Everest Re Group (RE) Lowered to “Hold” at Zacks Investment Research

Everest Re Group (NYSE:RE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Everest Re Group’s first-quarter 2019 earnings per share of $6.91 beat the Zacks Consensus Estimate by 9.7% and was up 29.4% year over year. Both its reinsurance and insurance businesses witnessed growth in the quarter. Its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities are expected to drive growth. The company’s divestment of its underperforming businesses and strengthening reserves are impressive. It enjoys a disciplined capital management strategy. However, its exposure to cat events induces underwriting volatility. Also, a competitive reinsurance market remains a headwind. The company has seen its estimates for 2019 move north by 1.6% in the past seven days. Shares of Everest Re have outperformed the industry in a year’s time.”

RE has been the subject of a number of other reports. UBS Group upped their price target on shares of Everest Re Group from $236.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Wells Fargo & Co cut their price target on shares of Everest Re Group from $235.00 to $230.00 and set a “market perform” rating for the company in a report on Wednesday, February 13th. ValuEngine raised shares of Everest Re Group from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Deutsche Bank downgraded shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Thursday, March 28th. Finally, Morgan Stanley upped their price target on shares of Everest Re Group from $232.00 to $248.00 and gave the company an “equal weight” rating in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Everest Re Group has a consensus rating of “Hold” and an average price target of $249.67.

RE traded up $0.02 on Wednesday, reaching $248.47. The company had a trading volume of 135,657 shares, compared to its average volume of 282,158. The firm has a market capitalization of $10.04 billion, a PE ratio of 53.43, a P/E/G ratio of 1.01 and a beta of 0.36. The company has a quick ratio of 0.35, a current ratio of 0.37 and a debt-to-equity ratio of 0.08. Everest Re Group has a one year low of $201.09 and a one year high of $250.00.

Everest Re Group (NYSE:RE) last announced its earnings results on Monday, May 6th. The insurance provider reported $6.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.91 by $1.00. The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.82 billion. Everest Re Group had a net margin of 3.19% and a return on equity of 3.08%. Everest Re Group’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.34 EPS. On average, equities analysts expect that Everest Re Group will post 24.48 EPS for the current year.

In other Everest Re Group news, Director Roger M. Singer sold 900 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $223.69, for a total value of $201,321.00. Following the completion of the sale, the director now directly owns 13,432 shares of the company’s stock, valued at approximately $3,004,604.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. CWM LLC increased its holdings in shares of Everest Re Group by 129.9% in the 1st quarter. CWM LLC now owns 23,568 shares of the insurance provider’s stock valued at $5,090,000 after purchasing an additional 13,317 shares during the period. Squarepoint Ops LLC increased its holdings in shares of Everest Re Group by 143.5% in the 4th quarter. Squarepoint Ops LLC now owns 18,263 shares of the insurance provider’s stock valued at $3,977,000 after purchasing an additional 10,763 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Everest Re Group by 326.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 828,753 shares of the insurance provider’s stock valued at $189,345,000 after purchasing an additional 634,401 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD. increased its holdings in shares of Everest Re Group by 34.8% in the 4th quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. now owns 5,660 shares of the insurance provider’s stock valued at $1,233,000 after purchasing an additional 1,460 shares during the period. Finally, State of Tennessee Treasury Department increased its holdings in shares of Everest Re Group by 116.1% in the 4th quarter. State of Tennessee Treasury Department now owns 19,704 shares of the insurance provider’s stock valued at $4,291,000 after purchasing an additional 10,585 shares during the period. 73.79% of the stock is owned by institutional investors.

Everest Re Group Company Profile

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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