Zacks Investment Research Downgrades Everest Re Group, Ltd. (RE) to Hold
Zacks Investment Research cut shares of Everest Re Group, Ltd. (NYSE:RE) from a buy rating to a hold rating in a research note released on Thursday.
According to Zacks, “Everest Re’s second-quarter bottom line beat expectation. Both segments exhibited increase in revenues. While expenses increased, combined ratio exhibited improvement, reflecting better underwriting results. Shares of Everest Re outperformed the industry year to date. Everest Re Group noted strong momentum across its underwriting operations, with opportunities in both reinsurance and insurance. The insurer has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. It is divesting underperforming business and strengthened reserves. Banking on favorable operational performance the company enjoys disciplined capital management strategy and strong capital balance position. However, a competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds.”
A number of other analysts also recently weighed in on the stock. BidaskClub raised shares of Everest Re Group from a hold rating to a buy rating in a research report on Wednesday, July 5th. Deutsche Bank AG reissued a buy rating and set a $262.00 target price (up previously from $240.00) on shares of Everest Re Group in a research report on Saturday, April 29th. Barclays PLC increased their target price on shares of Everest Re Group from $269.00 to $299.00 and gave the company an equal weight rating in a research report on Tuesday, April 25th. Morgan Stanley reissued an equal weight rating and set a $259.00 target price (up previously from $250.00) on shares of Everest Re Group in a research report on Thursday, July 6th. Finally, Wells Fargo & Company reissued a hold rating on shares of Everest Re Group in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $248.71.
Everest Re Group (RE) traded up 0.27% during midday trading on Thursday, reaching $260.56. 29,294 shares of the company’s stock traded hands. The company has a market cap of $10.70 billion, a P/E ratio of 8.92 and a beta of 0.63. The stock has a 50-day moving average of $260.23 and a 200 day moving average of $242.08. Everest Re Group has a 52-week low of $183.04 and a 52-week high of $277.17.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, July 24th. The insurance provider reported $5.51 EPS for the quarter, topping analysts’ consensus estimates of $5.24 by $0.27. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Everest Re Group had a net margin of 19.65% and a return on equity of 13.60%. During the same quarter in the prior year, the business earned $3.17 earnings per share. On average, analysts anticipate that Everest Re Group will post $21.18 earnings per share for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its stake in Everest Re Group by 23.1% in the first quarter. Toronto Dominion Bank now owns 447 shares of the insurance provider’s stock worth $104,000 after buying an additional 84 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Everest Re Group by 1.6% in the first quarter. IFP Advisors Inc now owns 509 shares of the insurance provider’s stock valued at $119,000 after buying an additional 8 shares during the period. Assetmark Inc. purchased a new stake in shares of Everest Re Group during the first quarter valued at $142,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Everest Re Group during the first quarter valued at $200,000. Finally, Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Everest Re Group during the first quarter valued at $204,000. Institutional investors own 92.51% of the company’s stock.
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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