Short Interest in Everest Re Group Ltd (NYSE:RE) Increases By 13.0%

Everest Re Group Ltd (NYSE:RE) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,030,900 shares, an increase of 13.0% from the July 31st total of 912,700 shares. Based on an average trading volume of 284,200 shares, the days-to-cover ratio is presently 3.6 days. Currently, 2.6% of the shares of the company are sold short.

Shares of RE traded up $4.69 during mid-day trading on Friday, reaching $256.39. The company had a trading volume of 348,418 shares, compared to its average volume of 283,706. The company’s 50 day simple moving average is $247.80 and its 200 day simple moving average is $240.06. Everest Re Group has a 1-year low of $201.09 and a 1-year high of $260.51. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.37 and a current ratio of 0.37. The company has a market capitalization of $10.25 billion, a price-to-earnings ratio of 55.14, a P/E/G ratio of 1.01 and a beta of 0.25.

Everest Re Group (NYSE:RE) last posted its quarterly earnings results on Monday, July 29th. The insurance provider reported $7.85 earnings per share for the quarter, beating analysts’ consensus estimates of $6.66 by $1.19. Everest Re Group had a net margin of 6.67% and a return on equity of 6.37%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same period last year, the company posted $0.98 EPS. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. As a group, equities analysts forecast that Everest Re Group will post 24.94 earnings per share for the current fiscal year.



The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.18%. Everest Re Group’s payout ratio is currently 120.43%.

Several equities analysts have commented on the stock. ValuEngine lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. UBS Group raised their target price on shares of Everest Re Group from $252.00 to $257.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Morgan Stanley decreased their target price on shares of Everest Re Group from $265.00 to $260.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Barclays set a $300.00 target price on shares of Everest Re Group and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Credit Suisse Group restated a “hold” rating and issued a $256.00 price target on shares of Everest Re Group in a research note on Sunday. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Everest Re Group presently has an average rating of “Hold” and an average price target of $254.57.

In other news, Director Meryl D. Hartzband bought 500 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were purchased at an average cost of $242.31 per share, with a total value of $121,155.00. Following the acquisition, the director now directly owns 9,570 shares in the company, valued at $2,318,906.70. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO John P. Doucette sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $251.97, for a total transaction of $1,259,850.00. Following the completion of the transaction, the chief executive officer now directly owns 22,747 shares in the company, valued at $5,731,561.59. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of RE. Geode Capital Management LLC boosted its stake in shares of Everest Re Group by 14.5% in the 4th quarter. Geode Capital Management LLC now owns 618,301 shares of the insurance provider’s stock valued at $134,440,000 after purchasing an additional 78,406 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in Everest Re Group by 4.7% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 3,886 shares of the insurance provider’s stock worth $839,000 after buying an additional 175 shares during the period. Toronto Dominion Bank boosted its position in Everest Re Group by 17.5% during the 1st quarter. Toronto Dominion Bank now owns 26,435 shares of the insurance provider’s stock worth $5,707,000 after buying an additional 3,939 shares during the period. CIBC Asset Management Inc boosted its position in Everest Re Group by 11.1% during the 1st quarter. CIBC Asset Management Inc now owns 6,470 shares of the insurance provider’s stock worth $1,397,000 after buying an additional 649 shares during the period. Finally, Raymond James & Associates boosted its position in Everest Re Group by 14.5% during the 1st quarter. Raymond James & Associates now owns 59,898 shares of the insurance provider’s stock worth $12,936,000 after buying an additional 7,570 shares during the period. Institutional investors own 91.81% of the company’s stock.

Everest Re Group Company 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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