Quantitative Investment Management LLC Takes $774,000 Position in Everest Group, Ltd. $EG

Key Points

• Quantitative Investment Management LLC acquired 2,132 shares of Everest Group, Ltd., valued at approximately $774,000, indicating institutional interest in the company.
• Everest Group reported strong earnings of $17.36 per share for the quarter, exceeding analysts' expectations by $2.22.
• The company announced a quarterly dividend of $2.00 per share, representing an annualized yield of 2.3%, set to be paid on September 19th.

Quantitative Investment Management LLC purchased a new stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,132 shares of the company's stock, valued at approximately $774,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of EG. Sunbelt Securities Inc. purchased a new position in Everest Group during the 4th quarter worth $29,000. SVB Wealth LLC purchased a new position in shares of Everest Group in the 1st quarter worth about $30,000. Tsfg LLC purchased a new stake in Everest Group during the first quarter valued at about $33,000. Zions Bancorporation National Association UT purchased a new stake in Everest Group during the first quarter valued at about $34,000. Finally, Optiver Holding B.V. purchased a new stake in Everest Group during the fourth quarter valued at about $51,000. Institutional investors own 92.64% of the company's stock.

Insider Buying and Selling at Everest Group

In related news, CEO James Allan Williamson acquired 1,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was purchased at an average price of $337.97 per share, with a total value of $337,970.00. Following the completion of the purchase, the chief executive officer owned 25,618 shares in the company, valued at $8,658,115.46. This trade represents a 4.06% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on EG. Janney Montgomery Scott began coverage on Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 price target on the stock. Morgan Stanley upped their price target on Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. UBS Group decreased their price target on Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. Citigroup began coverage on Everest Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price target on the stock. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $410.00 price target (down from $420.00) on shares of Everest Group in a research report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Everest Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $397.14.

Everest Group Price Performance

Shares of EG stock traded up $2.28 during trading on Friday, hitting $342.16. The company had a trading volume of 220,932 shares, compared to its average volume of 396,306. The stock has a market capitalization of $14.35 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 0.25 and a beta of 0.50. The stock's 50-day moving average is $335.93 and its two-hundred day moving average is $343.47. 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, Ltd. has a 52 week low of $320.00 and a 52 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, topping the consensus estimate of $15.14 by $2.22. The business had revenue of $4.49 billion during 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%.Everest Group's revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $16.85 earnings per share. As a group, analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be paid a $2.00 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 annualized dividend and a yield of 2.3%. Everest Group's dividend payout ratio is currently 42.46%.

Everest Group 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.