Dividend Coverage: This Reinsurance Company has an Annualized Payout of $5.00 per Share; Will Trade Ex-Dividend on September 01, 2017
LONDON, UK / ACCESSWIRE / August 31, 2017 / Pro-Trader Daily takes a closer look at Everest Re Group, Ltd (NYSE: RE) as the Company’s stock will begin trading ex-dividend on September 01, 2017. In order to capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on August 31, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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Dividend Declared
On August 23, 2017, Everest Re Group announced that its Board of Directors declared a dividend of $1.25 per share payable on or before September 20, 2017, to all shareholders of record as of September 06, 2017.
Everest Re Group’s indicated dividend represents a yield of 1.98% compared to the average dividend yield of 3.34% for the Financial sector. The Company has raised dividend for four consecutive years.
Dividend Insights
Everest Re Group has a dividend payout ratio of 23.7%, which indicates that the Company distributes approximately $0.24 for every $1.00 earned. The dividend payout ratio reflects how much money a company is returning to shareholders versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts’ estimates, Everest Re Group is forecasted to report earnings of $20.47 for the next year which is more than four times its annualized dividend of $5.00.
Everest Re Group’s cash flow from operations was $252.6 million for Q2 2016. As of June 30, 2017, the Company had cash worth $469.21 million on hand, while its total investment and cash were worth $18.20 billion. The Company’s strong financial position indicates its ability to absorb any fluctuations in earnings and cash flow and to sustain its dividend distribution for a long period.
Recent Development for Everest Re Group
On July 25, 2017, Everest Re Group reported net income of $245.7 million, or $5.95 per diluted common share, for Q2 2017 compared to net income of $155.7 million, or $3.67 per diluted common share, for Q2 2016. The Company’s after-tax operating income, excluding realized capital gains and losses, was $227.5 million, or $5.51 per diluted common share, for the reported quarter, compared to after-tax operating income of $134.2 million, or $3.17 per diluted common share, for the same period last year.
Everest Re Group’s gross written premiums were $1.6 billion for Q2 2017, an increase of 17% on a y-o-y basis. Worldwide, reinsurance premiums were up 14%, with growth coming from the new crop reinsurance program, increased shares on property pro-rata treaties, and growth in financial lines business. Insurance premiums were up 25% on a q-o-q basis, with continued growth on new initiatives.
Everest Re Group’s combined ratio was 90.5% for Q2 2017 compared to 95.1% in Q2 2016. Excluding catastrophe losses, reinstatement premiums, and nominal prior period loss development, the current quarter attritional combined ratio was 86.7% compared to 86.1% in the same period last year.
About Everest Re Group
Everest Re Group is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company, which provides reinsurance to property and casualty insurers in both the US and international markets; Everest Reinsurance (Bermuda), Ltd, including its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers; Everest Reinsurance Company (Ireland), dac, provides reinsurance to non-life insurers in Europe; and Everest Insurance® refers to the primary insurance operations of Everest Re Group, Ltd., and its affiliated companies which offer property, casualty and specialty lines insurance on both an admitted and non-admitted basis in the US and internationally.
The Company also operates within the Lloyd's insurance market through Syndicate 2786.
Stock Performance
On Wednesday, August 30, 2017, the stock closed the trading session at $251.75, falling slightly by 0.29% from its previous closing price of $252.49. A total volume of 405.47 thousand shares have exchanged hands. Everest Re’s stock price soared 6.14% in the past six months and 30.55% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 16.34%. The stock is trading at a PE ratio of 8.64 and has a dividend yield of 1.99%. At Wednesday’s closing price, the stock’s net capitalization stands at $10.23 billion.
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