Everest Group (NYSE:EG) Trading Up 4.7% After Analyst Upgrade

Everest Group, Ltd. (NYSE:EG)’s stock price traded up 4.7% during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $393.00 to $406.00. Wells Fargo & Company currently has an equal weight rating on the stock. Everest Group traded as high as $391.99 and last traded at $391.20. 295,797 shares were traded during trading, a decline of 12% from the average session volume of 336,440 shares. The stock had previously closed at $373.73.

EG has been the topic of several other reports. BMO Capital Markets reissued a “market perform” rating and set a $403.00 price target on shares of Everest Group in a research report on Friday, August 30th. Barclays assumed coverage on Everest Group in a report on Wednesday, September 4th. They issued an “overweight” rating and a $527.00 target price on the stock. Bank of America raised their price target on shares of Everest Group from $470.00 to $493.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Jefferies Financial Group upped their price objective on shares of Everest Group from $440.00 to $457.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, TD Cowen cut their target price on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $439.27.

Hedge Funds Weigh In On Everest Group

Several institutional investors have recently bought and sold shares of EG. Vanguard Group Inc. acquired a new stake in shares of Everest Group in the fourth quarter worth $1,886,055,000. Wellington Management Group LLP acquired a new stake in shares of Everest Group in the fourth quarter valued at about $751,457,000. Bain Capital Public Equity Management II LLC bought a new position in shares of Everest Group in the fourth quarter worth about $148,569,000. Boston Partners lifted its position in shares of Everest Group by 29.1% during the 1st quarter. Boston Partners now owns 1,197,457 shares of the company’s stock worth $475,750,000 after purchasing an additional 269,665 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in Everest Group by 30.2% during the 2nd quarter. William Blair Investment Management LLC now owns 580,171 shares of the company’s stock valued at $221,057,000 after purchasing an additional 134,517 shares during the period. 92.64% of the stock is currently owned by institutional investors.

Everest Group Stock Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a 50 day moving average of $382.30 and a two-hundred day moving average of $380.67. The stock has a market cap of $16.96 billion, a P/E ratio of 5.85, a P/E/G ratio of 2.83 and a beta of 0.61.

Everest Group (NYSE:EG) last announced its earnings results 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). The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.32 billion. Everest Group had a return on equity of 24.09% and a net margin of 18.36%. The company’s revenue was up 15.8% compared to the same quarter last year. During the same period last year, the firm posted $15.21 EPS. On average, research analysts predict that Everest Group, Ltd. will post 61.66 EPS for the current fiscal year.

Everest Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Monday, September 16th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Monday, September 16th. Everest Group’s dividend payout ratio is currently 11.89%.

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.