Brokerages Anticipate Everest Re Group, Ltd. (RE) Will Post Quarterly Sales of $1.58 Billion
Equities research analysts expect Everest Re Group, Ltd. (NYSE:RE) to post sales of $1.58 billion for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Everest Re Group’s earnings, with the lowest sales estimate coming in at $1.55 billion and the highest estimate coming in at $1.62 billion. Everest Re Group posted sales of $1.51 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 4.6%. The business is scheduled to issue its next earnings report after the market closes on Monday, October 30th.
According to Zacks, analysts expect that Everest Re Group will report full-year sales of $1.58 billion for the current financial year, with estimates ranging from $6.18 billion to $6.24 billion. For the next fiscal year, analysts forecast that the business will post sales of $6.76 billion per share, with estimates ranging from $6.71 billion to $6.83 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Everest Re Group.
Everest Re Group (NYSE:RE) last issued its quarterly earnings results on Monday, July 24th. The insurance provider reported $5.51 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the business earned $3.17 earnings per share.
Several equities analysts have recently weighed in on the company. Barclays PLC cut their target price on Everest Re Group from $305.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday. Keefe, Bruyette & Woods reissued a “sell” rating and set a $230.00 target price on shares of Everest Re Group in a research report on Friday. Zacks Investment Research downgraded Everest Re Group from a “hold” rating to a “sell” rating in a research report on Friday. ValuEngine downgraded Everest Re Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Finally, UBS AG cut their target price on Everest Re Group from $240.00 to $230.00 and set a “neutral” rating on the stock in a research report on Monday, October 2nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Everest Re Group has an average rating of “Hold” and a consensus price target of $243.44.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. bought a new position in Everest Re Group in the 1st quarter valued at $200,000. Neuberger Berman Group LLC grew its position in Everest Re Group by 10.2% in the 1st quarter. Neuberger Berman Group LLC now owns 3,006 shares of the insurance provider’s stock valued at $703,000 after acquiring an additional 279 shares during the last quarter. Wellington Management Group LLP grew its position in Everest Re Group by 21.5% in the 1st quarter. Wellington Management Group LLP now owns 86,593 shares of the insurance provider’s stock valued at $20,246,000 after acquiring an additional 15,328 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Everest Re Group by 0.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,634 shares of the insurance provider’s stock valued at $1,784,000 after acquiring an additional 28 shares during the last quarter. Finally, Rothschild Asset Management Inc. bought a new position in Everest Re Group in the 1st quarter valued at $411,000. 92.25% of the stock is currently owned by hedge funds and other institutional investors.
Everest Re Group (NYSE:RE) opened at 238.12 on Tuesday. Everest Re Group has a 12 month low of $191.11 and a 12 month high of $277.17. The company has a market capitalization of $9.78 billion, a PE ratio of 8.17 and a beta of 0.62. The firm’s 50-day moving average is $230.49 and its 200-day moving average is $247.66.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Friday, September 1st. Everest Re Group’s dividend payout ratio is currently 17.15%.
About Everest Re Group
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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