Everest Re Group (NYSE:RE) Hits New 1-Year High Following Analyst Upgrade

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Everest Re Group Ltd (NYSE:RE)’s share price hit a new 52-week high during trading on Tuesday after Barclays raised their price target on the stock from $300.00 to $317.00. Barclays currently has an overweight rating on the stock. Everest Re Group traded as high as $269.35 and last traded at $269.20, with a volume of 9599 shares. The stock had previously closed at $266.66.

RE has been the subject of a number of other reports. Credit Suisse Group set a $256.00 target price on shares of Everest Re Group and gave the stock a “hold” rating in a report on Sunday, September 15th. Wells Fargo & Co reiterated a “hold” rating and issued a $250.00 target price on shares of Everest Re Group in a report on Monday, October 28th. ValuEngine downgraded shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Morgan Stanley dropped their price target on Everest Re Group from $265.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Everest Re Group presently has an average rating of “Hold” and an average target price of $264.50.

Several hedge funds have recently modified their holdings of the company. Crossmark Global Holdings Inc. boosted its position in shares of Everest Re Group by 15.8% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 7,829 shares of the insurance provider’s stock worth $1,935,000 after acquiring an additional 1,067 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of Everest Re Group by 0.3% during the 2nd quarter. Retirement Systems of Alabama now owns 18,996 shares of the insurance provider’s stock worth $4,695,000 after acquiring an additional 56 shares in the last quarter. Scout Investments Inc. acquired a new stake in shares of Everest Re Group during the 2nd quarter worth approximately $48,411,000. NN Investment Partners Holdings N.V. boosted its position in shares of Everest Re Group by 118.6% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 4,993 shares of the insurance provider’s stock worth $1,234,000 after acquiring an additional 2,709 shares in the last quarter. Finally, Diversified Trust Co boosted its position in shares of Everest Re Group by 12.2% during the 2nd quarter. Diversified Trust Co now owns 2,255 shares of the insurance provider’s stock worth $557,000 after acquiring an additional 245 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.

The company has a current ratio of 0.32, a quick ratio of 0.37 and a debt-to-equity ratio of 0.07. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 57.40, a price-to-earnings-growth ratio of 1.17 and a beta of 0.24. The company’s 50-day moving average is $257.00 and its 200-day moving average is $251.16.

Everest Re Group (NYSE:RE) last posted its quarterly earnings results on Monday, October 28th. The insurance provider reported $3.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $1.32. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.03 billion. Everest Re Group had a net margin of 5.30% and a return on equity of 5.90%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business posted $4.09 EPS. Equities research analysts forecast that Everest Re Group Ltd will post 22.6 EPS for the current year.

Everest Re Group Company Profile (NYSE:RE)

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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