Everest Re Group, Ltd. (RE) Cut to “Buy” at ValuEngine
ValuEngine lowered shares of Everest Re Group, Ltd. (NYSE:RE) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday.
Several other equities research analysts have also weighed in on RE. BidaskClub upgraded Everest Re Group from a hold rating to a buy rating in a research report on Wednesday, July 5th. Morgan Stanley restated an equal weight rating and set a $259.00 price target (up from $250.00) on shares of Everest Re Group in a research report on Thursday, July 6th. Zacks Investment Research upgraded Everest Re Group from a hold rating to a buy rating and set a $293.00 price target on the stock in a research report on Friday, July 7th. Keefe, Bruyette & Woods lowered Everest Re Group from a market perform rating to an underperform rating and dropped their price target for the company from $251.00 to $245.00 in a research report on Monday, July 17th. Finally, Wells Fargo & Company restated a hold rating on shares of Everest Re Group in a research report on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $250.25.
Shares of Everest Re Group (NYSE RE) traded up 4.97% during trading on Thursday, hitting $222.48. The stock had a trading volume of 1,566,359 shares. Everest Re Group has a 52 week low of $183.04 and a 52 week high of $277.17. The firm has a 50 day moving average price of $258.06 and a 200-day moving average price of $248.73. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 7.63 and a beta of 0.64.
Everest Re Group (NYSE:RE) last released its quarterly earnings results on Monday, July 24th. The insurance provider reported $5.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.24 by $0.27. Everest Re Group had a return on equity of 13.60% and a net margin of 19.65%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the company posted $3.17 earnings per share. On average, equities research analysts forecast that Everest Re Group will post $21.09 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date is Friday, September 1st. Everest Re Group’s payout ratio is 17.15%.
A number of large investors have recently made changes to their positions in the business. Achmea Investment Management B.V. raised its stake in Everest Re Group by 3.9% during the second quarter. Achmea Investment Management B.V. now owns 11,349 shares of the insurance provider’s stock valued at $2,888,000 after buying an additional 425 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in Everest Re Group by 2.5% during the second quarter. Lord Abbett & CO. LLC now owns 49,800 shares of the insurance provider’s stock valued at $12,679,000 after buying an additional 1,200 shares during the last quarter. USA Financial Portformulas Corp purchased a new position in Everest Re Group during the second quarter valued at $468,000. Sentry Investment Management LLC purchased a new position in Everest Re Group during the second quarter valued at $802,000. Finally, Toronto Dominion Bank raised its stake in Everest Re Group by 3,012.3% during the second quarter. Toronto Dominion Bank now owns 13,912 shares of the insurance provider’s stock valued at $3,541,000 after buying an additional 13,465 shares during the last quarter. Institutional investors and hedge funds own 92.39% of the company’s stock.
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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