Citigroup Initiates Coverage on Everest Group (NYSE:EG)

Key Points

• Citigroup has initiated coverage on Everest Group (NYSE:EG) with a "neutral" rating and a price target of $362.00, suggesting a potential upside of 10.21% from its previous close.
• Other analysts have mixed ratings on Everest, with target prices ranging from $350.00 to $416.00, resulting in a consensus rating of "Moderate Buy" and an average price target of $397.14.
• Everest Group reported earnings per share of $17.36 for the last quarter, significantly surpassing analysts' estimates and showing a 6.2% increase in revenue compared to the previous year.

Citigroup initiated coverage on shares of Everest Group (NYSE:EG - Free Report) in a report released on Wednesday morning, MarketBeat Ratings reports. The firm issued a neutral rating and a $362.00 price target on the stock.

EG has been the topic of a number of other reports. Keefe, Bruyette & Woods upped their target price on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Barclays upped their target price on shares of Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Janney Montgomery Scott initiated coverage on shares of Everest Group in a report on Friday, June 20th. They issued a "buy" rating and a $425.00 target price on the stock. Cantor Fitzgerald assumed coverage on shares of Everest Group in a report on Tuesday. They issued a "neutral" rating and a $368.00 target price on the stock. Finally, UBS Group lowered their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $397.14.

Everest Group Stock Up 0.0%

Shares of Everest Group stock traded up $0.12 during trading hours on Wednesday, reaching $336.88. 260,821 shares of the company's stock were exchanged, compared to its average volume of 319,849. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. The company has a 50 day moving average of $335.35 and a two-hundred day moving average of $343.85. The stock has a market cap of $14.13 billion, a P/E ratio of 17.88, a P/E/G ratio of 0.25 and a beta of 0.50. Everest Group has a fifty-two week low of $320.00 and a fifty-two week high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $15.14 by $2.22. The company had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. Everest Group's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $16.85 EPS. On average, sell-side analysts forecast that Everest Group 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, September 19th. Shareholders of record on Wednesday, September 3rd 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 2.4%. Everest Group's payout ratio is presently 42.46%.

Insider Activity

In other Everest Group news, CEO James Allan Williamson bought 1,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were purchased at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the transaction, the chief executive officer directly owned 25,618 shares in the company, valued at approximately $8,658,115.46. This trade represents a 4.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. acquired a new stake in shares of Everest Group during the 4th quarter worth approximately $29,000. SVB Wealth LLC acquired a new stake in Everest Group in the first quarter valued at approximately $30,000. Tsfg LLC acquired a new stake in Everest Group in the first quarter valued at approximately $33,000. Zions Bancorporation National Association UT acquired a new stake in Everest Group in the first quarter valued at approximately $34,000. Finally, Board of the Pension Protection Fund acquired a new stake in Everest Group in the second quarter valued at approximately $34,000. Institutional investors and hedge funds own 92.64% of the company's stock.

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.