Allstate Corp Buys 2,665 Shares of Everest Group, Ltd. $EG

Key Points

• Allstate Corp increased its stake in Everest Group, Ltd. by 190.8%, holding a total of 4,062 shares valued at $1,476,000 at the end of the recent quarter.
• The company announced a quarterly dividend of $2.00 per share, paid on September 19th, representing an annual dividend yield of 2.3%.
• Everest Group's recent earnings report revealed an EPS of $17.36, surpassing analyst expectations, with revenue of $4.49 billion for the quarter.

Allstate Corp raised its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 190.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,062 shares of the company's stock after buying an additional 2,665 shares during the quarter. Allstate Corp's holdings in Everest Group were worth $1,476,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Arnhold LLC raised its stake in shares of Everest Group by 9.5% during the 1st quarter. Arnhold LLC now owns 54,097 shares of the company's stock valued at $19,655,000 after purchasing an additional 4,700 shares during the period. Norinchukin Bank The raised its stake in shares of Everest Group by 14.8% during the 1st quarter. Norinchukin Bank The now owns 2,213 shares of the company's stock valued at $804,000 after purchasing an additional 286 shares during the period. Credit Agricole S A raised its stake in shares of Everest Group by 1.7% during the 1st quarter. Credit Agricole S A now owns 14,301 shares of the company's stock valued at $5,196,000 after purchasing an additional 240 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of Everest Group by 3.0% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,025 shares of the company's stock valued at $372,000 after purchasing an additional 30 shares during the period. Finally, Fuller & Thaler Asset Management Inc. raised its stake in shares of Everest Group by 15.3% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 47,453 shares of the company's stock valued at $17,241,000 after purchasing an additional 6,293 shares during the period. 92.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on EG. Citigroup began coverage on Everest Group in a research note on Wednesday, August 13th. They issued a "neutral" rating and a $362.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. UBS Group decreased their target price on Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Cantor Fitzgerald upgraded Everest Group to a "hold" rating in a research note on Wednesday, August 13th. Finally, Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Everest Group presently has an average rating of "Moderate Buy" and an average target price of $397.14.

Everest Group Trading Up 1.1%

EG stock traded up $3.81 during trading on Friday, hitting $343.69. 55,810 shares of the company traded hands, compared to its average volume of 395,287. The firm has a market capitalization of $14.42 billion, a PE ratio of 18.24, a P/E/G ratio of 0.25 and a beta of 0.50. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The company has a 50-day moving average of $335.93 and a 200-day moving average of $343.47. 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, beating the consensus estimate of $15.14 by $2.22. The company had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. Everest Group had a return on equity of 5.89% and a net margin of 4.56%.Everest Group's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $16.85 EPS. Analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders 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 dividend on an annualized basis and a yield of 2.3%. Everest Group's dividend payout ratio is presently 42.46%.

Insider Buying and Selling

In other Everest Group news, CEO James Allan Williamson purchased 1,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was acquired at an average price of $337.97 per share, with a total value of $337,970.00. Following the transaction, the chief executive officer directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by insiders.

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.