Magnetar Financial LLC Grows Stock Position in Everest Group, Ltd. $EG

Magnetar Financial LLC grew its position in shares of Everest Group, Ltd. (NYSE:EG) by 62.3% during the second quarter, HoldingsChannel reports. The firm owned 2,934 shares of the company’s stock after buying an additional 1,126 shares during the period. Magnetar Financial LLC’s holdings in Everest Group were worth $997,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. SVB Wealth LLC acquired a new stake in Everest Group during the 1st quarter valued at $30,000. Zions Bancorporation National Association UT purchased a new position in Everest Group in the 1st quarter valued at about $34,000. Board of the Pension Protection Fund acquired a new stake in shares of Everest Group during the second quarter valued at about $34,000. WPG Advisers LLC purchased a new stake in shares of Everest Group during the first quarter worth about $37,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Everest Group by 98.9% during the first quarter. Geneos Wealth Management Inc. now owns 181 shares of the company’s stock worth $66,000 after acquiring an additional 90 shares during the last quarter. 92.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Everest Group in a report on Wednesday, October 8th. Raymond James Financial reiterated an “outperform” rating and set a $350.00 target price on shares of Everest Group in a research note on Monday, November 3rd. Citigroup started coverage on shares of Everest Group in a research report on Wednesday, August 13th. They set a “neutral” rating and a $362.00 price target for the company. Wolfe Research upgraded shares of Everest Group from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 29th. Finally, Cantor Fitzgerald upgraded shares of Everest Group to a “hold” rating in a research note on Wednesday, August 13th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Everest Group has an average rating of “Hold” and an average target price of $368.77.

Everest Group Stock Performance

EG stock opened at $311.16 on Monday. The stock’s 50 day simple moving average is $336.12 and its 200 day simple moving average is $337.93. Everest Group, Ltd. has a 12-month low of $302.44 and a 12-month high of $392.78. The firm has a market cap of $13.06 billion, a P/E ratio of 23.70, a P/E/G ratio of 0.25 and a beta of 0.47. 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 released its quarterly earnings data on Monday, October 27th. The company reported $7.54 EPS for the quarter, missing analysts’ consensus estimates of $13.39 by ($5.85). Everest Group had a return on equity of 3.81% and a net margin of 3.12%.The business had revenue of $4.32 billion during the quarter, compared to analyst estimates of $3.86 billion. During the same period in the prior year, the firm earned $11.80 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities research analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Wednesday, November 26th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, November 26th. Everest Group’s dividend payout ratio is currently 60.93%.

Insider Activity

In other Everest Group news, Director William F. Galtney, Jr. acquired 11,385 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were purchased at an average price of $307.38 per share, for a total transaction of $3,499,521.30. Following the completion of the purchase, the director directly owned 45,491 shares in the company, valued at $13,983,023.58. The trade was a 33.38% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Allan Levine bought 3,100 shares of the firm’s stock in a transaction on Wednesday, October 29th. The stock was bought at an average price of $306.08 per share, with a total value of $948,848.00. Following the completion of the purchase, the director owned 4,153 shares of the company’s stock, valued at $1,271,150.24. This trade represents a 294.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.10% of the stock is owned by corporate insiders.

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.