Northern Trust Corp Acquires 34,827 Shares of Everest Re Group, Ltd. (RE)
Northern Trust Corp boosted its holdings in Everest Re Group, Ltd. (NYSE:RE) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 676,890 shares of the insurance provider’s stock after buying an additional 34,827 shares during the quarter. Northern Trust Corp owned 1.65% of Everest Re Group worth $172,330,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of RE. Acrospire Investment Management LLC grew its position in Everest Re Group by 66.7% in the second quarter. Acrospire Investment Management LLC now owns 500 shares of the insurance provider’s stock worth $127,000 after buying an additional 200 shares during the last quarter. Pacer Advisors Inc. acquired a new position in Everest Re Group in the 2nd quarter worth approximately $160,000. IFP Advisors Inc boosted its stake in Everest Re Group by 29.1% in the 2nd quarter. IFP Advisors Inc now owns 657 shares of the insurance provider’s stock worth $167,000 after purchasing an additional 148 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new position in Everest Re Group in the 1st quarter worth approximately $200,000. Finally, Sawtooth Solutions LLC acquired a new position in Everest Re Group in the 2nd quarter worth approximately $205,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.
A number of research firms recently commented on RE. Zacks Investment Research raised shares of Everest Re Group from a “hold” rating to a “buy” rating and set a $294.00 price objective for the company in a research note on Tuesday, August 1st. UBS AG reaffirmed a “neutral” rating and issued a $256.00 price objective (up previously from $251.00) on shares of Everest Re Group in a research note on Tuesday, August 1st. Buckingham Research began coverage on shares of Everest Re Group in a research note on Monday, September 11th. They issued a “neutral” rating and a $255.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed a “sell” rating and issued a $245.00 price objective on shares of Everest Re Group in a research note on Thursday. Finally, Barclays PLC raised their price objective on shares of Everest Re Group from $299.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $249.00.
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Everest Re Group (NYSE:RE) last issued its earnings results on Monday, July 24th. The insurance provider reported $5.51 EPS for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the firm earned $3.17 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, September 1st. Everest Re Group’s payout ratio is presently 17.15%.
Everest Re Group 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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