Everest Re Group Receives Outperform Rating from Zacks (RE)
Everest Re Group (NYSE:RE)‘s stock had its “outperform” rating reaffirmed by Zacks in a note issued to investors on Monday, Analyst Ratings News reports. They currently have a $181.00 target price on the stock. Zacks‘ target price would suggest a potential upside of 19.92% from the stock’s previous close.
Zacks‘ analyst wrote, “Everest Re’s third quarter earnings missed the Zacks Consensus Estimate, but were up year over year. Results were adversely affected by higher annualized effective tax rate. Nevertheless, looking at the past several quarters the company has been performing favorably and we expect the momentum to continue given its strong balance sheet profile, 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 low exposure to equity. Hence we maintain our Outperform recommendation on Everest Re. “
Shares of Everest Re Group (NYSE:RE) traded down 0.11% on Monday, hitting $150.77. The stock had a trading volume of 105,190 shares. Everest Re Group has a 1-year low of $101.66 and a 1-year high of $140.81. The stock has a 50-day moving average of $136.3 and a 200-day moving average of $130.7. The company has a market cap of $10.232 billion and a P/E ratio of 7.96.
Everest Re Group (NYSE:RE) last posted its quarterly earnings results on Thursday, October 24th. The company reported $4.20 EPS for the quarter, missing the Thomson Reuters consensus estimate of $4.76 by $0.56. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the company posted $4.05 earnings per share. Everest Re Group’s revenue was up 15.0% compared to the same quarter last year. On average, analysts predict that Everest Re Group will post $19.75 earnings per share for the current fiscal year.
A number of other firms have also recently commented on RE. Analysts at Deutsche Bank raised their price target on shares of Everest Re Group from $155.00 to $163.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Analysts at Barclays 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $157.40.
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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