Everest Re Group (NYSE:RE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, January 10th.
According to Zacks, “Everest Re has substantially benefited from its global presence, product diversification, capital adequacy, financial flexibility and traditional risk management capabilities. Strategic endeavors to ramp up growth pave way for long-term growth. It is divesting underperforming business and strengthening reserves. Banking on favorable operational performance the company enjoys disciplined capital management strategy. A competitive reinsurance market and exposure to catastrophe events infusing underwriting volatility remain headwinds. Shares of Everest Re have underperformed the industry in a year. Our proven model does not conclusively show that it is likely to beat on earnings on Feb 5 as Zacks Rank #3 with Earnings ESP of -6.83% makes prediction difficult.”
Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods reissued a “hold” rating and set a $234.00 price target on shares of Everest Re Group in a research report on Wednesday, December 6th. UBS Group boosted their price target on shares of Everest Re Group from $230.00 to $245.00 and gave the stock a “neutral” rating in a research report on Monday, November 6th. Wells Fargo & Co set a $240.00 price target on shares of Everest Re Group and gave the stock a “hold” rating in a research report on Monday, October 30th. TheStreet cut shares of Everest Re Group from a “b” rating to a “c+” rating in a report on Monday, December 18th. Finally, Barclays dropped their target price on shares of Everest Re Group from $305.00 to $280.00 and set an “overweight” rating on the stock in a report on Monday, October 16th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $252.88.
Shares of Everest Re Group (NYSE RE) opened at $230.14 on Wednesday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.08. Everest Re Group has a fifty-two week low of $208.81 and a fifty-two week high of $277.17. The company has a market cap of $9,341.30, a price-to-earnings ratio of 36.13, a price-to-earnings-growth ratio of 1.12 and a beta of 0.61.
In related news, Director John A. Graf acquired 2,285 shares of the company’s stock in a transaction that occurred on Monday, January 8th. The stock was acquired at an average price of $219.07 per share, with a total value of $500,574.95. Following the purchase, the director now directly owns 5,550 shares in the company, valued at $1,215,838.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William F. Galtney, Jr. acquired 6,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were purchased at an average price of $225.29 per share, with a total value of $1,351,740.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 8,323 shares of company stock worth $1,860,654. Company insiders own 1.30% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. acquired a new stake in Everest Re Group in the second quarter worth $261,000. Pacer Advisors Inc. acquired a new stake in Everest Re Group in the second quarter worth $160,000. Neuberger Berman Group LLC grew its holdings in Everest Re Group by 39.2% in the second quarter. Neuberger Berman Group LLC now owns 4,185 shares of the insurance provider’s stock worth $1,065,000 after purchasing an additional 1,179 shares during the period. Alliancebernstein L.P. grew its holdings in Everest Re Group by 105.0% in the second quarter. Alliancebernstein L.P. now owns 88,116 shares of the insurance provider’s stock worth $22,433,000 after purchasing an additional 45,141 shares during the period. Finally, Teachers Advisors LLC grew its holdings in Everest Re Group by 0.5% in the second quarter. Teachers Advisors LLC now owns 186,211 shares of the insurance provider’s stock worth $47,407,000 after purchasing an additional 933 shares during the period. Institutional investors own 92.76% of the company’s stock.
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Everest Re Group Company Profile
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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