M&G PLC Buys New Position in Everest Group, Ltd. $EG

M&G PLC purchased a new position in Everest Group, Ltd. (NYSE:EG) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 20,087 shares of the company’s stock, valued at approximately $6,830,000.

Several other hedge funds have also recently modified their holdings of EG. Forsta AP Fonden raised its position in shares of Everest Group by 9.9% in the 2nd quarter. Forsta AP Fonden now owns 8,900 shares of the company’s stock valued at $3,025,000 after purchasing an additional 800 shares during the last quarter. National Pension Service increased its stake in Everest Group by 1.8% during the 2nd quarter. National Pension Service now owns 30,900 shares of the company’s stock valued at $10,501,000 after purchasing an additional 560 shares in the last quarter. Vise Technologies Inc. purchased a new position in shares of Everest Group in the second quarter worth $205,000. Allworth Financial LP lifted its stake in shares of Everest Group by 96.8% during the second quarter. Allworth Financial LP now owns 183 shares of the company’s stock worth $62,000 after buying an additional 90 shares during the period. Finally, Nuance Investments LLC grew its holdings in shares of Everest Group by 28.2% during the second quarter. Nuance Investments LLC now owns 21,036 shares of the company’s stock valued at $7,149,000 after buying an additional 4,632 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

Insider Transactions at Everest Group

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

Everest Group Stock Up 0.1%

Everest Group stock opened at $324.89 on Thursday. The business has a 50 day simple moving average of $339.75 and a 200-day simple moving average of $339.57. Everest Group, Ltd. has a 12 month low of $302.44 and a 12 month high of $392.78. The stock has a market capitalization of $13.64 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 0.25 and a beta of 0.47. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38.

Everest Group (NYSE:EG) last posted its quarterly earnings data on Monday, October 27th. The company reported $7.54 earnings per share 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 company had revenue of $4.32 billion for the quarter, compared to analyst estimates of $3.86 billion. During the same quarter in the prior year, the company posted $11.80 earnings per share. The business’s revenue was up .8% on a year-over-year basis. On average, analysts anticipate that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Wednesday, November 26th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.5%. Everest Group’s dividend payout ratio is presently 60.93%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company lowered their price target on Everest Group from $383.00 to $343.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 29th. Cantor Fitzgerald raised Everest Group to a “hold” rating in a report on Wednesday, August 13th. Evercore ISI increased their price target on shares of Everest Group from $380.00 to $384.00 and gave the stock an “in-line” rating in a report on Wednesday, October 1st. Citigroup assumed coverage on shares of Everest Group in a report on Wednesday, August 13th. They issued a “neutral” rating and a $362.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Everest Group from $424.00 to $400.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. Five research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $372.36.

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.