Zacks Investment Research upgraded shares of Everest Re Group, Ltd. (NYSE:RE) from a sell rating to a hold rating in a research note published on Friday.
According to Zacks, “Everest Re’s third-quarter loss was wider than estimates due to huge cat loss that dragged the bottom line by $22.09 per share. Shares of Everest Re have underperformed the industry since it posted lower-than-expected results. Nonetheless, 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 growth. It is divesting underperforming business and strengthening reserves. Banking on favorable operational performance the company enjoys disciplined capital management strategy. Further, a competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds.”
A number of other analysts also recently weighed in on RE. Buckingham Research assumed coverage on shares of Everest Re Group in a report on Monday, September 11th. They set a neutral rating and a $255.00 price target for the company. ValuEngine downgraded shares of Everest Re Group from a strong-buy rating to a buy rating in a report on Thursday, September 7th. UBS AG cut their price target on shares of Everest Re Group from $256.00 to $240.00 and set a neutral rating for the company in a report on Tuesday, September 19th. Barclays PLC cut their price target on shares of Everest Re Group from $305.00 to $280.00 and set an overweight rating for the company in a report on Monday, October 16th. Finally, Keefe, Bruyette & Woods downgraded shares of Everest Re Group from a market perform rating to an underperform rating and dropped their price objective for the company from $251.00 to $245.00 in a research note on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. Everest Re Group currently has an average rating of Hold and a consensus price target of $243.20.
Shares of Everest Re Group (NYSE:RE) traded down $2.59 on Friday, reaching $228.55. 410,400 shares of the company were exchanged, compared to its average volume of 396,356. Everest Re Group has a twelve month low of $206.60 and a twelve month high of $277.17. The firm has a market cap of $9,492.85, a price-to-earnings ratio of 55.03, a P/E/G ratio of 13.34 and a beta of 0.65. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.33 and a current ratio of 0.33.
Everest Re Group (NYSE:RE) last posted its quarterly earnings data on Monday, October 30th. The insurance provider reported ($16.43) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.68 by ($20.11). The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.62 billion. Everest Re Group had a net margin of 4.27% and a return on equity of 2.22%. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $6.53 EPS. analysts anticipate that Everest Re Group will post 1.73 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Investors of record on Wednesday, November 29th will be paid a $1.30 dividend. This is an increase from Everest Re Group’s previous quarterly dividend of $1.25. The ex-dividend date is Tuesday, November 28th. This represents a $5.20 annualized dividend and a yield of 2.28%. Everest Re Group’s dividend payout ratio is presently 78.49%.
A number of hedge funds and other institutional investors have recently made changes to their positions in RE. Vanguard Group Inc. increased its position in Everest Re Group by 23.1% in the 2nd quarter. Vanguard Group Inc. now owns 3,756,913 shares of the insurance provider’s stock valued at $956,473,000 after acquiring an additional 704,287 shares during the period. State Street Corp increased its position in Everest Re Group by 26.4% in the 2nd quarter. State Street Corp now owns 2,157,326 shares of the insurance provider’s stock valued at $549,219,000 after acquiring an additional 450,606 shares during the period. Janus Henderson Group PLC increased its position in Everest Re Group by 7,587.2% in the 2nd quarter. Janus Henderson Group PLC now owns 344,770 shares of the insurance provider’s stock valued at $87,775,000 after acquiring an additional 340,285 shares during the period. APG Asset Management N.V. increased its position in Everest Re Group by 43.6% in the 3rd quarter. APG Asset Management N.V. now owns 1,032,662 shares of the insurance provider’s stock valued at $235,850,000 after acquiring an additional 313,700 shares during the period. Finally, American Century Companies Inc. increased its position in Everest Re Group by 190.2% in the 2nd quarter. American Century Companies Inc. now owns 281,630 shares of the insurance provider’s stock valued at $71,700,000 after acquiring an additional 184,576 shares during the period. Hedge funds and other institutional investors own 92.16% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Everest Re Group Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Everest Re Group Ltd. and related companies with our FREE daily email newsletter.