Everest Re Group Ltd. (RE) Upgraded by Zacks Investment Research to “Buy”
Everest Re Group Ltd. (NYSE:RE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $238.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 11.81% from the stock’s previous close.
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.”
Other equities research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods upped their price target on Everest Re Group from $199.00 to $204.00 and gave the stock a “market perform” rating in a report on Wednesday, July 27th. Goldman Sachs Group Inc. raised Everest Re Group from a “sell” rating to a “neutral” rating in a research note on Tuesday. Finally, Barclays PLC upped their target price on Everest Re Group from $215.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, October 25th. Three 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 a consensus rating of “Buy” and a consensus price target of $208.20.
Everest Re Group (NYSE:RE) traded down 0.19% during midday trading on Friday, reaching $212.45. The company’s stock had a trading volume of 72,127 shares. The stock has a market capitalization of $8.68 billion, a PE ratio of 9.23 and a beta of 0.48. Everest Re Group has a 52 week low of $167.07 and a 52 week high of $214.86. The firm’s 50-day moving average price is $199.19 and its 200-day moving average price is $188.03.
Everest Re Group (NYSE:RE) last released its quarterly earnings results on Monday, October 24th. The company reported $6.53 earnings per share for the quarter, topping analysts’ consensus estimates of $3.24 by $3.29. The business 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%. The company’s revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.53 EPS. On average, analysts anticipate that Everest Re Group will post $18.04 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 14th. Shareholders of record on Wednesday, November 30th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Monday, November 28th. This is a positive change from Everest Re Group’s previous quarterly dividend of $1.15. Everest Re Group’s dividend payout ratio is currently 20.01%.
In other Everest Re Group news, Director John R. Dunne sold 200 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $190.03, for a total transaction of $38,006.00. Following the transaction, the director now owns 10,579 shares of the company’s stock, valued at approximately $2,010,327.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors raised its position in shares of Everest Re Group by 3.0% in the third quarter. BlackRock Fund Advisors now owns 1,976,558 shares of the company’s stock valued at $375,487,000 after buying an additional 57,819 shares during the period. Vulcan Value Partners LLC raised its position in shares of Everest Re Group by 3.3% in the second quarter. Vulcan Value Partners LLC now owns 1,959,721 shares of the company’s stock valued at $357,983,000 after buying an additional 61,767 shares during the period. JPMorgan Chase & Co. raised its position in shares of Everest Re Group by 38.2% in the third quarter. JPMorgan Chase & Co. now owns 1,337,026 shares of the company’s stock valued at $253,995,000 after buying an additional 369,601 shares during the period. APG Asset Management N.V. raised its position in shares of Everest Re Group by 13.2% in the third quarter. APG Asset Management N.V. now owns 617,227 shares of the company’s stock valued at $117,255,000 after buying an additional 71,965 shares during the period. Finally, Allianz Asset Management AG raised its position in shares of Everest Re Group by 1.4% in the second quarter. Allianz Asset Management AG now owns 602,025 shares of the company’s stock valued at $109,972,000 after buying an additional 8,244 shares during the period. 94.37% of the stock is currently owned by institutional investors and hedge funds.
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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