Everest Re Group (NYSE:RE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday. The firm presently has a $253.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.08% from the company’s previous close.
According to Zacks, “Everest Re has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. Strategic endeavors to ramp up growth pave way for long-term growth. It is divesting underperforming business and strengthening reserves. Banking on favorable operational performance the company enjoys disciplined capital management strategy. Further, a competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds. Shares of Everest Re have underperformed the industry in a year. Also, there were no earnings momentum in the last 60 days.”
Other analysts have also issued reports about the company. UBS Group cut their price target on Everest Re Group from $240.00 to $230.00 and set a “neutral” rating on the stock in a report on Monday, October 2nd. Keefe, Bruyette & Woods reaffirmed a “sell” rating and issued a $216.00 target price on shares of Everest Re Group in a research report on Friday, November 3rd. TheStreet downgraded Everest Re Group from a “b” rating to a “c+” rating in a research report on Monday, December 18th. Wells Fargo & Co set a $240.00 target price on Everest Re Group and gave the company a “hold” rating in a research report on Monday, October 30th. Finally, Barclays lowered their target price on Everest Re Group from $305.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $246.00.
Shares of Everest Re Group (NYSE:RE) traded up $2.00 during trading on Friday, hitting $221.77. The stock had a trading volume of 431,800 shares, compared to its average volume of 491,400. The company has a market capitalization of $9,025.89, a price-to-earnings ratio of 34.81, a price-to-earnings-growth ratio of 1.11 and a beta of 0.61. Everest Re Group has a 12 month low of $208.81 and a 12 month high of $277.17. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.08.
Everest Re Group (NYSE:RE) last issued its quarterly earnings results on Monday, October 30th. The insurance provider reported ($16.43) EPS for the quarter, missing analysts’ consensus estimates of $3.68 by ($20.11). The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.62 billion. Everest Re Group had a net margin of 4.27% and a return on equity of 2.22%. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter last year, the firm earned $6.53 earnings per share. analysts expect that Everest Re Group will post 1.27 earnings per share for the current fiscal year.
In other Everest Re Group news, Director William F. Galtney, Jr. purchased 6,000 shares of the stock in a transaction on Monday, November 20th. The shares were purchased at an average price of $225.29 per share, with a total value of $1,351,740.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Coldstream Capital Management Inc. increased its position in Everest Re Group by 8.0% during the second quarter. Coldstream Capital Management Inc. now owns 958 shares of the insurance provider’s stock worth $244,000 after buying an additional 71 shares during the last quarter. HPM Partners LLC boosted its holdings in shares of Everest Re Group by 1.3% during the second quarter. HPM Partners LLC now owns 9,711 shares of the insurance provider’s stock worth $2,472,000 after acquiring an additional 120 shares during the period. Acrospire Investment Management LLC boosted its holdings in shares of Everest Re Group by 66.7% during the second quarter. Acrospire Investment Management LLC now owns 500 shares of the insurance provider’s stock worth $127,000 after acquiring an additional 200 shares during the period. Chemical Bank boosted its holdings in shares of Everest Re Group by 1.9% during the second quarter. Chemical Bank now owns 11,159 shares of the insurance provider’s stock worth $2,840,000 after acquiring an additional 210 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its holdings in shares of Everest Re Group by 3.0% during the third quarter. Candriam Luxembourg S.C.A. now owns 8,688 shares of the insurance provider’s stock worth $1,984,000 after acquiring an additional 256 shares during the period. 93.22% of the stock is currently owned by hedge funds and other institutional investors.
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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 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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