Alliancebernstein L.P. Decreases Stock Holdings in Everest Group, Ltd. $EG

Key Points

• Alliancebernstein L.P. reduced its holdings in Everest Group, Ltd. by 1.8%, ending the first quarter with 181,631 shares worth $65,992,000.
• Several institutional investors, including Truist Financial Corp and Fifth Third Bancorp, increased their positions in Everest Group during the first quarter, with Truist boosting its stake by 16.9%.
• Everest Group announced a quarterly dividend of $2.00 per share, with a 2.4% dividend yield, to be paid on September 19th to shareholders of record.

Alliancebernstein L.P. reduced its holdings in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 181,631 shares of the company's stock after selling 3,302 shares during the quarter. Alliancebernstein L.P. owned 0.43% of Everest Group worth $65,992,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Truist Financial Corp lifted its position in shares of Everest Group by 16.9% during the first quarter. Truist Financial Corp now owns 108,596 shares of the company's stock worth $39,456,000 after purchasing an additional 15,660 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Everest Group by 18.1% during the first quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock worth $418,000 after purchasing an additional 176 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Everest Group by 12.2% during the first quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company's stock worth $62,753,000 after purchasing an additional 18,780 shares in the last quarter. Wedge Capital Management L L P NC lifted its position in shares of Everest Group by 14.3% during the first quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock worth $3,586,000 after purchasing an additional 1,235 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Everest Group by 127.3% during the first quarter. SG Americas Securities LLC now owns 5,842 shares of the company's stock worth $2,123,000 after purchasing an additional 3,272 shares in the last quarter. 92.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on EG. Janney Montgomery Scott began coverage on shares of Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 target price on the stock. Barclays upped their price target 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. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a report on Wednesday, August 13th. UBS Group cut 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. Finally, Keefe, Bruyette & Woods upped their price target 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. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $397.14.

Insider Buying and Selling at Everest Group

In other Everest Group news, CEO James Allan Williamson bought 1,000 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were bought at an average cost of $337.97 per share, with a total value of $337,970.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company's stock.

Everest Group Stock Down 1.5%

Shares of NYSE:EG opened at $339.91 on Friday. The stock has a market capitalization of $14.26 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 0.25 and a beta of 0.51. Everest Group, Ltd. has a 1-year low of $320.00 and a 1-year high of $407.30. The company's fifty day moving average is $336.54 and its two-hundred day moving average is $343.91. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38.

Everest Group (NYSE:EG - Get Free Report) last issued 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. 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%. The firm's revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $16.85 earnings per share. Equities analysts anticipate that Everest Group, Ltd. will post 47.93 EPS for the current 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 issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's dividend payout ratio is 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.

Want to see what other hedge funds are holding EG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Everest Group, Ltd. (NYSE:EG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.