Zacks Investment Research Upgrades Everest Re Group (RE) to Strong-Buy

Everest Re Group (NYSE:RE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday. The firm currently has a $253.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 14.08% from the stock’s previous close.

According to Zacks, “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. Shares of Everest Re have underperformed the industry in a year. Also, there were no earnings momentum in the last 60 days.”

RE has been the subject of several other research reports. UBS Group dropped their price target on shares of Everest Re Group from $256.00 to $240.00 and set a “neutral” rating for the company in a research note on Tuesday, September 19th. ValuEngine downgraded shares of Everest Re Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 7th. Keefe, Bruyette & Woods reaffirmed a “sell” rating and set a $230.00 price target on shares of Everest Re Group in a research note on Friday, October 13th. Buckingham Research started coverage on shares of Everest Re Group in a research note on Monday, September 11th. They set a “neutral” rating and a $255.00 price target for the company. Finally, Barclays dropped their price target on shares of Everest Re Group from $305.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $246.00.

Shares of Everest Re Group (NYSE:RE) traded up $2.00 during trading hours on Friday, reaching $221.77. 431,800 shares of the company traded hands, compared to its average volume of 491,400. The company has a market cap of $9,080.00, a P/E ratio of 33.75, a price-to-earnings-growth ratio of 1.11 and a beta of 0.61. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.33 and a current ratio of 0.33. Everest Re Group has a fifty-two week low of $208.81 and a fifty-two week high of $277.17.

Everest Re Group (NYSE:RE) last released its quarterly earnings results on Monday, October 30th. The insurance provider reported ($16.43) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.68 by ($20.11). The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.62 billion. Everest Re Group had a net margin of 4.27% and a return on equity of 2.22%. Everest Re Group’s revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the business posted $6.53 EPS. equities analysts predict that Everest Re Group will post 1.27 earnings per share for the current fiscal year.

In other news, Director William F. Galtney, Jr. acquired 6,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was bought at an average cost of $225.29 per share, for a total transaction of $1,351,740.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Large investors have recently bought and sold shares of the business. Acrospire Investment Management LLC grew its holdings in Everest Re Group by 66.7% in the second quarter. Acrospire Investment Management LLC now owns 500 shares of the insurance provider’s stock worth $127,000 after purchasing an additional 200 shares during the period. Valeo Financial Advisors LLC acquired a new stake in Everest Re Group in the third quarter worth $137,000. Pacer Advisors Inc. acquired a new stake in Everest Re Group in the second quarter worth $160,000. ETRADE Capital Management LLC acquired a new stake in Everest Re Group in the second quarter worth $201,000. Finally, Harbor Advisors LLC acquired a new stake in Everest Re Group in the third quarter worth $228,000. Institutional investors and hedge funds own 93.22% of the company’s stock.

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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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