Everest Re Group Ltd (NYSE:RE) Receives Average Recommendation of “Hold” from Brokerages

Shares of Everest Re Group Ltd (NYSE:RE) have earned an average recommendation of “Hold” from the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $248.86.

Several brokerages have recently weighed in on RE. Zacks Investment Research upgraded Everest Re Group from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. UBS Group lifted their price target on Everest Re Group from $236.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Morgan Stanley lifted their price target on Everest Re Group from $232.00 to $248.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 15th. Barclays lifted their price target on Everest Re Group from $260.00 to $285.00 and gave the company an “overweight” rating in a research report on Wednesday, May 22nd. Finally, ValuEngine upgraded Everest Re Group from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd.

In related news, Director John A. Weber sold 500 shares of Everest Re Group stock in a transaction on Monday, May 13th. The stock was sold at an average price of $246.46, for a total transaction of $123,230.00. Following the completion of the sale, the director now owns 6,499 shares of the company’s stock, valued at $1,601,743.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan Zaffino sold 1,048 shares of Everest Re Group stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $248.01, for a total value of $259,914.48. Following the sale, the senior vice president now directly owns 9,617 shares of the company’s stock, valued at approximately $2,385,112.17. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of RE. Nordea Investment Management AB lifted its stake in shares of Everest Re Group by 1.7% in the 1st quarter. Nordea Investment Management AB now owns 60,635 shares of the insurance provider’s stock valued at $13,093,000 after acquiring an additional 1,016 shares during the last quarter. Accident Compensation Corp increased its holdings in Everest Re Group by 26.9% during the 1st quarter. Accident Compensation Corp now owns 21,242 shares of the insurance provider’s stock valued at $4,587,000 after purchasing an additional 4,499 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Everest Re Group by 23.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 155,786 shares of the insurance provider’s stock valued at $33,644,000 after purchasing an additional 29,490 shares during the period. Champlain Investment Partners LLC increased its holdings in Everest Re Group by 4.4% during the 1st quarter. Champlain Investment Partners LLC now owns 889,250 shares of the insurance provider’s stock valued at $192,042,000 after purchasing an additional 37,765 shares during the period. Finally, Andra AP fonden purchased a new position in Everest Re Group during the 1st quarter valued at about $6,781,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE RE traded up $2.82 during mid-day trading on Friday, hitting $247.18. The company had a trading volume of 439,639 shares, compared to its average volume of 305,317. The firm has a market capitalization of $9.95 billion, a P/E ratio of 53.16, a price-to-earnings-growth ratio of 1.01 and a beta of 0.28. Everest Re Group has a 1 year low of $201.09 and a 1 year high of $254.57. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.37 and a quick ratio of 0.37. The business’s 50-day simple moving average is $249.39.

Everest Re Group (NYSE:RE) last announced its quarterly earnings results on Monday, May 6th. The insurance provider reported $6.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.91 by $1.00. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Everest Re Group had a return on equity of 3.08% and a net margin of 3.19%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business earned $5.34 earnings per share. As a group, research analysts forecast that Everest Re Group will post 24.3 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Wednesday, May 29th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Tuesday, May 28th. Everest Re Group’s dividend payout ratio is 120.43%.

About Everest Re Group

Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through four segments: U.S. Reinsurance, International, Bermuda, and Insurance. The U.S. Reinsurance segment writes property and casualty reinsurance; and specialty lines of business, including marine, aviation, surety, and accident and health insurance through reinsurance brokers, as well as directly with ceding companies in the United States.

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Analyst Recommendations for Everest Re Group (NYSE:RE)

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