Everest Group (NYSE:EG) Trading Down 7.3% – Here’s What Happened

Everest Group, Ltd. (NYSE:EG)’s share price traded down 7.3% during trading on Thursday . The stock traded as low as $352.44 and last traded at $352.44. 114,156 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 340,793 shares. The stock had previously closed at $380.00.

Analysts Set New Price Targets

A number of research firms have recently weighed in on EG. Jefferies Financial Group lifted their target price on Everest Group from $440.00 to $457.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. BMO Capital Markets reiterated a “market perform” rating and issued a $403.00 price target on shares of Everest Group in a research note on Friday, August 30th. Wells Fargo & Company raised 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, October 10th. Barclays assumed coverage on Everest Group in a report on Wednesday, September 4th. They set an “overweight” rating and a $527.00 target price on the stock. Finally, UBS Group raised shares of Everest Group to a “hold” rating in a research report on Wednesday, October 9th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Everest Group has a consensus rating of “Moderate Buy” and a consensus price target of $439.27.

Everest Group Stock Down 3.6 %

The stock’s fifty day simple moving average is $387.38 and its two-hundred day simple moving average is $380.81. The stock has a market capitalization of $15.77 billion, a P/E ratio of 5.40, a price-to-earnings-growth ratio of 2.67 and a beta of 0.61. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38.

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 the consensus estimate of $16.97 by ($0.12). Everest Group had a return on equity of 24.09% and a net margin of 18.36%. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.32 billion. During the same period in the prior year, the business earned $15.21 earnings per share. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, research analysts expect that Everest Group, Ltd. will post 60.97 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. Investors of record on Monday, September 16th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend was Monday, September 16th. Everest Group’s dividend payout ratio is currently 11.81%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Everest Group by 163.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,772 shares of the company’s stock worth $1,897,000 after acquiring an additional 2,964 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Everest Group by 10.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 99,215 shares of the company’s stock worth $39,438,000 after buying an additional 9,250 shares during the period. Norden Group LLC bought a new stake in shares of Everest Group in the 1st quarter valued at $222,000. First Trust Direct Indexing L.P. raised its holdings in shares of Everest Group by 0.9% during the first quarter. First Trust Direct Indexing L.P. now owns 2,976 shares of the company’s stock valued at $1,183,000 after purchasing an additional 28 shares during the period. Finally, Legacy Wealth Asset Management LLC bought a new position in shares of Everest Group during the 1st quarter worth about $555,000. Institutional investors own 92.64% of the company’s stock.

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.