Keefe, Bruyette & Woods Downgrades Everest Re Group, Ltd. (RE) to Underperform

Everest Re Group, Ltd. (NYSE:RE) was downgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “underperform” rating in a report issued on Monday, July 17th, MarketBeat.com reports. They presently have a $245.00 target price on the insurance provider’s stock, down from their prior target price of $251.00. Keefe, Bruyette & Woods’ target price indicates a potential downside of 7.57% from the company’s current price.

Several other equities analysts also recently weighed in on RE. Zacks Investment Research downgraded shares of Everest Re Group from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $259.00 price objective (up previously from $250.00) on shares of Everest Re Group in a research note on Thursday, July 6th. BidaskClub upgraded Everest Re Group from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. ValuEngine upgraded Everest Re Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Finally, Barclays PLC increased their target price on Everest Re Group from $269.00 to $299.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $250.25.

Shares of Everest Re Group (NYSE RE) traded down 1.57% during mid-day trading on Monday, reaching $265.07. 218,581 shares of the company’s stock were exchanged. The firm has a market cap of $10.88 billion, a P/E ratio of 9.09 and a beta of 0.63. Everest Re Group has a 52-week low of $183.04 and a 52-week high of $277.17. The company has a 50 day moving average price of $263.19 and a 200 day moving average price of $245.23.

Everest Re Group (NYSE:RE) last issued its quarterly earnings results on Monday, July 24th. The insurance provider reported $5.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $5.24 by $0.27. Everest Re Group had a net margin of 19.65% and a return on equity of 13.60%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company earned $3.17 EPS. Analysts forecast that Everest Re Group will post $21.48 earnings per share for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Everest Re Group by 4,778.3% in the first quarter. BlackRock Inc. now owns 3,909,246 shares of the insurance provider’s stock valued at $914,021,000 after buying an additional 3,829,110 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Everest Re Group by 23.1% in the second quarter. Vanguard Group Inc. now owns 3,756,913 shares of the insurance provider’s stock valued at $956,473,000 after buying an additional 704,287 shares during the last quarter. State Street Corp boosted its position in shares of Everest Re Group by 2.3% in the first quarter. State Street Corp now owns 1,706,720 shares of the insurance provider’s stock valued at $399,045,000 after buying an additional 38,072 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Everest Re Group by 28.9% in the first quarter. AQR Capital Management LLC now owns 1,289,792 shares of the insurance provider’s stock valued at $301,566,000 after buying an additional 289,351 shares during the last quarter. Finally, APG Asset Management N.V. boosted its position in shares of Everest Re Group by 2.5% in the first quarter. APG Asset Management N.V. now owns 728,862 shares of the insurance provider’s stock valued at $170,415,000 after buying an additional 17,800 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

About Everest Re Group

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.

Analyst Recommendations for Everest Re Group (NYSE:RE)

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