Shares of Everest Re Group, Ltd. (NYSE:RE) hit a new 52-week high during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $321.00 to $331.00. Morgan Stanley currently has an overweight rating on the stock. Everest Re Group traded as high as $290.14 and last traded at $289.76, with a volume of 6737 shares traded. The stock had previously closed at $284.60.
Several other equities analysts also recently weighed in on the company. Jefferies Financial Group began coverage on Everest Re Group in a research note on Thursday, November 18th. They issued a "buy" rating and a $335.00 price objective for the company. Zacks Investment Research raised Everest Re Group from a "sell" rating to a "hold" rating and set a $281.00 price objective for the company in a research note on Thursday, December 16th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Everest Re Group currently has a consensus rating of "Buy" and a consensus price target of $305.57.
A number of large investors have recently added to or reduced their stakes in RE. American Century Companies Inc. raised its position in Everest Re Group by 40.9% in the second quarter. American Century Companies Inc. now owns 1,927 shares of the insurance provider's stock valued at $486,000 after purchasing an additional 559 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Everest Re Group by 12.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,402 shares of the insurance provider's stock valued at $1,865,000 after purchasing an additional 845 shares during the period. Rockefeller Capital Management L.P. raised its position in Everest Re Group by 322.6% in the second quarter. Rockefeller Capital Management L.P. now owns 262 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 200 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Everest Re Group by 51.4% during the second quarter. BNP Paribas Arbitrage SA now owns 31,042 shares of the insurance provider's stock worth $7,823,000 after acquiring an additional 10,543 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Everest Re Group during the second quarter worth about $380,000. 92.89% of the stock is currently owned by institutional investors.
The firm has a market capitalization of $11.53 billion, a PE ratio of 11.32 and a beta of 0.69. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a 50-day moving average price of $271.70 and a 200-day moving average price of $264.07.
Everest Re Group (NYSE:RE) last announced its earnings results on Wednesday, October 27th. The insurance provider reported ($1.34) earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of ($1.29) by ($0.05). Everest Re Group had a return on equity of 7.54% and a net margin of 8.79%. The business had revenue of $3.03 billion for the quarter, compared to analysts' expectations of $2.93 billion. During the same period in the previous year, the firm posted $2.42 earnings per share. The firm's revenue was up 23.6% compared to the same quarter last year. As a group, equities research analysts predict that Everest Re Group, Ltd. will post 28.72 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, December 22nd. Investors of record on Wednesday, December 1st were paid a $1.55 dividend. The ex-dividend date was Tuesday, November 30th. This represents a $6.20 dividend on an annualized basis and a yield of 2.14%. Everest Re Group's dividend payout ratio (DPR) is 24.62%.
About Everest Re Group (NYSE:RE)
Everest Re Group Ltd. is a holding company, which engages in the provision of reinsurance and insurance services. It operates through the following 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 business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies primarily within the U.S.
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