Everest Re Group Ltd. (NYSE:RE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $214.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 11.76% from the stock’s current price.
According to Zacks, “Everest Re’s is well positioned in the insurance and reinsurance industries. The insurer has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. Banking on favorable operational performance the company enjoys disciplined capital management strategy and strong capital balance position, enabling it to engage in shareholders friendly moves. Notably, the company divested its Heartland, the crop MGA and entered into an long-term reinsurance relationship with CGB Diversified Services. The divesture thus seems a strategic step by the company to brace its growth profile. Riding on the positives, the Zacks Consensus Estimate has been witnessing upward revision over the last 60 days. However, a competitive reinsurance market, exposure to catastrophe events infusing underwriting volatility and a low interest rate environment remain headwinds.”
Several other brokerages have also recently weighed in on RE. Barclays PLC reaffirmed an “overweight” rating and set a $215.00 price target on shares of Everest Re Group in a research note on Wednesday, July 27th. Keefe, Bruyette & Woods raised their price target on shares of Everest Re Group from $199.00 to $204.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 27th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $202.40.
Shares of Everest Re Group (NYSE:RE) traded up 0.21% during trading on Tuesday, reaching $191.89. 130,738 shares of the company were exchanged. The company has a 50 day moving average price of $190.90 and a 200-day moving average price of $186.64. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 10.71 and a beta of 0.60. Everest Re Group has a one year low of $167.07 and a one year high of $199.98.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, July 25th. The company reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.85 by $0.32. Everest Re Group had a return on equity of 11.78% and a net margin of 13.79%. The business earned $1.43 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the business earned $5.03 EPS. Equities analysts predict that Everest Re Group will post $16.47 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th were issued a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Friday, September 2nd. Everest Re Group’s payout ratio is presently 25.66%.
In other Everest Re Group news, VP John P. Doucette sold 1,840 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $189.84, for a total transaction of $349,305.60. Following the completion of the sale, the vice president now owns 23,265 shares of the company’s stock, valued at approximately $4,416,627.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Dunne sold 200 shares of the firm’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $190.03, for a total value of $38,006.00. Following the sale, the director now directly owns 10,579 shares of the company’s stock, valued at approximately $2,010,327.37. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Legal & General Group Plc increased its stake in shares of Everest Re Group by 1.1% in the first quarter. Legal & General Group Plc now owns 233,009 shares of the company’s stock valued at $45,988,000 after buying an additional 2,496 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Everest Re Group by 145.1% in the first quarter. Renaissance Technologies LLC now owns 204,200 shares of the company’s stock valued at $40,315,000 after buying an additional 120,900 shares in the last quarter. Panagora Asset Management Inc. increased its stake in shares of Everest Re Group by 27.0% in the first quarter. Panagora Asset Management Inc. now owns 314,265 shares of the company’s stock valued at $62,045,000 after buying an additional 66,860 shares in the last quarter. Swiss National Bank increased its stake in shares of Everest Re Group by 6.7% in the second quarter. Swiss National Bank now owns 119,675 shares of the company’s stock valued at $21,861,000 after buying an additional 7,500 shares in the last quarter. Finally, A.R.T. Advisors LLC acquired a new stake in shares of Everest Re Group during the first quarter valued at about $2,948,000. 91.98% of the stock is owned by institutional investors and hedge funds.
About Everest Re Group
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’s segments include U.S. Reinsurance segment, International segment, Bermuda segment, Insurance segment and Mt. Logan Re segment.
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