Assetmark Inc. Decreases Position in Everest Group, Ltd. (NYSE:EG)

Key Points

• Assetmark Inc. reduced its stake in Everest Group, Ltd. by 2.0% in the first quarter, now holding 407,223 shares valued at approximately $147.96 million.
• Insider transactions showed CEO James Allan Williamson increased his position by buying 1,000 shares at an average price of $337.97, raising his total ownership to 25,618 shares, worth about $8.66 million.
• Everest Group's latest earnings report showed a quarterly EPS of $6.45, missing the consensus estimate of $7.46, although revenue increased by 3.1% year-over-year, totaling $4.26 billion.

Assetmark Inc. trimmed its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 2.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 407,223 shares of the company's stock after selling 8,415 shares during the period. Assetmark Inc. owned approximately 0.85% of Everest Group worth $147,956,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of EG. Truist Financial Corp increased its position in shares of Everest Group by 16.9% in the first 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 increased its position in shares of Everest Group by 18.1% in the first quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock valued at $418,000 after acquiring an additional 176 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Everest Group by 12.2% in the first quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company's stock valued at $62,753,000 after acquiring an additional 18,780 shares during the last quarter. Wedge Capital Management L L P NC increased its position in shares of Everest Group by 14.3% in the first quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock valued at $3,586,000 after acquiring an additional 1,235 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Everest Group by 127.3% in the first quarter. SG Americas Securities LLC now owns 5,842 shares of the company's stock valued at $2,123,000 after acquiring an additional 3,272 shares during the last quarter. 92.64% of the stock is currently owned by institutional investors.

Everest Group Stock Performance

Shares of NYSE:EG traded up $4.67 during trading on Friday, reaching $336.56. 189,705 shares of the stock were exchanged, compared to its average volume of 318,279. Everest Group, Ltd. has a 12 month low of $320.00 and a 12 month high of $407.30. The firm has a market cap of $14.32 billion, a PE ratio of 17.31, a PEG ratio of 0.26 and a beta of 0.51. The stock has a 50-day moving average price of $338.73 and a 200-day moving average price of $346.86. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.25.

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

Everest Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Wednesday, May 28th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend was Wednesday, May 28th. Everest Group's dividend payout ratio (DPR) is currently 41.15%.

Insider Activity

In other Everest Group news, CEO James Allan Williamson bought 1,000 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was purchased at an average cost of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the purchase, 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

EG has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their target price on Everest Group from $402.00 to $405.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Morgan Stanley boosted their price target on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $410.00 price objective (down from $420.00) on shares of Everest Group in a research report on Tuesday, May 6th. Barclays lifted their target price on Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Finally, Wells Fargo & Company lifted their target price on Everest Group from $361.00 to $362.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.