Everest Re Group, Ltd. (RE) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Everest Re Group, Ltd. (NYSE:RE) from a hold rating to a buy rating in a research report report published on Friday morning. Zacks Investment Research currently has $244.00 price objective on the stock.

According to Zacks, “Shares of Everest Re have outperformed the Zacks categorized Property and Casualty (P&C) industry, over the last three months. Everest Re 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. Divestment of Heartland, the crop MGA will help the company to brace its growth profile.  However, a competitive reinsurance market, exposure to catastrophe events infusing underwriting volatility and a low interest rate environment remain headwinds.”

RE has been the subject of several other research reports. Barclays PLC lifted their price target on shares of Everest Re Group from $215.00 to $220.00 and gave the company an overweight rating in a research note on Tuesday, October 25th. Goldman Sachs Group, Inc. (The) raised shares of Everest Re Group from a sell rating to a neutral rating and lifted their price target for the company from $166.00 to $195.00 in a research note on Tuesday, November 15th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $221.60.

Analyst Recommendations for Everest Re Group (NYSE:RE)

Shares of Everest Re Group (NYSE:RE) traded down 0.85% during mid-day trading on Friday, reaching $216.97. The company’s stock had a trading volume of 296,620 shares. The firm has a market cap of $8.87 billion, a PE ratio of 9.43 and a beta of 0.48. Everest Re Group has a one year low of $167.07 and a one year high of $219.51. The firm’s 50 day moving average is $214.01 and its 200 day moving average is $196.31.

Everest Re Group (NYSE:RE) last posted its quarterly earnings results on Monday, October 24th. The company reported $6.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.24 by $3.29. Everest Re Group had a net margin of 17.07% and a return on equity of 12.50%. The firm earned $1.51 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the firm posted $4.53 earnings per share. The company’s revenue was up 13.4% on a year-over-year basis. On average, equities analysts anticipate that Everest Re Group will post $18.25 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 14th. Stockholders of record on Wednesday, November 30th were given a dividend of $1.25 per share. The ex-dividend date was Monday, November 28th. This is an increase from Everest Re Group’s previous quarterly dividend of $1.15. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.30%. Everest Re Group’s dividend payout ratio is presently 21.75%.

Several institutional investors have recently modified their holdings of RE. LS Investment Advisors LLC raised its stake in shares of Everest Re Group by 5.5% in the second quarter. LS Investment Advisors LLC now owns 56,751 shares of the company’s stock worth $10,367,000 after buying an additional 2,952 shares during the period. 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 period. CIBC World Markets Inc. bought a new stake in shares of Everest Re Group during the second quarter worth $645,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Everest Re Group by 4.1% in the second quarter. Robeco Institutional Asset Management B.V. now owns 396,325 shares of the company’s stock worth $72,395,000 after buying an additional 15,506 shares during the period. Finally, New York State Teachers Retirement System raised its stake in shares of Everest Re Group by 0.5% in the second quarter. New York State Teachers Retirement System now owns 103,640 shares of the company’s stock worth $18,932,000 after buying an additional 500 shares during the period. 90.90% of the stock is currently owned by institutional investors and hedge funds.

About Everest Re Group

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.

5 Day Chart for NYSE:RE

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