American Century Companies Inc. Reduces Stake in Everest Group, Ltd. $EG

Key Points

• American Century Companies Inc. reduced its stake in Everest Group, Ltd. by 28.8%, selling 30,219 shares and retaining ownership of 74,773 shares, valued at approximately $27.17 million.
• Everest Group reported a strong quarterly earnings performance, with a net revenue of $4.49 billion and earnings per share of $17.36, exceeding analysts' expectations.
• The company announced a quarterly dividend of $2.00 per share, with a dividend yield of 2.3% and a payout ratio of 42.46%.

American Century Companies Inc. trimmed its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 28.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,773 shares of the company's stock after selling 30,219 shares during the quarter. American Century Companies Inc. owned about 0.18% of Everest Group worth $27,167,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Flagship Harbor Advisors LLC raised its position in Everest Group by 3.7% during the first quarter. Flagship Harbor Advisors LLC now owns 843 shares of the company's stock valued at $306,000 after acquiring an additional 30 shares in the last quarter. Legacy Advisors LLC raised its position in Everest Group by 5.5% during the first quarter. Legacy Advisors LLC now owns 599 shares of the company's stock valued at $218,000 after acquiring an additional 31 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its position in Everest Group by 0.7% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 5,315 shares of the company's stock valued at $1,913,000 after acquiring an additional 36 shares in the last quarter. Vontobel Holding Ltd. increased its position in shares of Everest Group by 2.1% in the first quarter. Vontobel Holding Ltd. now owns 1,781 shares of the company's stock valued at $647,000 after buying an additional 36 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft increased its position in shares of Everest Group by 6.6% in the first quarter. Baader Bank Aktiengesellschaft now owns 595 shares of the company's stock valued at $213,000 after buying an additional 37 shares in the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Stock Performance

Shares of NYSE EG traded down $3.77 during trading hours on Thursday, reaching $339.57. The stock had a trading volume of 24,086 shares, compared to its average volume of 396,112. The firm has a market cap of $14.24 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 0.25 and a beta of 0.50. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a fifty-two week low of $320.00 and a fifty-two week high of $407.30. The firm has a 50-day moving average of $335.79 and a 200-day moving average of $343.43.

Everest Group (NYSE:EG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $15.14 by $2.22. The firm 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%.The business's revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $16.85 EPS. Equities research analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on EG shares. 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. UBS Group cut their price objective on Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a research report on Monday, August 4th. Citigroup began coverage on Everest Group in a research note on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price objective on the stock. Finally, Cantor Fitzgerald raised Everest Group to a "hold" rating in a research note on Wednesday, August 13th. One research 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $397.14.

Insider Activity

In related news, CEO James Allan Williamson acquired 1,000 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer owned 25,618 shares of the company's stock, valued at $8,658,115.46. The trade was a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.10% of the stock is currently owned by company insiders.

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.