Morgan Stanley Increases Everest Re Group (NYSE:RE) Price Target to $345.00

Everest Re Group (NYSE:REGet Rating) had its price objective boosted by Morgan Stanley from $320.00 to $345.00 in a research note published on Tuesday morning, MarketBeat Ratings reports. They currently have an overweight rating on the insurance provider’s stock.

A number of other research analysts have also recently commented on the company. Wells Fargo & Company upped their price target on Everest Re Group from $322.00 to $333.00 and gave the company an overweight rating in a research report on Friday, October 28th. StockNews.com cut Everest Re Group from a buy rating to a hold rating in a research report on Friday, November 4th.

Everest Re Group Stock Up 1.5 %

RE stock opened at $327.25 on Tuesday. The stock’s fifty day simple moving average is $289.55 and its two-hundred day simple moving average is $279.74. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40. Everest Re Group has a 1-year low of $244.57 and a 1-year high of $337.50. The stock has a market cap of $12.82 billion, a P/E ratio of 24.44, a P/E/G ratio of 1.03 and a beta of 0.59.

Everest Re Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Wednesday, November 23rd will be given a dividend of $1.65 per share. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $6.60 dividend on an annualized basis and a dividend yield of 2.02%. Everest Re Group’s dividend payout ratio is presently 0.30%.

Insider Activity

In related news, Director John A. Weber sold 2,391 shares of the stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $323.00, for a total transaction of $772,293.00. Following the sale, the director now owns 7,744 shares of the company’s stock, valued at approximately $2,501,312. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John A. Weber sold 2,391 shares of the stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $323.00, for a total transaction of $772,293.00. Following the sale, the director now owns 7,744 shares of the company’s stock, valued at approximately $2,501,312. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sanjoy Mukherjee sold 700 shares of the stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $317.38, for a total value of $222,166.00. Following the sale, the vice president now directly owns 42,393 shares in the company, valued at approximately $13,454,690.34. The disclosure for this sale can be found here. Insiders have sold 4,426 shares of company stock valued at $1,424,369 in the last 90 days. Insiders own 1.40% of the company’s stock.

Institutional Trading of Everest Re Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Everest Re Group by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 4,906,545 shares of the insurance provider’s stock worth $1,287,673,000 after acquiring an additional 55,341 shares during the last quarter. BlackRock Inc. increased its stake in Everest Re Group by 0.3% in the 3rd quarter. BlackRock Inc. now owns 2,811,152 shares of the insurance provider’s stock worth $737,759,000 after acquiring an additional 8,589 shares during the last quarter. Boston Partners increased its stake in Everest Re Group by 7.5% in the 3rd quarter. Boston Partners now owns 2,587,523 shares of the insurance provider’s stock worth $681,939,000 after acquiring an additional 181,309 shares during the last quarter. State Street Corp increased its stake in Everest Re Group by 4.4% in the 1st quarter. State Street Corp now owns 2,049,747 shares of the insurance provider’s stock worth $617,753,000 after acquiring an additional 86,154 shares during the last quarter. Finally, Champlain Investment Partners LLC increased its stake in Everest Re Group by 0.6% in the 1st quarter. Champlain Investment Partners LLC now owns 1,233,520 shares of the insurance provider’s stock worth $371,758,000 after acquiring an additional 7,352 shares during the last quarter. Hedge funds and other institutional investors own 92.35% of the company’s stock.

Everest Re Group Company Profile

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Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through Reinsurance Operations and Insurance Operations segments. The Reinsurance Operations segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.

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