Everest Re Group, Ltd. (RE) Raised to “Buy” at 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 report published on Tuesday morning. The firm currently has $294.00 price objective on the insurance provider’s stock.
According to Zacks, “Shares of Everest Re outperformed the industry year to date. Everest Re Group noted strong momentum across its underwriting operations, with opportunities in both reinsurance and insurance. The insurer has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. It is divesting underperforming business and strengthened reserves. 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. With respect to quarterly results, Everest Re’s second-quarter bottom line beat expectation. Both segments exhibited increase in revenues. While expenses increased, combined ratio exhibited improvement, reflecting better underwriting results.”
Several other research analysts also recently issued reports on the company. BidaskClub downgraded Everest Re Group from a buy rating to a hold rating in a research report on Monday. Wells Fargo & Company reiterated a hold rating on shares of Everest Re Group in a report on Monday, July 24th. Keefe, Bruyette & Woods downgraded Everest Re Group from a market perform rating to an underperform rating and cut their price target for the company from $251.00 to $245.00 in a report on Monday, July 17th. Morgan Stanley reiterated an equal weight rating and issued a $259.00 price target (up from $250.00) on shares of Everest Re Group in a report on Thursday, July 6th. Finally, ValuEngine upgraded Everest Re Group from a buy rating to a strong-buy rating in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Everest Re Group presently has a consensus rating of Hold and a consensus price target of $249.50.
Everest Re Group (NYSE:RE) traded down 0.15% during midday trading on Tuesday, hitting $265.67. The stock had a trading volume of 211,699 shares. Everest Re Group has a 12-month low of $183.04 and a 12-month high of $277.17. The firm has a market cap of $10.91 billion, a P/E ratio of 9.10 and a beta of 0.63. The stock has a 50-day moving average price of $260.59 and a 200 day moving average price of $243.04.
Everest Re Group (NYSE:RE) last issued its quarterly earnings data on Monday, July 24th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $1.46 billion. During the same period in the previous year, the firm posted $3.17 EPS. On average, equities analysts anticipate that Everest Re Group will post $21.29 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Everest Re Group by 4,778.3% in the first quarter. BlackRock Inc. now owns 3,909,246 shares of the insurance provider’s stock valued at $914,021,000 after buying an additional 3,829,110 shares during the period. Vanguard Group Inc. boosted its stake in shares of Everest Re Group by 3.2% in the first quarter. Vanguard Group Inc. now owns 3,052,626 shares of the insurance provider’s stock valued at $713,734,000 after buying an additional 93,473 shares in the last quarter. State Street Corp boosted its stake in shares of Everest Re Group by 2.3% in the first quarter. State Street Corp now owns 1,706,720 shares of the insurance provider’s stock valued at $399,045,000 after buying an additional 38,072 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Everest Re Group by 28.9% in the first quarter. AQR Capital Management LLC now owns 1,289,792 shares of the insurance provider’s stock valued at $301,566,000 after buying an additional 289,351 shares in the last quarter. Finally, APG Asset Management N.V. boosted its stake in shares of Everest Re Group by 2.5% in the first quarter. APG Asset Management N.V. now owns 728,862 shares of the insurance provider’s stock valued at $170,415,000 after buying an additional 17,800 shares in the last quarter. Institutional investors own 92.51% of the company’s stock.
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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