Zacks Investment Research upgraded shares of Everest Re Group, Ltd. (NYSE:RE) from a hold rating to a buy rating in a report issued on Monday, July 17th. The brokerage currently has $295.00 price target on the insurance provider’s stock.
According to Zacks, “Shares of Everest Re outperformed the Zacks categorized Property and Casualty industry year to date. 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. However, a competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds. The company is set to release second quarter results on Jul 24. Our proven model state that the compnay will likely beat earnings this quarter because it has the right combination of a Zacks Rank #3 and Earnings ESP of 1.52%.”
Several other brokerages have also recently issued reports on RE. Deutsche Bank AG reissued a buy rating and issued a $262.00 price objective (up previously from $240.00) on shares of Everest Re Group in a report on Saturday, April 29th. Wells Fargo & Company reiterated a hold rating on shares of Everest Re Group in a research note on Monday, April 24th. Barclays PLC upped their price target on Everest Re Group from $269.00 to $299.00 and gave the company an equal weight rating in a research report on Tuesday, April 25th. ValuEngine upgraded Everest Re Group from a buy rating to a strong-buy rating in a research note on Friday, June 2nd. Finally, BidaskClub upgraded Everest Re Group from a hold rating to a buy rating in a research note on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $250.25.
Everest Re Group (NYSE:RE) traded down 1.57% during midday trading on Monday, reaching $265.07. The company’s stock had a trading volume of 218,581 shares. The company has a market cap of $10.88 billion, a P/E ratio of 9.08 and a beta of 0.63. The firm has a 50 day moving average price of $263.19 and a 200-day moving average price of $245.23. Everest Re Group has a 12-month low of $183.04 and a 12-month high of $277.17.
Everest Re Group (NYSE:RE) last posted its quarterly earnings data on Monday, July 24th. The insurance provider reported $5.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.24 by $0.27. Everest Re Group had a return on equity of 13.60% and a net margin of 19.65%. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter last year, the firm earned $3.17 EPS. On average, equities research analysts predict that Everest Re Group will post $21.48 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank raised its stake in Everest Re Group by 23.1% in the first quarter. Toronto Dominion Bank now owns 447 shares of the insurance provider’s stock worth $104,000 after buying an additional 84 shares in the last quarter. IFP Advisors Inc raised its stake in Everest Re Group by 1.6% in the first quarter. IFP Advisors Inc now owns 509 shares of the insurance provider’s stock worth $119,000 after buying an additional 8 shares in the last quarter. Acrospire Investment Management LLC raised its stake in Everest Re Group by 66.7% in the second quarter. Acrospire Investment Management LLC now owns 500 shares of the insurance provider’s stock worth $127,000 after buying an additional 200 shares in the last quarter. Assetmark Inc. bought a new stake in Everest Re Group during the first quarter worth $142,000. Finally, Pacer Advisors Inc. bought a new stake in Everest Re Group during the second quarter worth $160,000. 92.69% 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 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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