Brokerages expect Everest Re Group Ltd (NYSE:RE) to report sales of $2.04 billion for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Everest Re Group’s earnings, with estimates ranging from $2.02 billion to $2.06 billion. Everest Re Group posted sales of $1.89 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 7.9%. The company is scheduled to report its next earnings report on Monday, November 4th.
On average, analysts expect that Everest Re Group will report full-year sales of $8.15 billion for the current fiscal year, with estimates ranging from $8.04 billion to $8.26 billion. For the next financial year, analysts expect that the company will post sales of $8.90 billion, with estimates ranging from $8.71 billion to $9.25 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Everest Re Group.
Everest Re Group (NYSE:RE) last posted its earnings results on Monday, July 29th. The insurance provider reported $7.85 earnings per share for the quarter, topping analysts’ consensus estimates of $6.66 by $1.19. Everest Re Group had a return on equity of 6.37% and a net margin of 6.67%. The firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the prior year, the business earned $0.98 EPS. The business’s revenue for the quarter was up 6.7% on a year-over-year basis.
A number of research analysts have weighed in on RE shares. UBS Group upped their target price on Everest Re Group from $252.00 to $257.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Morgan Stanley cut 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. Zacks Investment Research downgraded Everest Re Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Barclays set a $300.00 price target on Everest Re Group and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, ValuEngine downgraded Everest Re Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Everest Re Group currently has an average rating of “Hold” and a consensus target price of $254.71.
Shares of RE stock traded up $2.54 during midday trading on Tuesday, reaching $249.29. 169,500 shares of the stock were exchanged, compared to its average volume of 270,373. Everest Re Group has a 1 year low of $201.09 and a 1 year high of $260.51. The company’s 50 day moving average is $252.03 and its two-hundred day moving average is $236.81. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.07. The firm has a market cap of $10.05 billion, a PE ratio of 53.61, a price-to-earnings-growth ratio of 0.99 and a beta of 0.25.
In related news, CEO John P. Doucette sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $251.97, for a total value of $1,259,850.00. Following the transaction, the chief executive officer now directly owns 22,747 shares of the company’s stock, valued at approximately $5,731,561.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Meryl D. Hartzband acquired 500 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was acquired at an average cost of $242.31 per share, for a total transaction of $121,155.00. Following the completion of the transaction, the director now directly owns 9,570 shares in the company, valued at approximately $2,318,906.70. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in RE. BlackRock Inc. lifted its position in Everest Re Group by 16.3% in the 2nd quarter. BlackRock Inc. now owns 3,965,427 shares of the insurance provider’s stock valued at $980,173,000 after acquiring an additional 555,838 shares in the last quarter. Invesco Ltd. lifted its position in Everest Re Group by 122.1% in the 2nd quarter. Invesco Ltd. now owns 730,130 shares of the insurance provider’s stock valued at $180,473,000 after acquiring an additional 401,412 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Everest Re Group in the 2nd quarter valued at approximately $93,471,000. Scout Investments Inc. bought a new position in Everest Re Group in the 2nd quarter valued at approximately $48,411,000. Finally, Federated Investors Inc. PA lifted its position in Everest Re Group by 186.4% in the 1st quarter. Federated Investors Inc. PA now owns 261,124 shares of the insurance provider’s stock valued at $56,392,000 after acquiring an additional 169,952 shares in the last quarter. 90.59% of the stock is currently owned by institutional investors and hedge funds.
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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