Everest Re Group, Ltd. (NYSE:RE – Free Report) has experienced a reduction in its stake held by Allspring Global Investments Holdings LLC, as reported in the company’s most recent Form 13F filing with the SEC. Allspring Global Investments Holdings LLC decreased its stake by 47.9% during the first quarter, selling 64,605 shares of Everest Re Group’s stock and leaving them with 70,329 shares. At the end of the first quarter, Allspring Global Investments Holdings LLC’s ownership represented approximately 0.18% of Everest Re Group, with a total value of $25,179,000.
On May 1st, Everest Re Group disclosed its earnings results for the quarter. The insurance provider reported an EPS (Earnings Per Share) of $11.31 for the quarter, which fell short of analysts’ consensus estimates of $12.48 by $1.17. In terms of revenue, Everest Re Group generated $3.33 billion during the quarter compared to analysts’ expectations of $3.10 billion.
The company’s net margin was calculated at 5.34%, and its return on equity stood at 12.98%. In comparison to the same period last year, Everest Re Group observed an increase in quarterly revenue by 18.4%. Furthermore, during the prior year’s corresponding period, they had posted an EPS of $10.31.
Everest Re Group operates through two main segments: Reinsurance Operations and Insurance Operations. Within these segments, the company provides reinsurance and insurance products both domestically and internationally across various markets such as Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.
In their Reinsurance Operations segment specifically, Everest Re Group underwrites property and casualty reinsurance as well as specialty lines of business through reinsurance brokers and direct agreements with ceding companies in different locations.
While this recent decrease in stake by Allspring Global Investments Holdings LLC may be perceived as a significant change in ownership, investors should consider this information alongside the comprehensive financial picture of Everest Re Group. It is crucial to recognize that this reduction in stake by one investor does not necessarily reflect the overall market sentiment towards the company’s future prospects.
As we progress through the current year, sell-side analysts are projecting an EPS of 43.75 for Everest Re Group, Ltd. This prediction indicates their belief in the company’s ability to generate consistent performance and profitability moving forward.
Everest Re Group’s presence both domestically and internationally, combined with its diversified offering of reinsurance and insurance products, positions them strongly within the industry. As market conditions evolve and risks continue to manifest globally, Everest Re Group has demonstrated resilience and adaptability in navigating challenges while consistently delivering value to its shareholders.
Investors and industry experts will undoubtedly monitor Everest Re Group’s performance closely as they seek further insights into factors driving the company’s success or areas that may require attention. With a long history of providing reinsurance and insurance solutions, Everest Re Group remains a key player in the market worth observing for any developments that may impact its position within the industry.
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Investor Confidence Soars: Notable Institutional Investors Bet Big on Everest Re Group
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”RE” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Everest Re Group, Ltd., a leading provider of reinsurance and insurance products, has recently seen changes in its investor positions. Several institutional investors have made significant purchases of Everest Re Group shares, indicating their confidence in the company’s potential for growth and profitability.
One notable investor is Egerton Capital UK LLP, which acquired a new stake in Everest Re Group during the fourth quarter with a value of approximately $148.84 million. This sizable investment demonstrates Egerton Capital’s belief in the company’s future prospects and its commitment to capitalizing on potential opportunities.
Norges Bank also made a substantial purchase of Everest Re Group shares during the fourth quarter, investing approximately $137.22 million. The decision by Norges Bank to increase its stake in the company signifies its confidence in Everest Re Group’s ability to generate returns for its shareholders.
Furthermore, AllianceBernstein L.P., one of the largest global asset management firms, significantly increased its stake in Everest Re Group by 113.3% during the fourth quarter. This move reflects AllianceBernstein’s recognition of the company’s value and growth potential within the insurance industry.
Vanguard Group Inc., another prominent institutional investor, raised its stake in Everest Re Group by 5.4% during the first quarter. With an additional investment of 237,698 shares, Vanguard now owns approximately 4.63 million shares of Everest Re Group stock worth $1.40 billion. This increase in ownership demonstrates Vanguard’s bullish outlook on the company’s performance and market position.
Epoch Investment Partners Inc., known for its expertise in managing assets across various sectors, experienced substantial growth in its stake as well. Epoch Investment Partners boosted its ownership of Everest Re Group by an astounding 3,237.7% during the fourth quarter. The firm now holds approximately 180,338 shares valued at $59.74 million.
It is worth noting that hedge funds and other institutional investors own a significant majority, accounting for 94.39% of Everest Re Group’s stock. This high level of institutional ownership further underscores the confidence that these investors have in the company’s ability to deliver strong financial results and drive long-term value for its shareholders.
In terms of stock performance, Everest Re Group opened at $332.87 on Thursday. Over the past year, its share price has ranged from a low of $244.57 to a high of $394.99. With a market capitalization of $13.08 billion and a price-to-earnings ratio of 19.74, Everest Re Group remains an attractive investment option for many discerning investors.
Everest Re Group operates through two main segments: Reinsurance Operations and Insurance Operations. The Reinsurance Operations segment underwrites property and casualty reinsurance as well as specialty lines of business through reinsurance brokers and direct agreements with ceding companies in various countries, including the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.
The company also recently announced a quarterly dividend paid on June 16th to stockholders of record on May 31st. Each shareholder received a dividend payout of $1.65 per share on an annualized basis, resulting in a dividend yield of 1.98%. Everest Re Group’s strong dividend payout ratio (DPR) is currently 39.15%, demonstrating its commitment to rewarding shareholders with consistent dividends.
In terms of analyst opinions, several experts have shared positive sentiments about the prospects of Everest Re Group stock. Citigroup recently initiated coverage on the company with a “buy” rating and set a target price of $406.00 per share. StockNews.com also initiated coverage on Everest Re Group with a “buy” rating.
Jefferies Financial Group raised their price objective on Everest Re Group from $455.00 to $468.00 and reiterated their “buy” rating based on the company’s strong performance and growth potential. Morgan Stanley initiated coverage on Everest Re Group with an “overweight” rating, accompanied by a price target of $429.00 per share. Lastly, Wells Fargo & Company raised their price objective from $435.00 to $445.00.
In conclusion, the recent changes in investor positions for Everest Re Group signal a high degree of interest and confidence in the company’s potential for growth and profitability. With notable institutional investors making significant purchases and positive sentiments from analysts, Everest Re Group appears poised to continue its upward trajectory in the reinsurance and insurance industry. As it continues to deliver strong financial results and expand its operations internationally while maintaining a solid dividend payout ratio, Everest Re Group remains an appealing option for investors seeking long-term value and capital appreciation in their portfolios.
Note: The information provided in this article is based on publicly available sources, including company reports and analyst opinions. It is intended for informational purposes only and should not be taken as investment advice.
