Zacks Reiterates Outperform Rating for Everest Re Group (RE)
Everest Re Group (NYSE:RE)‘s stock had its “outperform” rating restated by Zacks in a research note issued on Tuesday, Analyst Ratings Network reports. They currently have a $177.00 price target on the stock. Zacks‘ price objective would suggest a potential upside of 21.34% from the company’s current price.
Zacks‘ analyst wrote, “Everest Re has been performing favorably over the past many quarters and we expect the momentum to continue given its strong balance sheet profile along with its ability to perform favorably amidst tough market conditions, a seasoned management team and huge market share in the insurance and reinsurance industry. Everest Re is witnessing improving rates in its reinsurance and insurance lines of businesses. The company’s overseas business is also performing strongly and the trend is expected to continue in the future. Everest Re’s 10-year average combined ratio has remained below the breakeven levels which signify its underwriting profitability. It has also been generating stable cash flows from operations. Its balance sheet is supported by its conservative investment strategy and equities at less than 10% of total investments. Hence we maintain our Outperform recommendation on Everest Re. “
A number of other firms have also recently commented on RE. Analysts at Barclays Capital upgraded shares of Everest Re Group from an “equal weight” rating to an “overweight” rating in a research note to investors on Wednesday, October 2nd. They now have a $168.00 price target on the stock, up previously from $141.00. Finally, analysts at UBS AG raised their price target on shares of Everest Re Group from $145.00 to $150.00 in a research note to investors on Wednesday, July 24th. They now have a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $153.40.
Everest Re Group (NYSE:RE) traded down 1.00% during mid-day trading on Tuesday, hitting $145.87. 241,665 shares of the company’s stock traded hands. Everest Re Group has a 52 week low of $101.66 and a 52 week high of $149.69. The stock has a 50-day moving average of $140.8 and a 200-day moving average of $132.8. The company has a market cap of $7.093 billion and a price-to-earnings ratio of 7.78.
Everest Re Group (NYSE:RE) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $5.10 EPS for the quarter, beating the Thomson Reuters consensus estimate of $4.21 by $0.89. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company posted $4.25 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts predict that Everest Re Group will post $19.20 earnings per share for the current fiscal year.
Everest Re Group, Ltd. through its subsidiaries, is principally engaged in the underwriting of reinsurance and insurance in the United States, Bermuda and international markets.
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