Ameriprise Financial Inc. Sells 2,854 Shares of Everest Group, Ltd. $EG

Key Points

• Ameriprise Financial Inc. has reduced its holdings in Everest Group, Ltd. by 1.1% in the first quarter, now owning approximately 252,511 shares valued at $91.75 million.
• Everest Group reported an earnings per share of $17.36 for the quarter, significantly above analyst expectations, along with a revenue of $4.49 billion, marking a 6.2% increase year-over-year.
• The company announced a quarterly dividend of $2.00, with an annualized yield of 2.3%, reflecting its strong financial performance and commitment to returning value to shareholders.

Ameriprise Financial Inc. trimmed its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 1.1% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 252,511 shares of the company's stock after selling 2,854 shares during the period. Ameriprise Financial Inc. owned about 0.59% of Everest Group worth $91,751,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Truist Financial Corp raised its position in shares of Everest Group by 16.9% during the 1st quarter. Truist Financial Corp now owns 108,596 shares of the company's stock valued at $39,456,000 after acquiring an additional 15,660 shares during the last quarter. Fifth Third Bancorp boosted 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. boosted 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 boosted 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 boosted 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. Institutional investors own 92.64% of the company's stock.

Insiders Place Their Bets

In other Everest Group news, CEO James Allan Williamson purchased 1,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were acquired at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the purchase, the chief executive officer owned 25,618 shares in the company, valued at approximately $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 this link. Company insiders own 1.10% of the company's stock.

Everest Group Stock Up 0.7%

Shares of NYSE:EG traded up $2.28 during midday trading on Friday, hitting $342.16. The stock had a trading volume of 220,932 shares, compared to its average volume of 396,306. Everest Group, Ltd. has a 12 month low of $320.00 and a 12 month high of $407.30. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The business's 50-day simple moving average is $335.93 and its 200-day simple moving average is $343.47. The company has a market cap of $14.35 billion, a P/E ratio of 18.16, a PEG ratio of 0.25 and a beta of 0.50.

Everest Group (NYSE:EG - Get Free Report) last released 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. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The business had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the business earned $16.85 earnings per share. The firm's revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts forecast 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. Investors of record on Wednesday, September 3rd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Wednesday, September 3rd. Everest Group's dividend payout ratio is 42.46%.

Analyst Ratings Changes

EG has been the topic of a number of recent analyst reports. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a research report on Wednesday, August 13th. Raymond James Financial reissued a "strong-buy" rating and set a $410.00 price target (down from $420.00) on shares of Everest Group in a research report on Tuesday, May 6th. Janney Montgomery Scott initiated coverage on shares of Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 price target on the stock. UBS Group lowered 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 report on Wednesday, July 9th. Finally, Barclays increased their price objective on shares of Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. One equities research 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $397.14.

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.