Majedie Asset Management Ltd increased its position in shares of Everest Re Group Ltd (NYSE:RE) by 15.2% during the 1st quarter, HoldingsChannel reports. The fund owned 54,960 shares of the insurance provider’s stock after acquiring an additional 7,246 shares during the period. Everest Re Group accounts for about 0.8% of Majedie Asset Management Ltd’s holdings, making the stock its 29th largest position. Majedie Asset Management Ltd’s holdings in Everest Re Group were worth $11,879,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of RE. JPMorgan Chase & Co. increased its holdings in shares of Everest Re Group by 326.4% in the third quarter. JPMorgan Chase & Co. now owns 828,753 shares of the insurance provider’s stock valued at $189,345,000 after purchasing an additional 634,401 shares in the last quarter. Norges Bank bought a new stake in Everest Re Group during the 4th quarter worth about $89,859,000. BlackRock Inc. lifted its position in Everest Re Group by 4.6% during the 4th quarter. BlackRock Inc. now owns 3,382,386 shares of the insurance provider’s stock worth $736,548,000 after buying an additional 149,017 shares in the last quarter. Bank of Montreal Can lifted its position in Everest Re Group by 116.6% during the 4th quarter. Bank of Montreal Can now owns 274,496 shares of the insurance provider’s stock worth $59,773,000 after buying an additional 147,767 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in Everest Re Group by 191.3% during the 4th quarter. Deutsche Bank AG now owns 194,273 shares of the insurance provider’s stock worth $42,302,000 after buying an additional 127,579 shares in the last quarter. 73.79% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Roger M. Singer sold 900 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $223.69, for a total value of $201,321.00. Following the transaction, the director now owns 13,432 shares in the company, valued at approximately $3,004,604.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by corporate insiders.
Everest Re Group (NYSE:RE) last released its quarterly earnings data on Monday, May 6th. The insurance provider reported $6.91 earnings per share for the quarter, topping the consensus estimate of $5.91 by $1.00. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.82 billion. Everest Re Group had a net margin of 3.19% and a return on equity of 3.08%. Everest Re Group’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business earned $5.34 EPS. As a group, analysts expect that Everest Re Group Ltd will post 24.48 EPS for the current year.
Several equities research analysts have commented on RE shares. Zacks Investment Research raised shares of Everest Re Group from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Wells Fargo & Co lowered their price objective on shares of Everest Re Group from $235.00 to $230.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 13th. ValuEngine upgraded shares of Everest Re Group from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Deutsche Bank lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a research note on Thursday, March 28th. Finally, Morgan Stanley boosted their price objective on shares of Everest Re Group from $232.00 to $248.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $249.67.
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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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