Everest Group (NYSE:EG) Given New $419.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised Everest Group’s price target from $390 to $419 while maintaining a “neutral” rating, implying about 1.8% upside from the previous close.
• Analyst sentiment remains cautious: Everest has an average “Hold” rating and a consensus price target of $413.19, based on six Buy and nine Hold ratings.
• Everest recently reported weaker-than-expected quarterly results, with EPS of $7.62 versus the $9.38 consensus and revenue down 14% year over year to $3.71 billion.

Everest Group (NYSE:EG - Get Free Report) had its price target increased by equities research analysts at Cantor Fitzgerald from $390.00 to $419.00 in a research report issued on Monday, Benzinga reports. The firm presently has a "neutral" rating on the stock. Cantor Fitzgerald's price target would indicate a potential upside of 1.80% from the stock's previous close.

EG has been the subject of a number of other reports. Wells Fargo & Company increased their price target on shares of Everest Group from $373.00 to $396.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. TD Cowen raised their price objective on shares of Everest Group from $365.00 to $385.00 and gave the company a "hold" rating in a research report on Wednesday, August 19th. Weiss Ratings raised shares of Everest Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 21st. Morgan Stanley boosted their price target on Everest Group from $375.00 to $395.00 and gave the stock an "equal weight" rating in a research report on Friday. Finally, UBS Group raised their price objective on Everest Group from $374.00 to $395.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $413.19.

Everest Group Stock Performance

Shares of EG opened at $411.58 on Monday. The firm has a 50-day moving average price of $378.52 and a 200 day moving average price of $353.16. The company has a quick ratio of 0.35, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $15.78 billion, a PE ratio of 8.70, a P/E/G ratio of 0.57 and a beta of 0.23. Everest Group has a 52-week low of $304.55 and a 52-week high of $413.00.

Everest Group (NYSE:EG - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $7.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.38 by ($1.76). The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.81 billion. Everest Group had a return on equity of 13.71% and a net margin of 11.70%. The business's revenue for the quarter was down 14.0% on a year-over-year basis. During the same period in the prior year, the firm earned $7.54 EPS. On average, sell-side analysts anticipate that Everest Group will post 53.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Everest Group

A number of hedge funds and other institutional investors have recently made changes to their positions in EG. BlackRock Inc. bought a new stake in shares of Everest Group in the 2nd quarter valued at approximately $1,150,555,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Everest Group during the 2nd quarter worth $350,718,000. William Blair Investment Management LLC acquired a new position in Everest Group during the 2nd quarter valued at about $171,426,000. Donald Smith & CO. Inc. acquired a new stake in Everest Group during the 2nd quarter worth $153,206,000. Finally, Hsbc Holdings PLC increased its holdings in Everest Group by 507.4% in the first quarter. Hsbc Holdings PLC now owns 449,919 shares of the company's stock valued at $147,102,000 after purchasing an additional 375,846 shares during the last quarter. 92.64% of the stock is owned by institutional investors.

Everest Group Company Profile

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.

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