With a 3.8% dividend yield, does Macquarie rate QBE shares a buy, hold or sell?

QBE Insurance Group Ltd (ASX: QBE) shares have handily outperformed the benchmark over the past year.

Shares in the S&P/ASX 200 Index (ASX: XJO) insurance giant closed yesterday trading for $23.44. In early afternoon trade on Wednesday, shares are changing hands for…