Zacks Investment Research Downgrades Everest Re Group Ltd. (RE) to Hold
Everest Re Group Ltd. (NYSE:RE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Everest Re 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. Divestment of Heartland, the crop MGA will help the company to brace its growth profile. However, a competitive reinsurance market, exposure to catastrophe events infusing underwriting volatility and a low interest rate environment remain headwinds. With respect to quarterly results, Everest Re’s third-quarter earnings per share beat expectations on higher premiums and investment income.”
A number of other brokerages have also recently weighed in on RE. Goldman Sachs Group Inc. raised Everest Re Group from a “sell” rating to a “neutral” rating in a report on Tuesday. Keefe, Bruyette & Woods lifted 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. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $215.00 price target on shares of Everest Re Group in a research note on Wednesday, July 27th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Everest Re Group currently has a consensus rating of “Hold” and a consensus price target of $203.40.
Everest Re Group (NYSE:RE) opened at 213.07 on Tuesday. Everest Re Group has a 12 month low of $167.07 and a 12 month high of $214.79. The stock’s 50 day moving average price is $198.64 and its 200-day moving average price is $187.85. The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of 9.26 and a beta of 0.48.
Everest Re Group (NYSE:RE) last announced its quarterly earnings data on Monday, October 24th. The company reported $6.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.24 by $3.29. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Everest Re Group had a return on equity of 12.50% and a net margin of 17.07%. Everest Re Group’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $4.53 EPS. Equities analysts anticipate that Everest Re Group will post $18.13 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Wednesday, November 30th will be given a $1.25 dividend. This is a positive change from Everest Re Group’s previous quarterly dividend of $1.15. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.35%. Everest Re Group’s dividend payout ratio (DPR) is currently 20.01%.
In other news, Director John R. Dunne sold 200 shares of Everest Re Group stock in a transaction that occurred on Tuesday, September 13th. The stock was 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 in the company, valued at approximately $2,010,327.37. The sale was disclosed in a filing with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Global X Management Co. LLC raised its stake 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 in the last quarter. Pacer Advisors Inc. raised its stake 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 in the last quarter. Checchi Capital Advisers LLC raised its stake 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 in the last quarter. TLP Group LLC acquired a new stake in shares of Everest Re Group during the third quarter worth $121,000. Finally, Hussman Strategic Advisors Inc. acquired a new stake in shares of Everest Re Group during the second quarter worth $128,000. Hedge funds and other institutional investors own 94.37% of the company’s stock.
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.
Receive News & Stock Ratings for Everest Re Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Everest Re Group Ltd. and related stocks with our FREE daily email newsletter.