Zacks Investment Research upgraded shares of Everest Re Group (NYSE:RE) from a hold rating to a strong-buy rating in a research report report published on Monday. They currently have $302.00 price target on the insurance provider’s stock.
According to Zacks, “Everest Re has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. Strategic endeavors to ramp up growth pave way for long-term improvement. It is divesting underperforming business and strengthening reserves. Banking on favorable operational performance, the company enjoys disciplined capital management strategy. A competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds. Shares of Everest Re have underperformed the industry in a year’s time. With respect to quarterly results, Everest Re’s fourth-quarter 2017 earnings outpaced the Zacks Consensus Estimate and improved year over year on strong segmental performance and higher revenues.”
Other equities analysts have also issued reports about the stock. Barclays restated a buy rating and issued a $290.00 price objective (up from $279.00) on shares of Everest Re Group in a report on Sunday, February 18th. TheStreet lowered shares of Everest Re Group from a b rating to a c+ rating in a report on Monday, December 18th. Keefe, Bruyette & Woods restated a hold rating and issued a $234.00 price objective on shares of Everest Re Group in a report on Wednesday, December 6th. Morgan Stanley reaffirmed an equal weight rating and set a $258.00 target price (up from $247.00) on shares of Everest Re Group in a research note on Thursday, March 1st. Finally, Wells Fargo & Co reaffirmed a market perform rating and set a $235.00 target price (down from $240.00) on shares of Everest Re Group in a research note on Tuesday, January 9th. Seven analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $260.13.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, February 5th. The insurance provider reported $13.48 earnings per share for the quarter, beating the consensus estimate of $6.04 by $7.44. Everest Re Group had a net margin of 7.10% and a return on equity of 4.51%. The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the business posted $9.08 EPS. Everest Re Group’s revenue was up 15.7% on a year-over-year basis. equities research analysts predict that Everest Re Group will post 21.72 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Wednesday, March 7th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 2.00%. The ex-dividend date is Tuesday, March 6th. Everest Re Group’s payout ratio is currently 46.68%.
In other Everest Re Group news, Director John A. Graf bought 2,285 shares of the business’s stock in a transaction that occurred on Monday, January 8th. The shares were purchased at an average cost of $219.07 per share, with a total value of $500,574.95. Following the purchase, the director now directly owns 5,550 shares in the company, valued at $1,215,838.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roger M. Singer sold 1,000 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $244.58, for a total transaction of $244,580.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Focused Wealth Management Inc purchased a new stake in shares of Everest Re Group in the 4th quarter valued at approximately $111,000. Valeo Financial Advisors LLC purchased a new stake in shares of Everest Re Group in the 3rd quarter valued at approximately $137,000. Cerebellum GP LLC purchased a new stake in shares of Everest Re Group in the 4th quarter valued at approximately $133,000. Tower Research Capital LLC TRC purchased a new stake in shares of Everest Re Group in the 4th quarter valued at approximately $144,000. Finally, Fuller & Thaler Asset Management Inc. increased its position in shares of Everest Re Group by 87.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 750 shares of the insurance provider’s stock valued at $166,000 after purchasing an additional 350 shares during the last quarter. 92.55% of the stock is currently owned by institutional investors.
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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