Everest Re Group Ltd (NYSE:RE) Sees Large Growth in Short Interest

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

In related news, CEO John P. Doucette sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $251.97, for a total transaction of $1,259,850.00. Following the sale, the chief executive officer now owns 22,747 shares in the company, valued at approximately $5,731,561.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Meryl D. Hartzband acquired 500 shares of Everest Re Group stock in a transaction that occurred on Friday, August 2nd. The shares were purchased at an average price of $242.31 per share, for a total transaction of $121,155.00. Following the transaction, the director now directly owns 9,570 shares in the company, valued at $2,318,906.70. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Oakworth Capital Inc. acquired a new position in shares of Everest Re Group in the 2nd quarter valued at about $34,000. Point72 Hong Kong Ltd acquired a new position in shares of Everest Re Group in the 2nd quarter valued at about $44,000. CSat Investment Advisory L.P. lifted its stake in shares of Everest Re Group by 31.6% in the 2nd quarter. CSat Investment Advisory L.P. now owns 200 shares of the insurance provider’s stock valued at $50,000 after purchasing an additional 48 shares during the period. Advisory Services Network LLC acquired a new position in shares of Everest Re Group in the 2nd quarter valued at about $51,000. Finally, Ossiam acquired a new position in shares of Everest Re Group in the 2nd quarter valued at about $53,000. 91.81% of the stock is currently owned by hedge funds and other institutional investors.

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

Everest Re Group (NYSE:RE) last announced its earnings results on Monday, July 29th. The insurance provider reported $7.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $6.66 by $1.19. The firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.96 billion. Everest Re Group had a return on equity of 6.37% and a net margin of 6.67%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 EPS. On average, sell-side analysts predict that Everest Re Group will post 24.94 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.18%. The ex-dividend date is Tuesday, September 3rd. Everest Re Group’s payout ratio is presently 120.43%.

A number of brokerages recently weighed in on RE. UBS Group boosted their price objective on Everest Re Group from $252.00 to $257.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. Barclays set a $300.00 price objective on Everest Re Group and gave the stock a “buy” rating in a research report on Monday, August 12th. Morgan Stanley reduced their price objective on Everest Re Group from $265.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Credit Suisse Group restated a “hold” rating and set a $256.00 price objective on shares of Everest Re Group in a research report on Sunday. Finally, ValuEngine downgraded Everest Re Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $254.57.

About Everest Re Group

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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