Allianz Asset Management GmbH Decreases Holdings in Everest Group, Ltd. (NYSE:EG)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Everest Group, Ltd. by 20%, selling 9,608 shares and now holding approximately 0.08% of the company, valued at around $14 million.
• The CEO of Everest Group, James Allan Williamson, purchased 1,000 shares at an average price of $337.97, increasing his total ownership to 25,618 shares.
• Analysts have mixed outlooks on Everest Group, with price target adjustments ranging from $350 to $410, and a consensus rating of "Moderate Buy" based on recent evaluations.

Allianz Asset Management GmbH cut its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 20.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,538 shares of the company's stock after selling 9,608 shares during the period. Allianz Asset Management GmbH owned approximately 0.08% of Everest Group worth $14,002,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sunbelt Securities Inc. acquired a new position in Everest Group during the fourth quarter worth about $29,000. Tsfg LLC acquired a new position in shares of Everest Group during the 1st quarter worth approximately $33,000. Optiver Holding B.V. acquired a new position in shares of Everest Group during the 4th quarter worth approximately $51,000. Bruce G. Allen Investments LLC raised its position in shares of Everest Group by 79.1% during the 1st quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock worth $56,000 after purchasing an additional 68 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new position in shares of Everest Group during the 4th quarter worth approximately $104,000. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Everest Group Trading Up 1.4%

EG traded up $4.67 during trading on Friday, hitting $336.56. The company's stock had a trading volume of 189,705 shares, compared to its average volume of 318,279. Everest Group, Ltd. has a twelve month low of $320.00 and a twelve month high of $407.30. The firm's 50 day moving average price is $338.73 and its 200-day moving average price is $346.86. The stock has a market cap of $14.31 billion, a PE ratio of 17.25, a PEG ratio of 0.26 and a beta of 0.51. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.35 and a quick ratio of 0.35.

Everest Group (NYSE:EG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $6.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.46 by ($1.01). Everest Group had a net margin of 4.88% and a return on equity of 5.95%. The company had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $3.89 billion. During the same period in the prior year, the firm earned $16.32 earnings per share. The firm's quarterly revenue was up 3.1% on a year-over-year basis. On average, analysts expect that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Wednesday, May 28th were paid a dividend of $2.00 per share. The ex-dividend date was Wednesday, May 28th. This represents a $8.00 annualized dividend and a dividend yield of 2.38%. Everest Group's dividend payout ratio is presently 41.15%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EG. Evercore ISI cut their price objective on Everest Group from $400.00 to $396.00 and set an "in-line" rating for the company in a research report on Thursday, May 1st. Keefe, Bruyette & Woods lifted their price objective on Everest Group from $402.00 to $405.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. 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 objective for the company. Jefferies Financial Group upgraded Everest Group from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $376.00 to $415.00 in a research report on Friday, April 11th. Finally, Barclays lifted their price objective on Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Everest Group presently has an average rating of "Moderate Buy" and a consensus target price of $400.83.

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.