Allspring Global Investments Holdings LLC Reduces Position in Everest Re Group, Ltd. (NYSE:RE)

Posted by Defense World Staff on Jun 29th, 2023

Allspring Global Investments Holdings LLC lessened its stake in shares of Everest Re Group, Ltd. (NYSE:RE – Free Report) by 47.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,329 shares of the insurance provider’s stock after selling 64,605 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.18% of Everest Re Group worth $25,179,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RE. Egerton Capital UK LLP purchased a new stake in shares of Everest Re Group during the fourth quarter worth about $148,840,000. Norges Bank purchased a new stake in Everest Re Group in the fourth quarter worth $137,217,000. Alliancebernstein L.P. lifted its stake in Everest Re Group by 113.3% in the fourth quarter. Alliancebernstein L.P. now owns 459,243 shares of the insurance provider’s stock worth $152,133,000 after acquiring an additional 243,934 shares during the period. Vanguard Group Inc. lifted its stake in 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 period. Finally, Epoch Investment Partners Inc. lifted its stake in Everest Re Group by 3,237.7% in the fourth quarter. Epoch Investment Partners Inc. now owns 180,338 shares of the insurance provider’s stock worth $59,741,000 after acquiring an additional 174,935 shares during the period. Hedge funds and other institutional investors own 94.39% of the company’s stock.

Everest Re Group Stock Down 1.5 %

Everest Re Group stock opened at $332.87 on Thursday. Everest Re Group, Ltd. has a one year low of $244.57 and a one year high of $394.99. The stock has a market cap of $13.08 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.61. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 0.33. The stock has a fifty day moving average of $360.85 and a 200 day moving average of $357.23.

Everest Re Group (NYSE:RE – Free Report) last announced its earnings results on Monday, May 1st. The insurance provider reported $11.31 EPS for the quarter, missing analysts’ consensus estimates of $12.48 by ($1.17). The business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.10 billion. Everest Re Group had a net margin of 5.34% and a return on equity of 12.98%. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the prior year, the company posted $10.31 earnings per share. As a group, sell-side analysts predict that Everest Re Group, Ltd. will post 43.75 EPS for the current year.

Everest Re Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Stockholders of record on Wednesday, May 31st were paid a $1.65 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $6.60 dividend on an annualized basis and a dividend yield of 1.98%. Everest Re Group’s dividend payout ratio (DPR) is presently 39.15%.

Analysts Set New Price Targets

A number of analysts recently commented on RE shares. Citigroup assumed coverage on Everest Re Group in a research note on Wednesday, June 21st. They issued a “buy” rating and a $406.00 price target for the company. StockNews.com started coverage on shares of Everest Re Group in a report on Thursday, May 18th. They issued a “buy” rating for the company. Jefferies Financial Group raised their price objective on Everest Re Group from $455.00 to $468.00 and gave the company a “buy” rating in a research report on Monday, April 10th. Morgan Stanley started coverage on Everest Re Group in a research report on Tuesday, June 20th. They issued an “overweight” rating and a $429.00 price target for the company. Finally, Wells Fargo & Company boosted their price objective on shares of Everest Re Group from $435.00 to $445.00 in a report on Wednesday, May 3rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $423.83.

Everest Re Group Company Profile

(Free Report)

Everest Re Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Bermuda, and internationally. The company operates through Reinsurance Operations and Insurance Operations segments. The Reinsurance Operations segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.