Everest Re Group, Ltd. (NYSE:RE) Shares Bought by Federated Hermes Inc.

Posted by Defense World Staff on Mar 11th, 2023

Federated Hermes Inc. raised its holdings in shares of Everest Re Group, Ltd. (NYSE:RE – Get Rating) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,059 shares of the insurance provider’s stock after acquiring an additional 105 shares during the period. Federated Hermes Inc.’s holdings in Everest Re Group were worth $2,640,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Bain Capital Public Equity Management II LLC acquired a new position in shares of Everest Re Group during the 2nd quarter worth about $108,425,000. Victory Capital Management Inc. raised its holdings in shares of Everest Re Group by 30.3% during the third quarter. Victory Capital Management Inc. now owns 1,188,259 shares of the insurance provider’s stock valued at $311,847,000 after acquiring an additional 276,457 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Everest Re Group by 5.4% in the first quarter. Vanguard Group Inc. now owns 4,629,441 shares of the insurance provider’s stock worth $1,395,221,000 after acquiring an additional 237,698 shares during the last quarter. Boston Partners boosted its stake in shares of Everest Re Group by 7.5% in the third quarter. Boston Partners now owns 2,587,523 shares of the insurance provider’s stock worth $681,939,000 after acquiring an additional 181,309 shares during the last quarter. Finally, State Street Corp increased its position in shares of Everest Re Group by 4.4% during the first quarter. State Street Corp now owns 2,049,747 shares of the insurance provider’s stock worth $617,753,000 after purchasing an additional 86,154 shares in the last quarter. 92.38% of the stock is currently owned by institutional investors and hedge funds.

Everest Re Group Trading Down 3.1 %

Shares of Everest Re Group stock opened at $356.90 on Friday. The stock has a 50 day moving average of $362.21 and a 200 day moving average of $321.41. 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 firm has a market capitalization of $13.98 billion, a price-to-earnings ratio of 23.62, a PEG ratio of 0.26 and a beta of 0.60. Everest Re Group, Ltd. has a fifty-two week low of $244.57 and a fifty-two week high of $394.99.

Everest Re Group (NYSE:RE – Get Rating) last released its quarterly earnings results on Wednesday, February 8th. The insurance provider reported $12.21 earnings per share for the quarter, topping analysts’ consensus estimates of $9.29 by $2.92. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Everest Re Group had a return on equity of 12.36% and a net margin of 4.96%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $9.12 EPS. As a group, research analysts predict that Everest Re Group, Ltd. will post 46.03 earnings per share for the current year.

Everest Re Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 30th. Shareholders of record on Thursday, March 16th will be given a dividend of $1.65 per share. This represents a $6.60 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Wednesday, March 15th. Everest Re Group’s dividend payout ratio is presently 43.68%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on RE shares. Morgan Stanley upped their target price on shares of Everest Re Group from $320.00 to $345.00 and gave the stock an “overweight” rating in a report on Tuesday, November 22nd. Raymond James increased their price objective 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. StockNews.com cut Everest Re Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 25th. BMO Capital Markets initiated coverage on Everest Re Group in a research report on Thursday, January 19th. They set a “market perform” rating and a $380.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on Everest Re Group from $408.00 to $426.00 and gave the company an “overweight” rating in a report on Friday, February 10th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $382.00.

Insider Activity

In other news, Director John A. Weber sold 2,333 shares of Everest Re Group stock in a transaction on Friday, December 16th. The stock was sold at an average price of $320.10, for a total value of $746,793.30. Following the completion of the sale, the director now directly owns 4,076 shares of the company’s stock, valued at $1,304,727.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.40% of the company’s stock.

Everest Re Group 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.