Wells Fargo & Company Issues Positive Forecast for Everest Group (NYSE:EG) Stock Price

Key Points

• Wells Fargo raised Everest Group’s price target from $396 to $428 while maintaining an “equal weight” rating, implying approximately 4% upside from the stock’s current price.
• Analyst sentiment remains mixed: six analysts rate Everest Group a Buy and nine rate it a Hold, producing an overall “Hold” consensus and an average target price of $415.19.
• Everest Group’s latest quarterly results fell short of expectations, with adjusted 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 objective hoisted by investment analysts at Wells Fargo & Company from $396.00 to $428.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 3.99% from the company's current price.

Several other brokerages have also recently weighed in on EG. Citigroup raised their price target on shares of Everest Group from $395.00 to $415.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods lowered their price objective on shares of Everest Group from $414.00 to $407.00 and set an "outperform" rating on the stock in a report on Monday, October 12th. Rosenblatt Securities set a $455.00 price objective on shares of Everest Group in a research report on Tuesday, September 22nd. Evercore set a $377.00 target price on shares of Everest Group in a report on Thursday, July 30th. Finally, Royal Bank Of Canada raised their target price on shares of Everest Group from $455.00 to $475.00 and gave the company an "outperform" rating in a research report on Friday. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $415.19.

Everest Group Stock Up 0.1%

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

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

Institutional Trading of Everest Group

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

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