Sit Investment Associates Inc. acquired a new position in Everest Re Group Ltd. (NYSE:RE) during the second quarter, Holdings Channel reports. The firm acquired 26,450 shares of the company’s stock, valued at approximately $4,832,000.
Several other hedge funds also recently bought and sold shares of the company. Checchi Capital Advisers LLC increased its position in shares of Everest Re Group by 3.5% in the second quarter. Checchi Capital Advisers LLC now owns 619 shares of the company’s stock worth $113,000 after buying an additional 21 shares during the last quarter. MU Investments Co. Ltd. bought a new position in Everest Re Group during the second quarter valued at about $165,000. Boys Arnold & Co. Inc. bought a new position in Everest Re Group during the second quarter valued at about $281,000. Seven Eight Capital LLC bought a new position in Everest Re Group during the first quarter valued at about $375,000. Finally, BlueMountain Capital Management LLC increased its position in Everest Re Group by 82.1% in the first quarter. BlueMountain Capital Management LLC now owns 1,930 shares of the company’s stock valued at $381,000 after buying an additional 870 shares in the last quarter. 91.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Everest Re Group Ltd. (NYSE:RE) traded up 3.02% during midday trading on Friday, hitting $189.81. 390,515 shares of the stock traded hands. Everest Re Group Ltd. has a one year low of $167.07 and a one year high of $199.98. The firm has a 50-day moving average price of $190.70 and a 200 day moving average price of $186.45. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 10.60 and a beta of 0.63.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, July 25th. The company reported $3.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.85 by $0.32. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.30 billion. Everest Re Group had a net margin of 13.79% and a return on equity of 11.78%. During the same quarter in the previous year, the business posted $5.03 EPS. Analysts anticipate that Everest Re Group Ltd. will post $17.01 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th were issued a dividend of $1.15 per share. The ex-dividend date was Friday, September 2nd. This represents a $4.60 annualized dividend and a dividend yield of 2.42%. Everest Re Group’s payout ratio is 25.66%.
Several equities analysts have issued reports on RE shares. Zacks Investment Research downgraded shares of Everest Re Group from a “hold” rating to a “sell” rating in a research note on Tuesday, June 14th. Keefe, Bruyette & Woods upped their price objective on shares of Everest Re Group from $199.00 to $204.00 and gave the company a “market perform” rating in a research note on Wednesday, July 27th. Finally, Barclays PLC restated an “overweight” rating and issued a $215.00 price objective on shares of Everest Re Group in a research note on Wednesday, July 27th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $202.40.
In related news, VP John P. Doucette sold 1,840 shares of Everest Re Group stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $189.84, for a total transaction of $349,305.60. Following the sale, the vice president now owns 23,265 shares of the company’s stock, valued at approximately $4,416,627.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Dunne sold 200 shares of Everest Re Group stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $190.03, for a total transaction of $38,006.00. Following the sale, the director now directly owns 10,579 shares in the company, valued at approximately $2,010,327.37. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.
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’s segments include U.S. Reinsurance segment, International segment, Bermuda segment, Insurance segment and Mt. Logan Re segment.
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