Adage Capital Partners GP L.L.C. Boosts Stake in Everest Group, Ltd. $EG

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in Everest Group, Ltd. by 69.8%, acquiring an additional 49,000 shares and owning a total of approximately 119,181 shares, valued at about $43.3 million.
• CEO James Allan Williamson purchased 1,000 shares at an average cost of $337.97, raising his personal stake in the company to over $8.6 million.
• Everest Group announced a quarterly dividend of $2.00 per share, reflecting an annual dividend yield of 2.3%, with a payout ratio of 42.46%.

Adage Capital Partners GP L.L.C. raised its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 69.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 119,181 shares of the company's stock after purchasing an additional 49,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.28% of Everest Group worth $43,302,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Graham Capital Management L.P. boosted its holdings in Everest Group by 68.4% during the first quarter. Graham Capital Management L.P. now owns 3,405 shares of the company's stock valued at $1,237,000 after purchasing an additional 1,383 shares in the last quarter. Quarry LP bought a new position in Everest Group in the 1st quarter worth approximately $72,000. Baird Financial Group Inc. raised its position in shares of Everest Group by 33.4% during the 1st quarter. Baird Financial Group Inc. now owns 1,602 shares of the company's stock valued at $582,000 after acquiring an additional 401 shares during the last quarter. Panagora Asset Management Inc. raised its position in shares of Everest Group by 95.8% during the 1st quarter. Panagora Asset Management Inc. now owns 7,415 shares of the company's stock valued at $2,694,000 after acquiring an additional 3,628 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of Everest Group in the 1st quarter valued at $657,000. 92.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on EG shares. Morgan Stanley boosted their price target on shares of Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a research note on Wednesday, August 13th. Wells Fargo & Company reaffirmed a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. UBS Group reduced their price objective 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. Finally, Barclays raised their target price on shares of Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $397.14.

Insider Transactions at Everest Group

In other news, CEO James Allan Williamson acquired 1,000 shares of Everest Group stock in a transaction on Wednesday, June 11th. The stock was acquired at an average cost of $337.97 per share, with a total value of $337,970.00. Following the transaction, the chief executive officer owned 25,618 shares of the company's stock, 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 can be accessed through the SEC website. Insiders own 1.10% of the company's stock.

Everest Group Price Performance

NYSE:EG traded down $0.37 during mid-day trading on Monday, reaching $339.63. The stock had a trading volume of 298,616 shares, compared to its average volume of 395,171. The stock has a 50-day simple moving average of $336.54 and a two-hundred day simple moving average of $343.95. The stock has a market capitalization of $14.24 billion, a PE ratio of 18.03, a P/E/G ratio of 0.25 and a beta of 0.51. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. Everest Group, Ltd. has a 12 month low of $320.00 and a 12 month high of $407.30.

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

Everest Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 annualized dividend and a dividend yield of 2.4%. Everest Group's payout ratio is presently 42.46%.

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.