Everest Group (NYSE:EG) Given New $485.00 Price Target at Bank of America

Everest Group (NYSE:EG) had its price target reduced by Bank of America from $496.00 to $485.00 in a research note published on Thursday, Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group boosted their target price on Everest Group from $440.00 to $457.00 and gave the company a buy rating in a research report on Wednesday. BMO Capital Markets reaffirmed a market perform rating and issued a $403.00 price objective on shares of Everest Group in a research report on Friday, August 30th. Morgan Stanley dropped their price target on Everest Group from $450.00 to $445.00 and set an overweight rating on the stock in a research report on Wednesday, July 10th. Wells Fargo & Company upped their price objective on Everest Group from $393.00 to $406.00 and gave the stock an equal weight rating in a research note on Thursday. Finally, TD Cowen decreased their price objective on Everest Group from $419.00 to $405.00 and set a hold rating for the company in a research note on Tuesday, August 13th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $439.27.

Everest Group Stock Performance

Shares of Everest Group stock traded up $2.70 during trading hours on Thursday, reaching $396.56. 51,214 shares of the stock traded hands, compared to its average volume of 338,652. The company has a 50 day moving average price of $382.30 and a 200 day moving average price of $380.67. The firm has a market capitalization of $17.08 billion, a price-to-earnings ratio of 5.82, a P/E/G ratio of 2.70 and a beta of 0.61. Everest Group has a one year low of $343.76 and a one year high of $417.92. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24.

Everest Group (NYSE:EG) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $16.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $16.97 by ($0.12). Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.32 billion. During the same quarter last year, the firm posted $15.21 earnings per share. The company’s revenue was up 15.8% compared to the same quarter last year. On average, equities research analysts expect that Everest Group will post 61.78 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Monday, September 16th were given a $2.00 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $8.00 annualized dividend and a dividend yield of 2.02%. Everest Group’s dividend payout ratio (DPR) is presently 11.81%.

Hedge Funds Weigh In On Everest Group

Several hedge funds and other institutional investors have recently made changes to their positions in EG. American National Bank purchased a new position in Everest Group during the second quarter worth approximately $27,000. M&R Capital Management Inc. purchased a new stake in Everest Group in the third quarter valued at $29,000. Bruce G. Allen Investments LLC raised its position in Everest Group by 200.0% in the third quarter. Bruce G. Allen Investments LLC now owns 78 shares of the company’s stock valued at $31,000 after purchasing an additional 52 shares during the period. Massmutual Trust Co. FSB ADV purchased a new stake in Everest Group in the first quarter valued at $33,000. Finally, American National Bank & Trust raised its position in Everest Group by 80.0% in the third quarter. American National Bank & Trust now owns 126 shares of the company’s stock valued at $49,000 after purchasing an additional 56 shares during the period. Hedge funds and other institutional investors own 92.64% of the company’s stock.

About Everest Group

Everest Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally. The company operates through two segment, Insurance and Reinsurance. The Reinsurance 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.