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.”
A number of other equities research analysts have also issued reports on RE. Keefe, Bruyette & Woods increased their price target on 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. Barclays PLC reiterated an overweight rating and issued a $215.00 price target on shares of Everest Re Group in a research note on Wednesday, July 27th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $202.40.
Everest Re Group (NYSE:RE) traded down 0.11% during midday trading on Wednesday, hitting $189.60. The stock had a trading volume of 16,085 shares. The company has a market capitalization of $7.94 billion, a PE ratio of 10.59 and a beta of 0.63. The stock’s 50-day moving average is $190.71 and its 200-day moving average is $186.42. Everest Re Group has a 1-year low of $167.07 and a 1-year high of $199.98.
Everest Re Group (NYSE:RE) last issued its quarterly earnings results on Monday, July 25th. The company reported $3.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 analyst estimates of $1.30 billion. During the same quarter in the prior year, the business posted $5.03 EPS. Equities research analysts forecast that Everest Re Group will post $17.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th were given a dividend of $1.15 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.42%. Everest Re Group’s payout ratio is 25.66%.
In related news, VP John P. Doucette sold 1,840 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $189.84, for a total value of $349,305.60. Following the completion of the transaction, 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 SEC, which can be accessed through this hyperlink. Also, Director John R. Dunne sold 200 shares of the stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $190.03, for a total transaction of $38,006.00. Following the completion of the transaction, 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. Insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in RE. Global X Management Co. LLC increased its position in shares of Everest Re Group by 177.7% in the second quarter. Global X Management Co. LLC now owns 561 shares of the company’s stock worth $102,000 after buying an additional 359 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Everest Re Group by 5.6% in the second quarter. Pacer Advisors Inc. now owns 568 shares of the company’s stock worth $104,000 after buying an additional 30 shares during the last quarter. Checchi Capital Advisers LLC increased its position in shares of Everest Re Group by 3.5% in the second quarter. Checchi Capital Advisers LLC now owns 619 shares of the company’s stock worth $113,000 after buying an additional 21 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Everest Re Group during the second quarter worth approximately $128,000. Finally, MU Investments Co. Ltd. acquired a new position in shares of Everest Re Group during the second quarter worth approximately $165,000. 91.98% of the stock is owned by hedge funds and other institutional investors.
Everest Re Group Company Profile
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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