CIBC Asset Management Inc Acquires 1,632 Shares of Everest Re Group, Ltd. (RE)

CIBC Asset Management Inc raised its position in shares of Everest Re Group, Ltd. (NYSE:RE) by 34.0% during the second quarter, Holdings Channel reports. The firm owned 6,434 shares of the insurance provider’s stock after buying an additional 1,632 shares during the period. CIBC Asset Management Inc’s holdings in Everest Re Group were worth $1,638,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. raised its stake in Everest Re Group by 4,778.3% in the first quarter. BlackRock Inc. now owns 3,909,246 shares of the insurance provider’s stock worth $914,021,000 after buying an additional 3,829,110 shares in the last quarter. Vanguard Group Inc. raised its stake in Everest Re Group by 3.2% in the first quarter. Vanguard Group Inc. now owns 3,052,626 shares of the insurance provider’s stock worth $713,734,000 after buying an additional 93,473 shares in the last quarter. State Street Corp raised its stake in Everest Re Group by 2.3% in the first quarter. State Street Corp now owns 1,706,720 shares of the insurance provider’s stock worth $399,045,000 after buying an additional 38,072 shares in the last quarter. AQR Capital Management LLC raised its stake in Everest Re Group by 28.9% in the first quarter. AQR Capital Management LLC now owns 1,289,792 shares of the insurance provider’s stock worth $301,566,000 after buying an additional 289,351 shares in the last quarter. Finally, APG Asset Management N.V. raised its stake in Everest Re Group by 2.5% in the first quarter. APG Asset Management N.V. now owns 728,862 shares of the insurance provider’s stock worth $170,415,000 after buying an additional 17,800 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Everest Re Group, Ltd. (RE) opened at 268.72 on Thursday. The company has a 50 day moving average of $262.59 and a 200-day moving average of $244.73. The company has a market cap of $11.03 billion, a price-to-earnings ratio of 9.20 and a beta of 0.63. Everest Re Group, Ltd. has a 52 week low of $183.04 and a 52 week high of $277.17.

Everest Re Group (NYSE:RE) last released its quarterly earnings data on Monday, July 24th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.24 by $0.27. Everest Re Group had a return on equity of 13.60% and a net margin of 19.65%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the prior year, the company posted $3.17 earnings per share. On average, equities research analysts expect that Everest Re Group, Ltd. will post $21.29 earnings per share for the current fiscal year.

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A number of analysts have recently issued reports on RE shares. Zacks Investment Research upgraded shares of Everest Re Group from a “hold” rating to a “buy” rating and set a $295.00 price objective on the stock in a research note on Monday, July 17th. Deutsche Bank AG reiterated a “buy” rating and set a $262.00 price objective (up previously from $240.00) on shares of Everest Re Group in a research note on Saturday, April 29th. BidaskClub upgraded shares of Everest Re Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Morgan Stanley reiterated an “equal weight” rating and set a $259.00 price objective (up previously from $250.00) on shares of Everest Re Group in a research note on Thursday, July 6th. Finally, Barclays PLC lifted their price objective on shares of Everest Re Group from $269.00 to $299.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $249.50.

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 operates in segments: U.S. Reinsurance, International, Bermuda and Insurance segment. The Company underwrites reinsurance both through brokers and directly with ceding companies.

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

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