Raymond James Trust N.A. Sells 165 Shares of Everest Re Group, Ltd. (NYSE:RE)

Posted by Defense World Staff on Apr 25th, 2023

Raymond James Trust N.A. cut its holdings in Everest Re Group, Ltd. (NYSE:RE – Get Rating) by 11.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,219 shares of the insurance provider’s stock after selling 165 shares during the period. Raymond James Trust N.A.’s holdings in Everest Re Group were worth $404,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Everest Re Group by 1.1% in the third quarter. Vanguard Group Inc. now owns 4,906,545 shares of the insurance provider’s stock worth $1,287,673,000 after purchasing an additional 55,341 shares during the last quarter. BlackRock Inc. raised its stake in shares of Everest Re Group by 0.3% during the third quarter. BlackRock Inc. now owns 2,811,152 shares of the insurance provider’s stock valued at $737,759,000 after acquiring an additional 8,589 shares during the last quarter. Boston Partners raised its stake in shares of Everest Re Group by 7.5% during the third quarter. Boston Partners now owns 2,587,523 shares of the insurance provider’s stock valued at $681,939,000 after acquiring an additional 181,309 shares during the last quarter. State Street Corp raised its stake 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 valued at $617,753,000 after acquiring an additional 86,154 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake 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. 92.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RE has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Everest Re Group from $408.00 to $426.00 and gave the company an “overweight” rating in a research note on Friday, February 10th. StockNews.com initiated coverage on shares of Everest Re Group in a research note on Thursday, March 16th. They set a “buy” rating for the company. Raymond James upped their price objective on shares of Everest Re Group from $385.00 to $415.00 and gave the company an “outperform” rating in a research note on Monday, February 13th. Jefferies Financial Group boosted their price target on shares of Everest Re Group from $455.00 to $468.00 and gave the company a “buy” rating in a research report on Monday, April 10th. Finally, BMO Capital Markets started coverage on shares of Everest Re Group in a research report on Thursday, January 19th. They set a “market perform” rating and a $380.00 price target on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $406.80.

Everest Re Group Price Performance

Shares of NYSE RE opened at $371.29 on Tuesday. Everest Re Group, Ltd. has a 1 year low of $244.57 and a 1 year high of $394.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.32 and a quick ratio of 0.32. The company’s 50-day moving average is $366.63 and its 200 day moving average is $340.88. The stock has a market capitalization of $16.37 billion, a P/E ratio of 24.57, a P/E/G ratio of 0.27 and a beta of 0.61.

Everest Re Group (NYSE:RE – Get Rating) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $3.24 billion. Everest Re Group had a net margin of 4.96% and a return on equity of 12.36%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $9.12 earnings per share. On average, sell-side analysts expect that Everest Re Group, Ltd. will post 44.28 earnings per share for the current year.

Everest Re Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 30th. Shareholders of record on Thursday, March 16th were issued a $1.65 dividend. This represents a $6.60 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Wednesday, March 15th. Everest Re Group’s dividend payout ratio (DPR) is presently 43.68%.

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.