Everest Re Group (NYSE:RE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday. The firm currently has a $302.00 price target on the insurance provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.55% from the stock’s current price.
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 improvement. It is divesting underperforming business and strengthening reserves. Banking on favorable operational performance, the company enjoys disciplined capital management strategy. 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’s time. With respect to quarterly results, Everest Re’s fourth-quarter 2017 earnings outpaced the Zacks Consensus Estimate and improved year over year on strong segmental performance and higher revenues.”
RE has been the topic of a number of other research reports. Wells Fargo & Co reissued a “market perform” rating and issued a $235.00 price target (down previously from $240.00) on shares of Everest Re Group in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods raised shares of Everest Re Group from an “underperform” rating to a “market perform” rating in a research note on Monday, November 27th. TheStreet cut shares of Everest Re Group from a “b” rating to a “c+” rating in a research note on Monday, December 18th. Barclays reissued a “buy” rating and issued a $290.00 price target (up previously from $279.00) on shares of Everest Re Group in a research note on Sunday, February 18th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $258.00 price target (up previously from $247.00) on shares of Everest Re Group in a research note on Thursday, March 1st. Seven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Everest Re Group currently has a consensus rating of “Hold” and a consensus price target of $260.13.
Everest Re Group (NYSE:RE) last issued its quarterly earnings data on Monday, February 5th. The insurance provider reported $13.48 EPS for the quarter, topping analysts’ consensus estimates of $6.04 by $7.44. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Everest Re Group had a net margin of 7.10% and a return on equity of 4.51%. The business’s revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the company earned $9.08 EPS. equities analysts forecast that Everest Re Group will post 21.72 EPS for the current year.
In other Everest Re Group news, Director John A. Graf bought 2,285 shares of the stock in a transaction on Monday, January 8th. The shares were bought at an average price of $219.07 per share, with a total value of $500,574.95. Following the purchase, the director now directly owns 5,550 shares in the company, valued at approximately $1,215,838.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John P. Doucette sold 300 shares of Everest Re Group stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $242.84, for a total transaction of $72,852.00. Following the sale, the vice president now directly owns 21,434 shares in the company, valued at approximately $5,205,032.56. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norinchukin Bank The boosted its stake in Everest Re Group by 12.7% during the 4th quarter. Norinchukin Bank The now owns 2,059 shares of the insurance provider’s stock worth $456,000 after purchasing an additional 232 shares during the last quarter. Candriam Luxembourg S.C.A. raised its holdings in shares of Everest Re Group by 3.0% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 8,688 shares of the insurance provider’s stock worth $1,984,000 after acquiring an additional 256 shares during the period. Public Employees Retirement Association of Colorado raised its holdings in shares of Everest Re Group by 3.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 7,877 shares of the insurance provider’s stock worth $1,743,000 after acquiring an additional 259 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Everest Re Group by 9.5% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 3,340 shares of the insurance provider’s stock worth $763,000 after acquiring an additional 289 shares during the period. Finally, IFM Investors Pty Ltd raised its holdings in shares of Everest Re Group by 28.2% during the 4th quarter. IFM Investors Pty Ltd now owns 1,362 shares of the insurance provider’s stock worth $301,000 after acquiring an additional 300 shares during the period. 92.55% of the stock is currently owned by institutional investors.
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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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