Twin Capital Management Inc. reduced its position in Everest Re Group Ltd (NYSE:RE) by 8.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,370 shares of the insurance provider’s stock after selling 3,370 shares during the quarter. Twin Capital Management Inc. owned about 0.09% of Everest Re Group worth $9,484,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisory Services Network LLC acquired a new position in Everest Re Group in the 2nd quarter valued at $51,000. Asset Dedication LLC acquired a new position in Everest Re Group in the 2nd quarter valued at $62,000. Private Ocean LLC acquired a new position in Everest Re Group in the 2nd quarter valued at $69,000. Quadrant Capital Group LLC raised its stake in Everest Re Group by 215.2% in the 1st quarter. Quadrant Capital Group LLC now owns 312 shares of the insurance provider’s stock valued at $64,000 after purchasing an additional 213 shares during the last quarter. Finally, ETF Managers Group LLC raised its stake in Everest Re Group by 9.3% in the 1st quarter. ETF Managers Group LLC now owns 566 shares of the insurance provider’s stock valued at $122,000 after purchasing an additional 48 shares during the last quarter. 90.59% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently commented on RE. UBS Group increased their price objective on Everest Re Group from $252.00 to $257.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. ValuEngine downgraded Everest Re Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Barclays set a $300.00 price objective on Everest Re Group and gave the company a “buy” rating in a research note on Monday. Morgan Stanley reduced their price objective on Everest Re Group from $265.00 to $260.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Finally, Zacks Investment Research downgraded Everest Re Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $254.71.
Everest Re Group (NYSE:RE) last issued its earnings results on Monday, July 29th. The insurance provider reported $7.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.66 by $1.19. Everest Re Group had a return on equity of 6.37% and a net margin of 6.67%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same period last year, the company earned $0.98 EPS. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, sell-side analysts predict that Everest Re Group Ltd will post 24.94 EPS for the current year.
In other Everest Re Group news, Director Meryl D. Hartzband purchased 500 shares of the stock in a transaction dated Friday, August 2nd. The stock was acquired at an average cost of $242.31 per share, for a total transaction of $121,155.00. Following the acquisition, the director now owns 9,570 shares in the company, valued at approximately $2,318,906.70. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John P. Doucette sold 5,000 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $251.97, for a total value of $1,259,850.00. Following the transaction, the chief executive officer now owns 22,747 shares of the company’s stock, valued at $5,731,561.59. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.
Everest Re Group Profile
Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through four segments: U.S. Reinsurance, International, Bermuda, and Insurance. The U.S. Reinsurance segment writes property and casualty reinsurance; and specialty lines of business, including marine, aviation, surety, and accident and health insurance through reinsurance brokers, as well as directly with ceding companies in the United States.
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