Everest Re Group, Ltd. (RE) Rating Increased to Strong-Buy at ValuEngine
Everest Re Group, Ltd. (NYSE:RE) was upgraded by equities research analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a report issued on Friday.
A number of other analysts have also issued reports on RE. BidaskClub raised Everest Re Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $259.00 price target (up from $250.00) on shares of Everest Re Group in a research note on Thursday, July 6th. Zacks Investment Research raised Everest Re Group from a “hold” rating to a “buy” rating and set a $293.00 price target on the stock in a research note on Friday, July 7th. Keefe, Bruyette & Woods lowered Everest Re Group from a “market perform” rating to an “underperform” rating and lowered their price target for the stock from $251.00 to $245.00 in a research note on Monday, July 17th. Finally, Wells Fargo & Company reaffirmed a “hold” rating on shares of Everest Re Group in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Everest Re Group presently has an average rating of “Hold” and an average target price of $250.25.
Everest Re Group (NYSE:RE) opened at 248.38 on Friday. The stock’s 50 day moving average price is $263.15 and its 200-day moving average price is $249.06. Everest Re Group has a 52-week low of $183.04 and a 52-week high of $277.17. The company has a market capitalization of $10.20 billion, a P/E ratio of 8.52 and a beta of 0.64.
Everest Re Group (NYSE:RE) last issued its quarterly earnings results on Monday, July 24th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.24 by $0.27. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.46 billion. Everest Re Group had a return on equity of 13.60% and a net margin of 19.65%. During the same period in the previous year, the company posted $3.17 earnings per share. Analysts predict that Everest Re Group will post $20.71 earnings per share for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Everest Re Group by 4,778.3% in the first quarter. BlackRock Inc. now owns 3,909,246 shares of the insurance provider’s stock worth $914,021,000 after buying an additional 3,829,110 shares during the period. Vanguard Group Inc. raised its position in Everest Re Group by 23.1% in the second quarter. Vanguard Group Inc. now owns 3,756,913 shares of the insurance provider’s stock worth $956,473,000 after buying an additional 704,287 shares during the period. State Street Corp raised its position in Everest Re Group by 26.4% in the second quarter. State Street Corp now owns 2,157,326 shares of the insurance provider’s stock worth $549,219,000 after buying an additional 450,606 shares during the period. AQR Capital Management LLC raised its position in Everest Re Group by 28.9% in the first quarter. AQR Capital Management LLC now owns 1,289,792 shares of the insurance provider’s stock worth $301,566,000 after buying an additional 289,351 shares during the period. Finally, Northern Trust Corp raised its position in Everest Re Group by 5.4% in the second quarter. Northern Trust Corp now owns 676,890 shares of the insurance provider’s stock worth $172,330,000 after buying an additional 34,827 shares during the period. 92.35% of the stock is currently owned by institutional investors.
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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