Everest Re Group, Ltd. (NYSE:RE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued 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. Keefe, Bruyette & Woods downgraded shares of Everest Re Group from a “market perform” rating to an “underperform” rating and decreased their target price for the company from $251.00 to $245.00 in a research report on Monday, July 17th. Wells Fargo & Company reissued a “hold” rating on shares of Everest Re Group in a research report on Monday, July 24th. BidaskClub downgraded shares of Everest Re Group from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. UBS AG reissued a “neutral” rating and set a $256.00 target price (up previously from $251.00) on shares of Everest Re Group in a research report on Tuesday, August 1st. Finally, Barclays PLC increased their target price on shares of Everest Re Group from $299.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Everest Re Group has an average rating of “Hold” and a consensus target price of $243.20.
Everest Re Group (NYSE RE) traded up $0.35 during trading on Friday, hitting $231.14. The stock had a trading volume of 329,100 shares, compared to its average volume of 522,902. Everest Re Group has a one year low of $206.60 and a one year high of $277.17. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.33 and a quick ratio of 0.30. The firm has a market capitalization of $9,492.92, a P/E ratio of 55.03, a P/E/G ratio of 13.34 and a beta of 0.65.
Everest Re Group (NYSE:RE) last released its earnings results on Monday, October 30th. The insurance provider reported ($16.43) earnings per share for the quarter, missing analysts’ consensus estimates of $3.68 by ($20.11). The firm had revenue of $1.60 billion for 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 revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company posted $6.53 EPS. equities research analysts predict that Everest Re Group will post 1.73 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in RE. Acrospire Investment Management LLC grew its position in shares of Everest Re Group by 66.7% during the 2nd quarter. Acrospire Investment Management LLC now owns 500 shares of the insurance provider’s stock worth $127,000 after buying an additional 200 shares during the period. Pacer Advisors Inc. acquired a new stake in shares of Everest Re Group during the 2nd quarter worth approximately $160,000. IFP Advisors Inc grew its position in shares of Everest Re Group by 29.1% during the 2nd quarter. IFP Advisors Inc now owns 657 shares of the insurance provider’s stock worth $167,000 after buying an additional 148 shares during the period. ETRADE Capital Management LLC acquired a new stake in shares of Everest Re Group during the 2nd quarter worth approximately $201,000. Finally, Sawtooth Solutions LLC acquired a new stake in shares of Everest Re Group during the 2nd quarter worth approximately $205,000. 93.22% of the stock is 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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