Everest Re Group (NYSE:RE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Monday. The brokerage presently has a $302.00 price target on the insurance provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 15.37% from the company’s current price.
According to Zacks, “Everest Re has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. Strategic endeavors to ramp up growth pave way for long-term improvement. It is divesting underperforming business and strengthening reserves. Banking on favorable operational performance, the company enjoys disciplined capital management strategy. A competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds. Shares of Everest Re have underperformed the industry in a year’s time. With respect to quarterly results, Everest Re’s fourth-quarter 2017 earnings outpaced the Zacks Consensus Estimate and improved year over year on strong segmental performance and higher revenues.”
A number of other research firms have also weighed in on RE. Barclays restated a “buy” rating and set a $290.00 price target (up from $279.00) on shares of Everest Re Group in a research report on Sunday, February 18th. Morgan Stanley restated an “equal weight” rating and set a $258.00 price target (up from $247.00) on shares of Everest Re Group in a research report on Thursday, March 1st. TheStreet upgraded shares of Everest Re Group from a “c+” rating to a “b-” rating in a research report on Monday, January 22nd. Wells Fargo & Co restated a “market perform” rating and set a $235.00 price target (down from $240.00) on shares of Everest Re Group in a research report on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods upgraded shares of Everest Re Group from an “underperform” rating to a “market perform” rating in a research report on Monday, November 27th. Seven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Everest Re Group currently has a consensus rating of “Hold” and an average target price of $260.13.
Everest Re Group (NYSE:RE) last posted its quarterly earnings results on Monday, February 5th. The insurance provider reported $13.48 earnings per share for the quarter, topping analysts’ consensus estimates of $6.04 by $7.44. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.52 billion. Everest Re Group had a net margin of 7.10% and a return on equity of 4.51%. Everest Re Group’s quarterly revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the business posted $9.08 earnings per share. analysts anticipate that Everest Re Group will post 21.72 EPS for the current fiscal year.
In other Everest Re Group news, Director Roger M. Singer sold 1,000 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $244.58, for a total value of $244,580.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John A. Graf bought 2,285 shares of the firm’s stock in a transaction on Monday, January 8th. The stock was purchased at an average price of $219.07 per share, for a total transaction of $500,574.95. Following the completion of the acquisition, the director now directly owns 5,550 shares in the company, valued at $1,215,838.50. The disclosure for this purchase can be found here. Insiders own 1.30% of the company’s stock.
Several hedge funds have recently modified their holdings of RE. Boston Partners acquired a new position in shares of Everest Re Group in the 4th quarter worth approximately $385,136,000. Alliancebernstein L.P. lifted its holdings in shares of Everest Re Group by 494.0% in the 4th quarter. Alliancebernstein L.P. now owns 478,879 shares of the insurance provider’s stock worth $105,957,000 after acquiring an additional 398,257 shares during the last quarter. Champlain Investment Partners LLC acquired a new position in shares of Everest Re Group in the 4th quarter worth approximately $79,987,000. Janus Henderson Group PLC lifted its holdings in shares of Everest Re Group by 58.2% in the 3rd quarter. Janus Henderson Group PLC now owns 545,518 shares of the insurance provider’s stock worth $124,591,000 after acquiring an additional 200,748 shares during the last quarter. Finally, Nuance Investments LLC acquired a new position in shares of Everest Re Group in the 4th quarter worth approximately $38,238,000. Hedge funds and other institutional investors own 92.55% of the company’s stock.
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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 operates in segments: U.S. Reinsurance, International, Bermuda and Insurance segment. The Company underwrites reinsurance both through brokers and directly with ceding companies.
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