Everest Group (NYSE:EG) PT Set at $371.00 by Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for Everest Group from $362.00 to $371.00, indicating a potential upside of 13.72% from the current stock price, while maintaining an "equal weight" rating.
• The stock has shown volatility, trading down 1.5% recently, with a current price of $326.24, after reaching a 1-year high of $407.30.
• Everest Group reported strong earnings of $17.36 per share, exceeding consensus estimates and contributing to a revenue increase of 6.2% year-on-year, totaling $4.49 billion for the quarter.

Everest Group (NYSE:EG - Get Free Report) received a $371.00 target price from equities research analysts at Wells Fargo & Company in a research report issued on Monday, MarketBeat Ratings reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 12.02% from the company's previous close.

A number of other analysts have also issued reports on EG. Barclays boosted their target price on Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Evercore ISI cut their target price on Everest Group from $400.00 to $396.00 and set an "in-line" rating on the stock in a research report on Thursday, May 1st. Raymond James Financial reissued a "strong-buy" rating and issued a $410.00 target price (down previously from $420.00) on shares of Everest Group in a research report on Tuesday, May 6th. Morgan Stanley upped their price objective on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Finally, Jefferies Financial Group raised Everest Group from a "hold" rating to a "buy" rating and upped their price objective for the stock from $376.00 to $415.00 in a research report on Friday, April 11th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $402.50.

Everest Group Trading Up 1.0%

EG traded up $3.28 during trading hours on Monday, reaching $331.20. The company's stock had a trading volume of 29,475 shares, compared to its average volume of 409,698. The stock has a market cap of $13.89 billion, a PE ratio of 17.58, a P/E/G ratio of 0.24 and a beta of 0.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.35. Everest Group has a fifty-two week low of $320.00 and a fifty-two week high of $407.30. The business's 50-day moving average is $337.38 and its 200-day moving average is $345.37.

Everest Group (NYSE:EG - Get Free Report) last announced 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 analyst estimates of $4.22 billion. Everest Group had a return on equity of 5.89% and a net margin of 4.56%. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $16.85 earnings per share. As a group, equities research analysts predict that Everest Group will post 47.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Everest Group

Several institutional investors have recently added to or reduced their stakes in EG. Vanguard Group Inc. boosted its stake in shares of Everest Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,577,376 shares of the company's stock worth $2,026,428,000 after buying an additional 17,346 shares during the period. Vulcan Value Partners LLC boosted its stake in shares of Everest Group by 35.8% during the first quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company's stock worth $482,832,000 after buying an additional 350,019 shares during the period. Invesco Ltd. boosted its stake in shares of Everest Group by 17.2% during the fourth quarter. Invesco Ltd. now owns 855,120 shares of the company's stock worth $309,947,000 after buying an additional 125,271 shares during the period. Boston Partners boosted its stake in shares of Everest Group by 3.3% during the first quarter. Boston Partners now owns 696,765 shares of the company's stock worth $253,150,000 after buying an additional 22,432 shares during the period. Finally, Altrinsic Global Advisors LLC boosted its stake in shares of Everest Group by 10.7% during the first quarter. Altrinsic Global Advisors LLC now owns 682,979 shares of the company's stock worth $248,147,000 after buying an additional 66,041 shares during the period. Hedge funds and other institutional investors own 92.64% of the company's stock.

About Everest Group

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.