Everest Group, Ltd. (NYSE:EG) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System trimmed its position in Everest Group, Ltd. (NYSE:EG) by 5.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,024 shares of the company’s stock after selling 2,929 shares during the period. New York State Teachers Retirement System owned approximately 0.12% of Everest Group worth $20,203,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of EG. Intech Investment Management LLC bought a new stake in shares of Everest Group during the 4th quarter worth about $18,995,000. Dai ichi Life Insurance Company Ltd bought a new stake in Everest Group in the 4th quarter valued at $1,271,000. Tower Research Capital LLC TRC bought a new position in shares of Everest Group during the 4th quarter worth about $2,372,000. Corient Private Wealth LLC acquired a new position in shares of Everest Group during the fourth quarter valued at about $7,139,000. Finally, Perpetual Ltd lifted 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 valued at $1,878,000 after buying an additional 2,264 shares during the period. 92.64% of the stock is owned by hedge funds and other institutional investors.

Everest Group Stock Performance

Shares of NYSE:EG traded up $4.99 on Friday, hitting $387.16. The company had a trading volume of 70,819 shares, compared to its average volume of 328,264. Everest Group, Ltd. has a 1-year low of $343.76 and a 1-year high of $417.92. The stock has a market cap of $16.75 billion, a price-to-earnings ratio of 5.73, a P/E/G ratio of 2.26 and a beta of 0.63. The stock has a 50 day moving average price of $376.62 and a 200 day moving average price of $377.18. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24.

Everest Group (NYSE:EG) last issued its quarterly 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 analyst estimates of $4.32 billion. Everest Group had a return on equity of 24.09% and a net margin of 18.36%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the company earned $15.21 EPS. Analysts expect that Everest Group, Ltd. will post 61.69 EPS for the current year.

Everest Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Monday, September 16th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $8.00 dividend on an annualized basis and a yield of 2.07%. Everest Group’s payout ratio is 11.89%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Bank of America lifted their price objective on Everest Group from $470.00 to $493.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Morgan Stanley reduced their price objective on Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Keefe, Bruyette & Woods lowered their target price on Everest Group from $454.00 to $438.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. TD Cowen reduced their price target on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company boosted their target price on shares of Everest Group from $392.00 to $393.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $431.00.

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.