Mitsubishi UFJ Trust & Banking Corp Decreases Holdings in Everest Re Group Ltd (RE)

Mitsubishi UFJ Trust & Banking Corp lowered its position in Everest Re Group Ltd (NYSE:RE) by 37.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 94,899 shares of the insurance provider’s stock after selling 57,467 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.23% of Everest Re Group worth $21,682,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Metropolitan Life Insurance Co. NY increased its stake in shares of Everest Re Group by 10.4% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 7,018 shares of the insurance provider’s stock worth $1,618,000 after acquiring an additional 660 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Everest Re Group by 2.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 13,013 shares of the insurance provider’s stock worth $2,971,000 after acquiring an additional 323 shares during the last quarter. Morgan Stanley increased its stake in shares of Everest Re Group by 15.6% in the 2nd quarter. Morgan Stanley now owns 170,560 shares of the insurance provider’s stock worth $39,309,000 after acquiring an additional 23,018 shares during the last quarter. Rowland & Co. Investment Counsel ADV acquired a new stake in shares of Everest Re Group in the 3rd quarter worth $1,511,000. Finally, Worldquant Millennium Quantitative Strategies LLC acquired a new stake in shares of Everest Re Group in the 2nd quarter worth $4,229,000. Institutional investors own 98.26% of the company’s stock.

Shares of NYSE:RE opened at $222.08 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.37 and a quick ratio of 0.37. The stock has a market cap of $8.95 billion, a P/E ratio of 24.40, a price-to-earnings-growth ratio of 1.34 and a beta of 0.43. Everest Re Group Ltd has a 12-month low of $203.90 and a 12-month high of $264.88.

Everest Re Group (NYSE:RE) last issued its quarterly earnings data on Monday, October 29th. The insurance provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.07 by $1.02. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.80 billion. Everest Re Group had a return on equity of 11.82% and a net margin of 14.19%. During the same period last year, the company earned ($16.43) EPS. On average, sell-side analysts forecast that Everest Re Group Ltd will post 16.38 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Investors of record on Wednesday, November 28th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.52%. This is an increase from Everest Re Group’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Tuesday, November 27th. Everest Re Group’s dividend payout ratio (DPR) is presently 61.54%.

A number of brokerages have issued reports on RE. Zacks Investment Research downgraded Everest Re Group from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 23rd. Credit Suisse Group began coverage on Everest Re Group in a research note on Tuesday, August 7th. They issued a “neutral” rating and a $239.00 target price for the company. ValuEngine raised Everest Re Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 31st. Deutsche Bank cut their target price on Everest Re Group from $250.00 to $247.00 and set a “buy” rating for the company in a research note on Tuesday, November 20th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $235.00 price objective on shares of Everest Re Group in a research report on Monday, October 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $254.11.

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Everest Re Group Company Profile

Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products. The company operates through the U.S. Reinsurance, International, Bermuda, and Insurance segments. 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 Unites States.

Further Reading: Depreciation

Institutional Ownership by Quarter for Everest Re Group (NYSE:RE)

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