Zacks Investment Research upgraded shares of Everest Re Group (NYSE:RE) from a sell rating to a hold rating in a research note issued to investors on Friday, November 10th.
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.”
Several other research firms have also weighed in on RE. Wells Fargo & Company reaffirmed a hold rating on shares of Everest Re Group in a research note on Monday, July 24th. Barclays lifted their price target on Everest Re Group from $299.00 to $305.00 and gave the company an overweight rating in a research note on Friday, August 11th. UBS reissued a neutral rating and set a $256.00 price target (up from $251.00) on shares of Everest Re Group in a research note on Tuesday, August 1st. Keefe, Bruyette & Woods lowered 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 research note on Monday, July 17th. Finally, BidaskClub downgraded Everest Re Group from a buy rating to a hold rating in a research report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Everest Re Group currently has an average rating of Hold and a consensus price target of $248.56.
Everest Re Group (NYSE:RE) last released its quarterly earnings data on Monday, October 30th. The insurance provider reported ($16.43) earnings per share for the quarter, missing the consensus estimate of $3.68 by ($20.11). The business had revenue of $1.60 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 16.6% compared to the same quarter last year. During the same period last year, the business earned $6.53 earnings per share. research analysts anticipate that Everest Re Group will post 1.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 29th will be issued a $1.30 dividend. This is an increase from Everest Re Group’s previous quarterly dividend of $1.25. This represents a $5.20 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Tuesday, November 28th. Everest Re Group’s payout ratio is presently 79.15%.
In other news, Director William F. Galtney, Jr. acquired 6,000 shares of Everest Re Group stock in a transaction on Monday, November 20th. The stock was purchased at an average price of $225.29 per share, with a total value of $1,351,740.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Everest Re Group by 23.1% in the second quarter. Vanguard Group Inc. now owns 3,756,913 shares of the insurance provider’s stock worth $956,473,000 after purchasing an additional 704,287 shares during the last quarter. State Street Corp raised its stake in shares of Everest Re Group by 26.4% in the second quarter. State Street Corp now owns 2,157,326 shares of the insurance provider’s stock valued at $549,219,000 after buying an additional 450,606 shares during the period. APG Asset Management N.V. raised its stake in shares of Everest Re Group by 43.6% in the third quarter. APG Asset Management N.V. now owns 1,032,662 shares of the insurance provider’s stock valued at $235,850,000 after buying an additional 313,700 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Everest Re Group by 22.0% in the third quarter. JPMorgan Chase & Co. now owns 714,377 shares of the insurance provider’s stock valued at $159,219,000 after buying an additional 128,867 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Everest Re Group by 5.4% in the second quarter. Northern Trust Corp now owns 676,890 shares of the insurance provider’s stock valued at $172,330,000 after buying an additional 34,827 shares during the period. 93.69% of the stock is currently owned by institutional investors and hedge funds.
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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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