Royal Bank Of Canada Upgrades Everest Group (NYSE:EG) to Moderate Buy

Key Points

• Royal Bank of Canada upgraded Everest Group to a “moderate buy” rating, although the broader analyst consensus remains “hold,” with five buy ratings and 12 holds.
• Analysts have raised several price targets, including targets of $390 from Cantor Fitzgerald, $395 from UBS, and $455 from Rosenblatt Securities; the consensus target is $409.50 versus the stock’s $372.46 opening price.
• Everest Group reported quarterly EPS of $14.85 on $3.96 billion in revenue, while institutional investors collectively own 92.64% of the company’s shares.

Everest Group (NYSE:EG - Get Free Report) was upgraded by investment analysts at Royal Bank Of Canada to a "moderate buy" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other research analysts also recently issued reports on the company. Cantor Fitzgerald lifted their price target on Everest Group from $344.00 to $390.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. TD Cowen upped their price objective on Everest Group from $365.00 to $385.00 and gave the stock a "hold" rating in a research note on Wednesday, August 19th. UBS Group increased their price target on shares of Everest Group from $374.00 to $395.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. Morgan Stanley raised their price objective on Everest Group from $355.00 to $360.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. Finally, Rosenblatt Securities set a $455.00 target price on Everest Group in a research note on Tuesday. Five investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $409.50.

Everest Group Price Performance

Shares of EG opened at $372.46 on Tuesday. The company has a 50 day moving average price of $375.25 and a 200-day moving average price of $353.50. Everest Group has a fifty-two week low of $302.44 and a fifty-two week high of $401.07. The stock has a market capitalization of $14.28 billion, a PE ratio of 7.88, a PEG ratio of 0.72 and a beta of 0.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The company reported $14.85 earnings per share (EPS) for the quarter. The company had revenue of $3.96 billion for the quarter. Everest Group had a net margin of 11.41% and a return on equity of 13.63%. Equities analysts predict that Everest Group will post 53.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Everest Group

A number of institutional investors and hedge funds have recently modified their holdings of EG. Trifecta Capital Advisors LLC acquired a new stake in Everest Group during the 2nd quarter valued at approximately $29,000. Root Financial Partners LLC increased its stake in shares of Everest Group by 70.1% in the first quarter. Root Financial Partners LLC now owns 165 shares of the company's stock worth $54,000 after acquiring an additional 68 shares during the period. Transamerica Financial Advisors LLC purchased a new position in shares of Everest Group during the second quarter worth $80,000. SJS Investment Consulting Inc. raised its holdings in shares of Everest Group by 85.3% during the first quarter. SJS Investment Consulting Inc. now owns 252 shares of the company's stock worth $82,000 after purchasing an additional 116 shares during the last quarter. Finally, Ancora Advisors LLC acquired a new position in Everest Group during the second quarter valued at $116,000. Institutional investors and hedge funds own 92.64% of the company's stock.

About Everest Group

Everest Group, Ltd. NYSE: EG is a global insurance and reinsurance company headquartered in Hamilton, Bermuda. Through its operating subsidiaries, the company provides property and casualty insurance and reinsurance products to businesses, insurers and other institutional clients.

Everest's reinsurance operations cover a range of property, casualty and specialty risks, while its insurance business offers commercial coverage in areas such as property, casualty, specialty, marine, accident and health.

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