Everest Re Group Misses Estimates By 1 Cent (RE)

Bermuda based property and casualty insurance company Everest Re Group, Ltd. RE released financial results on Monday morning that just missed Wall Street earnings estimates, while beating revenue expectations. Everest Re Group, Ltd announced that its 3rd quarter after-tax operating income fell to $149.3 million, or $2.67 per share, down from $209.4 million, or $3.43 per share, a year earlier. Total revenues rose to $1.178 billion, up from $1.157 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $2.66 per share, on revenue of $1.07 billion. Chairman and chief executive officer Joseph V. Taranto said, “While competitive conditions continue to persist in our marketplace, we remain committed to the protection and creation of shareholder value through operating discipline and capital management. During the quarter, we saw book value per share growth of more than 6%, which included the return of capital in excess of $126 million for dividends and share repurchases.” Everest Re Group, Ltd. (RE) finished the previous trading day at $84.28 per share. The consensus price target of analysts covering the company's stock is $95.43 per share. Read more from Benzinga's Company news.