Everest Re Group Ltd. (NYSE:RE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $214.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 10.81% from the stock’s previous close.
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.”
A number of other research analysts also recently issued reports on RE. Keefe, Bruyette & Woods boosted their price objective on Everest Re Group from $199.00 to $204.00 and gave the company a “market perform” rating in a research note on Wednesday, July 27th. Barclays PLC reissued an “overweight” rating and issued a $215.00 price objective on shares of Everest Re Group in a research note on Wednesday, July 27th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Everest Re Group presently has a consensus rating of “Buy” and a consensus target price of $202.40.
Everest Re Group (NYSE:RE) opened at 193.13 on Tuesday. Everest Re Group has a 52 week low of $167.07 and a 52 week high of $199.98. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of 10.78 and a beta of 0.60. The stock’s 50 day moving average price is $190.99 and its 200 day moving average price is $186.65.
Everest Re Group (NYSE:RE) last announced its quarterly earnings data on Monday, July 25th. The company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.32. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.30 billion. Everest Re Group had a return on equity of 11.78% and a net margin of 13.79%. During the same period in the previous year, the business earned $5.03 EPS. On average, equities research analysts predict that Everest Re Group will post $16.47 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th were given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend was Friday, September 2nd. Everest Re Group’s payout ratio is 25.66%.
In related news, Director John R. Dunne sold 200 shares of the business’s stock in a transaction dated Tuesday, September 13th. The stock was 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 directly 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 Securities & Exchange Commission, which is accessible through this link. Also, VP John P. Doucette sold 1,840 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The shares were 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 of the company’s stock, valued at $4,416,627.60. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. 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 during 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 during 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 during the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in shares of Everest Re Group during the second quarter worth approximately $128,000. Finally, MU Investments Co. Ltd. purchased a new stake in shares of Everest Re Group during the second quarter worth approximately $165,000. 91.98% of the stock is 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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