On June 11, 2023, Cary Street Partners Asset Management LLC announced that it had reduced its holdings in Everest Re Group Ltd. by 8.3% during the fourth quarter. As per the recently submitted filing with the Securities and Exchange Commission (SEC), the company sold 1,536 shares of Everest Re Group previously owned by them, bringing their total ownership down to 16,928 shares from its previous holding of 18,464 shares.
Everest Re Group is a renowned holding company offering reinsurance and insurance services through its two key segments – reinsurance and insurance. The former segment provides property and casualty reinsurance along with specialty lines such as marine, aviation, surety, and accident and health business through reinsurance brokers primarily based across the U.S.
According to recent estimates provided by Cary Street Partners Asset Management LLC itself via SEC filings, Everest Re Group also features on their investment portfolio at a standing of 18th largest position making up only around 1.1% of investments held under it. The market value of these shares stood at $5,608,000 following its most recent filing.
Shares of RE stock traded at $344.59 when trading opened on June 11th adding up to a current market capitalization figure of about $13.54 billion which includes a PE ratio of around 20.44 while the PEG ratio for it stands at 0.27 showing strong financial stability while maintaining growth over time.
Moreover, Everest Re Group’s moving average price for fifty days stands at $365.67 while its two hundred-day moving average was noted at $356.07 implying enduring profitability over longer periods too irrespective of short-term fluctuations in stock prices.
Everest Re Group has shown commendable strength both as an entity providing insurance services as well as a responsible corporate investor with respectable standing among investors ranging from institutional investors to individual share owners alike which is reflected in its solid financial fundamentals over time.
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Everest Re Group Ltd. Draws Attention from Prominent Investors, Analysts Issue Positive Reports
Everest Re Group Ltd. is a world-renowned holding company that provides reinsurance and insurance services, including property and casualty, marine, aviation, surety, accident and health through reinsurance brokers to clients primarily within the U.S. It has recently gained much attention in the market as a result of large investors growing their stakes in the company or reducing them. One such prominent case saw JPMorgan Chase & Co., one of the largest financial institutions in the world, raise its holdings in shares of Everest Re Group by 10.9%, with Raymond James Financial Services Advisors Inc., Panagora Asset Management Inc., Commonwealth of Pennsylvania Public School Empls Retrmt SYS and Aviva PLC – all significant players in institutional investment and hedge funds – similarly boosting their positions.
Furthermore, analysts have issued reports on this company as well. Jefferies Financial Group gave Everest Re Group a “buy” rating with a price objective lift to $468 from $455; Raymond James upped its target price to $415 from $385 giving it an “outperform” rating; Wells Fargo & Company also raised its price target from $435 to $445 while StockNews.com initiated coverage on Everest Re Group with a “buy” rating for the company.
Although the insurance provider reported an EPS ($11.31) less than expected ($12.48) for the quarter ending May 1st which initially caused alarm, it is believed that this will not significantly affect projected earnings for this fiscal year which presently measure at 43.69 EPS according to equities research analysts . Furthermore, Everest Re Group has performed tremendously well as it had revenue of $3.33 billion for quarter compared to consensus estimates pegging it at just $3.10 billion.
Investors are anticipating huge returns following announcement of a quarterly dividend due on June 16th where shareholders recorded on Wednesday May 31st would be issued dividends at rates of $1.65 per share. This represents a substantial $6.60 annualized dividend and yields about 1.92%. With all these reports from institutional investors and hedge funds, it is clear that following such investments, Everest Re Group has the potential to grow its profile as a leader in the insurance and reinsurance industry with its increasingly attractive portfolio of services and offerings.
