Assenagon Asset Management S.A. Acquires New Stake in Everest Group, Ltd. $EG

Key Points

• Assenagon Asset Management acquired 5,090 Everest Group shares worth approximately $1.86 million in the third quarter. Institutional investors collectively own 92.64% of the company.
• Analysts maintain a broadly neutral view, with five Buy ratings and eleven Hold ratings; the consensus target price is $407.94. Everest Group shares recently opened at $394.84, near their 52-week high of $401.07.
• Everest Group reported quarterly earnings of $14.85 per share on $3.96 billion in revenue and pays a quarterly dividend of $2.00 per share, equivalent to a 2.0% yield.

Assenagon Asset Management S.A. acquired a new position in shares of Everest Group, Ltd. (NYSE:EG - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,090 shares of the company's stock, valued at approximately $1,859,000.

Other hedge funds have also recently bought and sold shares of the company. Mather Group LLC. lifted its position in Everest Group by 74.8% during the 3rd quarter. Mather Group LLC. now owns 741 shares of the company's stock valued at $271,000 after purchasing an additional 317 shares during the period. Fortitude Family Office LLC lifted its holdings in Everest Group by 718.5% in the third quarter. Fortitude Family Office LLC now owns 221 shares of the company's stock valued at $81,000 after buying an additional 194 shares during the period. Fragasso Financial Advisors Inc lifted its holdings in Everest Group by 8.1% in the third quarter. Fragasso Financial Advisors Inc now owns 911 shares of the company's stock valued at $336,000 after buying an additional 68 shares during the period. NorthCrest Asset Manangement LLC lifted its holdings in Everest Group by 53.3% in the third quarter. NorthCrest Asset Manangement LLC now owns 3,594 shares of the company's stock valued at $1,341,000 after buying an additional 1,249 shares during the period. Finally, Sacks & Associates LLC bought a new position in Everest Group in the third quarter valued at approximately $768,000. 92.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. UBS Group lifted their price objective on Everest Group from $374.00 to $395.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Citigroup boosted their target price on Everest Group from $395.00 to $415.00 and gave the stock a "neutral" rating in a research report on Friday, July 31st. TD Cowen increased their target price on shares of Everest Group from $365.00 to $385.00 and gave the stock a "hold" rating in a report on Wednesday, August 19th. Rosenblatt Securities set a $455.00 price objective on shares of Everest Group in a research report on Tuesday, September 22nd. Finally, Barclays upped their price objective on shares of Everest Group from $420.00 to $430.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $407.94.

Everest Group Price Performance

EG stock opened at $394.84 on Thursday. The stock has a market cap of $15.14 billion, a PE ratio of 8.35, a price-to-earnings-growth ratio of 0.58 and a beta of 0.26. The stock has a 50-day moving average price of $374.35 and a two-hundred day moving average price of $360.73. Everest Group, Ltd. has a 1 year low of $302.44 and a 1 year high of $401.07. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported $14.85 earnings per share for the quarter. The company had revenue of $3.96 billion during the quarter. Everest Group had a return on equity of 13.63% and a net margin of 11.41%. Equities analysts forecast that Everest Group, Ltd. will post 53.69 EPS for the current fiscal year.

Everest Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Wednesday, September 9th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, September 9th. Everest Group's dividend payout ratio (DPR) is currently 16.92%.

Everest Group Company Profile

Everest Group, Ltd. is a global insurance and reinsurance company that provides property and casualty coverage to businesses, institutions, and other insurers. Its operations focus on assuming and managing risks through reinsurance, as well as offering insurance products in selected specialty and commercial markets.

The company's reinsurance business supports insurers across lines such as property, casualty, specialty, and other risks. Through its insurance platform, Everest provides coverage for commercial customers and specialty exposures, including property, casualty, professional liability, and other products that may vary by market.

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