Everest Re Group, Ltd. (NYSE:RE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

According to Zacks, “Shares of Everest Re underperformed the industry year to date. The insurer also witnessed its 2017 and 2018 estimates moving south over the last 60 days. Further, a competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds. The compnay expects to incur $1.2 billion in catastrophe losses in the third quarter. Nonetheless, Everest Re Group has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. It is divesting underperforming business and strengthening reserves. Banking on favorable operational performance the company enjoys disciplined capital management strategy and strong capital balance position. “

RE has been the subject of several other research reports. ValuEngine lowered shares of Everest Re Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. UBS AG reduced their price target on shares of Everest Re Group from $240.00 to $230.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. Buckingham Research began coverage on shares of Everest Re Group in a research report on Monday, September 11th. They set a “neutral” rating and a $255.00 price target for the company. Keefe, Bruyette & Woods reaffirmed a “sell” rating and set a $245.00 price target on shares of Everest Re Group in a research report on Thursday, September 21st. Finally, Barclays PLC upped their price target 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. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $247.89.

Everest Re Group (NYSE:RE) last released its quarterly earnings results on Monday, July 24th. The insurance provider reported $5.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $5.24 by $0.27. Everest Re Group had a net margin of 19.65% and a return on equity of 13.60%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the firm earned $3.17 EPS.

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Institutional investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC increased its holdings in Everest Re Group by 177.7% in the 2nd quarter. Global X Management Co. LLC now owns 561 shares of the insurance provider’s stock worth $102,000 after acquiring an additional 359 shares in the last quarter. Toronto Dominion Bank increased its holdings in Everest Re Group by 23.1% in the 1st quarter. Toronto Dominion Bank now owns 447 shares of the insurance provider’s stock worth $104,000 after acquiring an additional 84 shares in the last quarter. Checchi Capital Advisers LLC increased its holdings in Everest Re Group by 3.5% in the 2nd quarter. Checchi Capital Advisers LLC now owns 619 shares of the insurance provider’s stock worth $113,000 after acquiring an additional 21 shares in the last quarter. IFP Advisors Inc increased its holdings in Everest Re Group by 1.6% in the 1st quarter. IFP Advisors Inc now owns 509 shares of the insurance provider’s stock worth $119,000 after acquiring an additional 8 shares in the last quarter. Finally, TLP Group LLC purchased a new stake in Everest Re Group in the 3rd quarter worth approximately $121,000. 92.44% of the stock is owned by institutional investors.

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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Analyst Recommendations for Everest Re Group (NYSE:RE)

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