Everest Group, Ltd. (NYSE:EG) Sees Large Decrease in Short Interest

Everest Group, Ltd. (NYSE:EG) was the target of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 1,050,000 shares, a decrease of 17.3% from the September 15th total of 1,270,000 shares. Based on an average trading volume of 362,300 shares, the days-to-cover ratio is currently 2.9 days. Currently, 3.2% of the company’s stock are short sold.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on EG shares. Morgan Stanley cut their price objective on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. Jefferies Financial Group raised their price objective on Everest Group from $440.00 to $457.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Keefe, Bruyette & Woods lowered their target price on Everest Group from $454.00 to $438.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Bank of America decreased their price target on shares of Everest Group from $496.00 to $485.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. Finally, TD Cowen dropped their price objective on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $439.27.

Institutional Trading of Everest Group

A number of large investors have recently added to or reduced their stakes in EG. SG Americas Securities LLC grew its stake in shares of Everest Group by 284.8% during the 3rd quarter. SG Americas Securities LLC now owns 24,556 shares of the company’s stock worth $9,622,000 after acquiring an additional 18,175 shares during the period. Perpetual Ltd increased its stake in shares of Everest Group by 92.0% in the first quarter. Perpetual Ltd now owns 4,724 shares of the company’s stock worth $1,878,000 after purchasing an additional 2,264 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of Everest Group during the 1st quarter valued at approximately $1,621,000. Gilman Hill Asset Management LLC bought a new position in Everest Group in the 1st quarter worth approximately $2,600,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Everest Group by 163.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,772 shares of the company’s stock valued at $1,897,000 after buying an additional 2,964 shares in the last quarter. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Everest Group Trading Down 2.6 %

Shares of EG stock opened at $388.24 on Wednesday. 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 company has a market capitalization of $16.87 billion, a price-to-earnings ratio of 5.77, a PEG ratio of 2.70 and a beta of 0.61. Everest Group has a 52-week low of $343.76 and a 52-week high of $417.92. The company has a 50-day simple moving average of $384.33 and a two-hundred day simple moving average of $380.47.

Everest Group (NYSE:EG) last released its earnings results on Wednesday, July 31st. The company reported $16.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $16.97 by ($0.12). Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same period in the prior year, the company earned $15.21 earnings per share. The business’s revenue was up 15.8% on a year-over-year basis. Research analysts anticipate that Everest Group will post 61.78 EPS for the current fiscal year.

Everest Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Monday, September 16th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, September 16th. Everest Group’s dividend payout ratio (DPR) is currently 11.89%.

Everest Group Company Profile

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.