Everest Re Group (RE) To Join The S&P 500, Stock Gains
Zacks Investment Research | Jun 12, 2017 10:07PM ET
Everest Re Group Ltd. (NYSE:RE) is set to join the S&P 500, replacing Mead Johnson Nutrition Co. (MJN) after trading closes on Friday, Jun 16. With market capitalization of $10.6 billion, Everest Re is a good fit for the S&P 500 index.
Specifically, Everest Re Group will be added to the S&P 500 GICS (Global Industry Classification Standard) Insurance Reinsurance Sub-Industry index. Shares of Everest Re Group gained about 1% in yesterday’s trading session to close at $258.12.
Subsequently, the property and casualty insurer, presently a member of the S&P MidCap 400, will be replaced by Pinnacle Financial (PNFP), which was a member of the S&P SmallCap 600.
Revision in the S&P 500 is an ongoing process with acquisitions or not-so strong performances by companies in the elite group. This month, Tegna, Inc. (NYSE:TGNA) was removed from the S&P 500 list and replaced with IHS Markit Ltd. (INFO).
Shares of Everest Re Group have surged 10.42% quarter to date, outperforming the Zacks categorized Zacks Investment Research
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