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.”
Several other research analysts also recently issued reports on the stock. Barclays PLC reiterated an overweight rating and set a $215.00 price target on shares of Everest Re Group in a report on Wednesday, July 27th. Keefe, Bruyette & Woods upped their price target on shares of Everest Re Group from $199.00 to $204.00 and gave the stock a market perform rating in a report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Everest Re Group currently has an average rating of Hold and an average target price of $202.40.
Everest Re Group (NYSE:RE) opened at 191.41 on Wednesday. The firm’s 50-day moving average price is $190.79 and its 200 day moving average price is $186.32. The company has a market capitalization of $8.02 billion, a price-to-earnings ratio of 10.69 and a beta of 0.63. Everest Re Group has a 12-month low of $167.07 and a 12-month high of $199.98.
Everest Re Group (NYSE:RE) last announced its quarterly earnings results on Monday, July 25th. The company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.32. The company earned $1.43 billion during the quarter, compared to the consensus estimate of $1.30 billion. Everest Re Group had a net margin of 13.79% and a return on equity of 11.78%. During the same period in the prior year, the business earned $5.03 earnings per share. On average, analysts expect that Everest Re Group will post $17.01 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th were issued a $1.15 dividend. The ex-dividend date was Friday, September 2nd. This represents a $4.60 dividend on an annualized basis and a yield of 2.40%. 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 on Wednesday, August 3rd. The stock was sold at an average price of $189.84, for a total value of $349,305.60. Following the completion of the sale, the vice president now directly owns 23,265 shares in the company, valued at $4,416,627.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John R. Dunne sold 200 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $190.03, for a total value of $38,006.00. Following the completion of the sale, the director now owns 10,579 shares of the company’s stock, valued at $2,010,327.37. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Global X Management Co. LLC increased 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 during the last quarter. Pacer Advisors Inc. increased 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 during the last quarter. Checchi Capital Advisers LLC increased 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 during the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of Everest Re Group during the second quarter worth $128,000. Finally, MU Investments Co. Ltd. acquired a new stake in shares of Everest Re Group during the second quarter worth $165,000. Hedge funds and other institutional investors own 91.98% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.