brokers and directly with ceding companies.
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