Everest Re Group (NYSE:RE) Hits New 12-Month High After Analyst Upgrade

Everest Re Group, Ltd. (NYSE:RE) shares hit a new 52-week high during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $321.00 to $331.00. Morgan Stanley currently has an overweight rating on the stock. Everest Re Group traded as high as $290.14 and last traded at $289.76, with a volume of 6737 shares. The stock had previously closed at $284.60.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group began coverage on shares of Everest Re Group in a research report on Thursday, November 18th. They set a “buy” rating and a $335.00 target price on the stock. Zacks Investment Research raised Everest Re Group from a “sell” rating to a “hold” rating and set a $281.00 price target for the company in a report on Thursday, December 16th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Everest Re Group has a consensus rating of “Buy” and a consensus price target of $305.57.

A number of institutional investors have recently added to or reduced their stakes in RE. Ensign Peak Advisors Inc raised its stake in shares of Everest Re Group by 379.8% during the 2nd quarter. Ensign Peak Advisors Inc now owns 32,960 shares of the insurance provider’s stock worth $8,307,000 after buying an additional 26,090 shares during the last quarter. Strs Ohio raised its stake in shares of Everest Re Group by 8.9% during the 3rd quarter. Strs Ohio now owns 9,343 shares of the insurance provider’s stock worth $2,343,000 after buying an additional 761 shares during the last quarter. AlphaCrest Capital Management LLC raised its stake in shares of Everest Re Group by 152.7% during the 2nd quarter. AlphaCrest Capital Management LLC now owns 4,731 shares of the insurance provider’s stock worth $1,192,000 after buying an additional 2,859 shares during the last quarter. Invesco Ltd. raised its stake in shares of Everest Re Group by 18.8% during the 2nd quarter. Invesco Ltd. now owns 545,778 shares of the insurance provider’s stock worth $137,543,000 after buying an additional 86,398 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in shares of Everest Re Group by 29.5% during the 2nd quarter. Bank of Nova Scotia now owns 64,013 shares of the insurance provider’s stock worth $16,105,000 after buying an additional 14,588 shares during the last quarter. 92.89% of the stock is owned by institutional investors.

The firm has a market cap of $11.52 billion, a price-to-earnings ratio of 11.53 and a beta of 0.69. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The firm has a 50 day moving average price of $272.03 and a 200-day moving average price of $264.34.

Everest Re Group (NYSE:RE) last announced its quarterly earnings data on Wednesday, October 27th. The insurance provider reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.29) by ($0.05). The firm had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Everest Re Group had a net margin of 8.79% and a return on equity of 7.54%. The business’s quarterly revenue was up 23.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.42 EPS. As a group, equities analysts expect that Everest Re Group, Ltd. will post 28.72 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 22nd. Investors of record on Wednesday, December 1st were paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Tuesday, November 30th. Everest Re Group’s payout ratio is 24.62%.

Everest Re Group Company Profile (NYSE:RE)

Everest Re Group Ltd. is a holding company, which engages in the provision of reinsurance and insurance services. It operates through the following segments: U.S. Reinsurance, International, Bermuda, and Insurance. The U.S. Reinsurance segment writes property and casualty reinsurance and specialty lines of business, including marine, aviation, surety, and accident and health business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S.

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