Everest Re Group (RE) Receives “Market Perform” Rating from Wells Fargo & Co

Wells Fargo & Co reaffirmed their market perform rating on shares of Everest Re Group (NYSE:RE) in a report issued on Tuesday, The Fly reports. The firm currently has a $235.00 target price on the insurance provider’s stock, down from their previous target price of $240.00.

RE has been the subject of a number of other research reports. UBS Group cut their price objective on shares of Everest Re Group from $256.00 to $240.00 and set a neutral rating for the company in a research report on Tuesday, September 19th. Zacks Investment Research upgraded shares of Everest Re Group from a hold rating to a strong-buy rating and set a $253.00 price objective for the company in a research report on Friday, January 5th. Keefe, Bruyette & Woods restated a sell rating and set a $230.00 price objective on shares of Everest Re Group in a research report on Friday, October 13th. Buckingham Research started coverage on shares of Everest Re Group in a research report on Monday, September 11th. They set a neutral rating and a $255.00 price objective for the company. Finally, ValuEngine downgraded shares of Everest Re Group from a buy rating to a hold rating in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. Everest Re Group currently has a consensus rating of Hold and a consensus price target of $245.44.

Shares of Everest Re Group (NYSE:RE) traded up $1.39 during trading hours on Tuesday, reaching $224.20. 277,995 shares of the company were exchanged, compared to its average volume of 432,322. The firm has a market cap of $9,200.00, a PE ratio of 34.12, a P/E/G ratio of 1.09 and a beta of 0.61. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.33 and a current ratio of 0.33. Everest Re Group has a 12-month low of $208.81 and a 12-month high of $277.17.

Everest Re Group (NYSE:RE) last issued its quarterly earnings results on Monday, October 30th. The insurance provider reported ($16.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.68 by ($20.11). The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.62 billion. Everest Re Group had a return on equity of 2.22% and a net margin of 4.27%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.53 EPS. analysts anticipate that Everest Re Group will post 1.23 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 29th were given a dividend of $1.30 per share. The ex-dividend date was Tuesday, November 28th. This represents a $5.20 dividend on an annualized basis and a yield of 2.32%. This is an increase from Everest Re Group’s previous quarterly dividend of $1.25. Everest Re Group’s dividend payout ratio is presently 79.15%.

In related news, Director William F. Galtney, Jr. purchased 6,000 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was acquired at an average price of $225.29 per share, for a total transaction of $1,351,740.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John A. Graf purchased 2,285 shares of the business’s stock in a transaction dated Monday, January 8th. The stock was bought at an average price of $219.07 per share, with a total value of $500,574.95. Following the acquisition, the director now directly owns 5,550 shares in the company, valued at $1,215,838.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 8,323 shares of company stock valued at $1,860,654. 1.30% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Everest Re Group by 23.1% in the 2nd quarter. Vanguard Group Inc. now owns 3,756,913 shares of the insurance provider’s stock valued at $956,473,000 after purchasing an additional 704,287 shares in the last quarter. State Street Corp increased its holdings in shares of Everest Re Group by 26.4% in the 2nd quarter. State Street Corp now owns 2,157,326 shares of the insurance provider’s stock valued at $549,219,000 after purchasing an additional 450,606 shares in the last quarter. APG Asset Management N.V. increased its holdings in shares of Everest Re Group by 43.6% in the 3rd quarter. APG Asset Management N.V. now owns 1,032,662 shares of the insurance provider’s stock valued at $235,850,000 after purchasing an additional 313,700 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Everest Re Group by 22.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 714,377 shares of the insurance provider’s stock valued at $159,219,000 after purchasing an additional 128,867 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Everest Re Group by 5.4% in the 2nd quarter. Northern Trust Corp now owns 676,890 shares of the insurance provider’s stock valued at $172,330,000 after purchasing an additional 34,827 shares in the last quarter. Institutional investors and hedge funds own 93.22% of the company’s stock.

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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.

The Fly

Analyst Recommendations for Everest Re Group (NYSE:RE)

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