Everest Re Group (NYSE:RE) Posts Quarterly Earnings Results, Beats Estimates By $0.39 EPS

Everest Re Group (NYSE:REGet Rating) posted its quarterly earnings results on Wednesday. The insurance provider reported $10.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $9.92 by $0.39, MarketWatch Earnings reports. Everest Re Group had a return on equity of 11.48% and a net margin of 11.62%. During the same period in the previous year, the firm earned $6.49 EPS.

NYSE RE opened at $282.66 on Friday. The company has a 50-day moving average price of $290.16 and a two-hundred day moving average price of $281.66. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.30. The stock has a market cap of $13.90 billion, a price-to-earnings ratio of 8.19, a price-to-earnings-growth ratio of 0.90 and a beta of 0.61. Everest Re Group has a 52 week low of $234.87 and a 52 week high of $308.20.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 30th. Investors of record on Wednesday, March 16th were given a dividend of $1.55 per share. The ex-dividend date was Tuesday, March 15th. This represents a $6.20 dividend on an annualized basis and a yield of 2.19%. Everest Re Group’s dividend payout ratio is currently 17.96%.

A number of equities analysts have recently commented on the stock. Zacks Investment Research cut shares of Everest Re Group from a “buy” rating to a “hold” rating and set a $300.00 target price on the stock. in a report on Thursday, March 17th. Wells Fargo & Company increased their price objective on Everest Re Group from $310.00 to $330.00 in a research report on Friday, February 11th. Morgan Stanley lifted their price target on shares of Everest Re Group from $331.00 to $340.00 and gave the company an “overweight” rating in a research report on Tuesday, February 15th. Finally, StockNews.com started coverage on shares of Everest Re Group in a research note on Thursday, March 31st. They set a “buy” rating for the company. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $317.50.

In related news, Director William F. Galtney, Jr. sold 3,278 shares of the stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $305.67, for a total value of $1,001,986.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sanjoy Mukherjee sold 400 shares of the business’s stock in a transaction on Thursday, March 24th. The shares were sold at an average price of $295.00, for a total transaction of $118,000.00. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Morgan Stanley lifted its position in shares of Everest Re Group by 1.3% in the 2nd quarter. Morgan Stanley now owns 206,023 shares of the insurance provider’s stock worth $51,920,000 after acquiring an additional 2,655 shares during the period. Parametric Portfolio Associates LLC increased its position in shares of Everest Re Group by 2.2% during the 4th quarter. Parametric Portfolio Associates LLC now owns 197,653 shares of the insurance provider’s stock worth $54,141,000 after purchasing an additional 4,275 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Everest Re Group by 1.8% in the fourth quarter. Deutsche Bank AG now owns 170,277 shares of the insurance provider’s stock valued at $46,642,000 after acquiring an additional 2,931 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Everest Re Group by 29.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 117,123 shares of the insurance provider’s stock worth $32,082,000 after purchasing an additional 26,383 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of Everest Re Group by 4.1% during the fourth quarter. Barclays PLC now owns 102,315 shares of the insurance provider’s stock valued at $28,026,000 after purchasing an additional 4,004 shares during the last quarter. 92.73% of the stock is owned by hedge funds and other institutional investors.

Everest Re Group Company Profile (Get Rating)

Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through Reinsurance Operations and Insurance Operations segments. The Reinsurance Operations segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.

Further Reading

Earnings History for Everest Re Group (NYSE:RE)

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