Everest Group (NYSE:EG) Hits New 12-Month High – What’s Next?

Everest Group, Ltd. (NYSE:EG) shares hit a new 52-week high on Thursday. The company traded as high as $411.21 and last traded at $397.5590, with a volume of 158,909 shares trading hands. The stock had previously closed at $386.88.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Mizuho reduced their price objective on Everest Group from $416.00 to $398.00 and set a “neutral” rating for the company in a research report on Wednesday, October 7th. Evercore set a $377.00 target price on Everest Group in a research report on Thursday, July 30th. Morgan Stanley boosted their target price on shares of Everest Group from $355.00 to $360.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. TD Cowen increased their price target on shares of Everest Group from $365.00 to $385.00 and gave the stock a “hold” rating in a research report on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Everest Group from $414.00 to $407.00 and set an “outperform” rating on the stock in a research note on Monday, October 12th. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Everest Group presently has a consensus rating of “Hold” and an average target price of $407.94.

Everest Group Price Performance

The stock has a market cap of $15.28 billion, a PE ratio of 8.46, a P/E/G ratio of 0.59 and a beta of 0.26. The firm’s fifty day moving average price is $376.98 and its 200 day moving average price is $352.42. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $7.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.38 by ($1.76). Everest Group had a net margin of 11.41% and a return on equity of 13.63%. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same quarter in the prior year, the firm posted $7.54 earnings per share. The business’s revenue was down 14.0% on a year-over-year basis. As a group, equities analysts expect that Everest Group, Ltd. will post 53.72 EPS for the current fiscal year.

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Wednesday, September 9th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, September 9th. Everest Group’s payout ratio is 16.92%.

Hedge Funds Weigh In On Everest Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Everest Group during the second quarter worth $1,150,555,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Everest Group in the 2nd quarter worth about $350,718,000. William Blair Investment Management LLC bought a new stake in shares of Everest Group in the 2nd quarter worth about $171,426,000. Donald Smith & CO. Inc. purchased a new position in shares of Everest Group during the 2nd quarter worth about $153,206,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Everest Group by 507.4% during the 1st quarter. Hsbc Holdings PLC now owns 449,919 shares of the company’s stock worth $147,102,000 after purchasing an additional 375,846 shares during the period. 92.64% of the stock is owned by institutional investors.

About Everest Group

Everest Group, Ltd. is a global insurance and reinsurance company that provides property and casualty coverage to businesses, institutions, and other insurers. Its operations focus on assuming and managing risks through reinsurance, as well as offering insurance products in selected specialty and commercial markets.

The company’s reinsurance business supports insurers across lines such as property, casualty, specialty, and other risks. Through its insurance platform, Everest provides coverage for commercial customers and specialty exposures, including property, casualty, professional liability, and other products that may vary by market.