Everest Re Group, Ltd. (RE) Now Covered by Buckingham Research
Analysts at Buckingham Research began coverage on shares of Everest Re Group, Ltd. (NYSE:RE) in a research report issued on Monday. The brokerage set a “neutral” rating and a $255.00 price target on the insurance provider’s stock. Buckingham Research’s target price indicates a potential upside of 14.62% from the company’s previous close.
Several other equities research analysts have also weighed in on RE. ValuEngine raised Everest Re Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. BidaskClub raised Everest Re Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Morgan Stanley reissued an “equal weight” rating and set a $259.00 price objective (up from $250.00) on shares of Everest Re Group in a research note on Thursday, July 6th. Zacks Investment Research raised Everest Re Group from a “hold” rating to a “buy” rating and set a $293.00 price objective for the company in a research note on Friday, July 7th. Finally, Keefe, Bruyette & Woods lowered Everest Re Group from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $251.00 to $245.00 in a research note on Monday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $250.78.
Everest Re Group (NYSE:RE) traded up 4.40% during mid-day trading on Monday, reaching $232.28. The company’s stock had a trading volume of 545,477 shares. The firm’s 50 day moving average price is $257.71 and its 200 day moving average price is $248.94. Everest Re Group has a 52 week low of $183.04 and a 52 week high of $277.17. The firm has a market capitalization of $9.54 billion, a P/E ratio of 7.97 and a beta of 0.64.
Everest Re Group (NYSE:RE) last issued its quarterly earnings results on Monday, July 24th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.24 by $0.27. Everest Re Group had a return on equity of 13.60% and a net margin of 19.65%. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the firm earned $3.17 EPS. On average, analysts anticipate that Everest Re Group will post $21.25 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in Everest Re Group by 4,778.3% during the first quarter. BlackRock Inc. now owns 3,909,246 shares of the insurance provider’s stock valued at $914,021,000 after purchasing an additional 3,829,110 shares during the last quarter. Vanguard Group Inc. boosted its position in Everest Re Group by 23.1% during the second quarter. Vanguard Group Inc. now owns 3,756,913 shares of the insurance provider’s stock valued at $956,473,000 after purchasing an additional 704,287 shares during the last quarter. Norges Bank acquired a new stake in Everest Re Group during the fourth quarter valued at $112,285,000. State Street Corp boosted its position in Everest Re Group by 26.4% during the second quarter. State Street Corp now owns 2,157,326 shares of the insurance provider’s stock valued at $549,219,000 after purchasing an additional 450,606 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Everest Re Group by 38.2% during the third quarter. JPMorgan Chase & Co. now owns 1,337,026 shares of the insurance provider’s stock valued at $253,995,000 after purchasing an additional 369,601 shares during the last quarter. 92.39% of the stock is owned by institutional investors and hedge funds.
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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