Everest Group (NYSE:EG) Stock Rating Lowered by Raymond James Financial

Key Points

• Everest Group's stock rating was downgraded by Raymond James Financial from "strong-buy" to "moderate buy," reflecting a shift in outlook among analysts.
• The consensus rating for Everest Group stock is currently "Hold," with an average price target of $387.47, according to MarketBeat data.
• In its latest earnings report, Everest Group posted $17.36 earnings per share, exceeding analysts' expectations, and reported revenue growth of 6.2% year-over-year.

Everest Group (NYSE:EG - Get Free Report) was downgraded by research analysts at Raymond James Financial from a "strong-buy" rating to an "outperform" rating in a note issued to investors on Monday, Marketbeat Ratings reports. They presently have a $375.00 price target on the stock. Raymond James Financial's price target would indicate a potential upside of 11.74% from the stock's previous close.

Several other brokerages also recently commented on EG. Citigroup started coverage on Everest Group in a research report on Wednesday, August 13th. They issued a "neutral" rating and a $362.00 price objective on the stock. UBS Group cut their target price on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. 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 price target on the stock. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a report on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods lifted their target price on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $387.47.

Everest Group Stock Up 0.1%

EG stock opened at $335.59 on Monday. The business's 50-day moving average price is $336.61 and its 200-day moving average price is $342.99. The stock has a market cap of $14.07 billion, a P/E ratio of 17.81, a PEG ratio of 0.25 and a beta of 0.51. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group has a twelve month low of $320.00 and a twelve month high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, beating the consensus estimate of $15.14 by $2.22. The business had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The company's revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $16.85 earnings per share. On average, equities research analysts forecast that Everest Group will post 47.93 EPS for the current year.

Institutional Trading of Everest Group

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Everest Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,577,376 shares of the company's stock valued at $2,026,428,000 after acquiring an additional 17,346 shares during the last quarter. Norges Bank bought a new stake in Everest Group during the 2nd quarter valued at about $601,300,000. Vulcan Value Partners LLC boosted its position in Everest Group by 35.8% in the 1st quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company's stock valued at $482,832,000 after buying an additional 350,019 shares during the period. Geode Capital Management LLC grew its stake in Everest Group by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,211,474 shares of the company's stock worth $414,385,000 after acquiring an additional 6,217 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Everest Group by 65.6% in the second quarter. AQR Capital Management LLC now owns 1,180,615 shares of the company's stock worth $399,626,000 after purchasing an additional 467,656 shares in the last quarter. 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.