Jefferies Financial Group Weighs in on Everest Re Group, Ltd.’s FY2024 Earnings (NYSE:RE)

Posted by Defense World Staff on Apr 12th, 2023

Everest Re Group, Ltd. (NYSE:RE – Get Rating) – Equities researchers at Jefferies Financial Group upped their FY2024 earnings estimates for Everest Re Group in a report issued on Monday, April 10th. Jefferies Financial Group analyst Y. Kinar now forecasts that the insurance provider will post earnings per share of $59.55 for the year, up from their prior forecast of $58.50. Jefferies Financial Group currently has a “Buy” rating and a $468.00 price target on the stock. The consensus estimate for Everest Re Group’s current full-year earnings is $45.63 per share.

Other equities research analysts also recently issued reports about the company. BMO Capital Markets initiated coverage on Everest Re Group in a report on Thursday, January 19th. They set a “market perform” rating and a $380.00 target price for the company. Wells Fargo & Company raised their target price on shares of Everest Re Group from $408.00 to $426.00 and gave the stock an “overweight” rating in a report on Friday, February 10th. Raymond James boosted their price target on shares of Everest Re Group from $385.00 to $415.00 and gave the company an “outperform” rating in a report on Monday, February 13th. Finally, StockNews.com initiated coverage on shares of Everest Re Group in a research report on Thursday, March 16th. They issued a “buy” rating for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Everest Re Group has an average rating of “Moderate Buy” and a consensus target price of $406.80.

Everest Re Group Price Performance

Shares of NYSE:RE opened at $363.28 on Tuesday. The company has a market capitalization of $14.23 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 0.26 and a beta of 0.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a fifty day moving average of $365.13 and a 200-day moving average of $334.29. Everest Re Group has a one year low of $244.57 and a one year high of $394.99.

Everest Re Group (NYSE:RE – Get Rating) last issued its quarterly earnings results on Wednesday, February 8th. The insurance provider reported $12.21 earnings per share for the quarter, beating analysts’ consensus estimates of $9.29 by $2.92. The company had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.24 billion. Everest Re Group had a net margin of 4.96% and a return on equity of 12.36%. Everest Re Group’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company earned $9.12 EPS.

Everest Re Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 30th. Stockholders of record on Thursday, March 16th were given a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Wednesday, March 15th. Everest Re Group’s dividend payout ratio (DPR) is 43.68%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its stake in shares of Everest Re Group by 13.7% during the 4th quarter. IFP Advisors Inc now owns 249 shares of the insurance provider’s stock valued at $40,000 after buying an additional 30 shares during the period. Pathstone Family Office LLC increased its position in Everest Re Group by 1.2% in the 4th quarter. Pathstone Family Office LLC now owns 2,683 shares of the insurance provider’s stock worth $907,000 after purchasing an additional 31 shares during the last quarter. Vantage Consulting Group Inc raised its stake in shares of Everest Re Group by 4.6% during the 3rd quarter. Vantage Consulting Group Inc now owns 771 shares of the insurance provider’s stock worth $202,000 after purchasing an additional 34 shares in the last quarter. Alaska Permanent Fund Corp lifted its holdings in shares of Everest Re Group by 0.4% during the 3rd quarter. Alaska Permanent Fund Corp now owns 9,398 shares of the insurance provider’s stock valued at $2,466,000 after buying an additional 35 shares during the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Everest Re Group by 0.9% in the 4th quarter. National Bank of Canada FI now owns 4,135 shares of the insurance provider’s stock valued at $1,370,000 after buying an additional 35 shares in the last quarter. 92.38% of the stock is owned by hedge funds and other institutional investors.

Everest Re Group Company Profile

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Everest Re Group Ltd. is a holding company, which engages in the provision of reinsurance and insurance services. It operates through the following segments: Reinsurance, and Insurance. The 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.