Prudential Financial Inc. Lowers Holdings in Everest Re Group, Ltd. (RE)
Prudential Financial Inc. decreased its stake in Everest Re Group, Ltd. (NYSE:RE) by 32.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 155,558 shares of the insurance provider’s stock after selling 73,247 shares during the period. Prudential Financial Inc. owned 0.38% of Everest Re Group worth $35,528,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of RE. Capital Fund Management S.A. bought a new stake in Everest Re Group during the 2nd quarter worth approximately $7,256,000. Stifel Financial Corp increased its holdings in Everest Re Group by 32.1% during the 2nd quarter. Stifel Financial Corp now owns 10,755 shares of the insurance provider’s stock worth $2,740,000 after acquiring an additional 2,611 shares during the period. OMERS ADMINISTRATION Corp bought a new stake in Everest Re Group during the 2nd quarter worth approximately $1,451,000. Swiss National Bank increased its holdings in Everest Re Group by 2.9% during the 2nd quarter. Swiss National Bank now owns 148,975 shares of the insurance provider’s stock worth $37,928,000 after acquiring an additional 4,200 shares during the period. Finally, Aberdeen Asset Management PLC UK increased its holdings in Everest Re Group by 144.2% during the 2nd quarter. Aberdeen Asset Management PLC UK now owns 101,717 shares of the insurance provider’s stock worth $25,897,000 after acquiring an additional 60,058 shares during the period. 92.16% of the stock is currently owned by institutional investors.
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Shares of Everest Re Group, Ltd. (NYSE RE) opened at $228.55 on Tuesday. Everest Re Group, Ltd. has a 52 week low of $206.60 and a 52 week high of $277.17. The stock has a market capitalization of $9,492.85, a price-to-earnings ratio of 55.03, a price-to-earnings-growth ratio of 13.34 and a beta of 0.65. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.08.
Everest Re Group (NYSE:RE) last issued its earnings results on Monday, October 30th. The insurance provider reported ($16.43) earnings per share for the quarter, missing the consensus estimate of $3.68 by ($20.11). Everest Re Group had a return on equity of 2.22% and a net margin of 4.27%. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the business posted $6.53 EPS. Everest Re Group’s revenue was up 16.6% on a year-over-year basis. sell-side analysts anticipate that Everest Re Group, Ltd. will post 1.73 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Wednesday, November 29th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Tuesday, November 28th. This is a positive change from Everest Re Group’s previous quarterly dividend of $1.25. Everest Re Group’s dividend payout ratio (DPR) is 78.49%.
RE has been the subject of several analyst reports. Zacks Investment Research cut shares of Everest Re Group from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Barclays PLC increased their price target 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. UBS AG restated a “neutral” rating and set a $256.00 target price (up previously from $251.00) on shares of Everest Re Group in a research note on Tuesday, August 1st. BidaskClub lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Wells Fargo & Company reissued a “hold” rating on shares of Everest Re Group in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Everest Re Group presently has an average rating of “Hold” and an average target price of $243.20.
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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