Avanza Fonder AB Makes New $726,000 Investment in Everest Group, Ltd. $EG

Key Points

• Avanza Fonder AB invested approximately $726,000 in Everest Group, Ltd. by acquiring 2,136 shares during the second quarter.
• Everest Group reported earnings of $17.36 per share (EPS), exceeding estimates of $15.14, with revenues of $4.49 billion for the quarter.
• The company announced a dividend of $2.00 per share, resulting in an annualized yield of 2.4%.

Avanza Fonder AB purchased a new position in Everest Group, Ltd. (NYSE:EG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,136 shares of the company's stock, valued at approximately $726,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Sowell Financial Services LLC boosted its holdings in Everest Group by 46.1% in the 2nd quarter. Sowell Financial Services LLC now owns 928 shares of the company's stock worth $315,000 after acquiring an additional 293 shares during the period. Farther Finance Advisors LLC boosted its holdings in Everest Group by 4.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 816 shares of the company's stock worth $277,000 after acquiring an additional 34 shares during the period. Wedge Capital Management L L P NC boosted its stake in shares of Everest Group by 3.7% during the 2nd quarter. Wedge Capital Management L L P NC now owns 10,234 shares of the company's stock valued at $3,478,000 after buying an additional 363 shares during the last quarter. Perpetual Ltd boosted its stake in shares of Everest Group by 5.3% during the 2nd quarter. Perpetual Ltd now owns 109,873 shares of the company's stock valued at $37,340,000 after buying an additional 5,507 shares during the last quarter. Finally, IFM Investors Pty Ltd boosted its stake in shares of Everest Group by 3.2% during the 2nd quarter. IFM Investors Pty Ltd now owns 11,290 shares of the company's stock valued at $3,837,000 after buying an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 92.64% of the company's stock.

Everest Group Stock Performance

EG stock opened at $335.59 on Tuesday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. The firm has a market cap of $14.07 billion, a P/E ratio of 17.81, a P/E/G ratio of 0.25 and a beta of 0.51. Everest Group, Ltd. has a 12-month low of $320.00 and a 12-month high of $407.30. The stock's 50 day simple moving average is $336.61 and its 200 day simple moving average is $342.99.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $15.14 by $2.22. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the company posted $16.85 EPS. As a group, equities research analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd were given a $2.00 dividend. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a $8.00 annualized dividend and a yield of 2.4%. Everest Group's dividend payout ratio (DPR) is currently 42.46%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on EG shares. Wolfe Research upgraded Everest Group to a "strong sell" rating in a research note on Tuesday, September 16th. Barclays boosted their target price 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. Janney Montgomery Scott initiated coverage on shares of Everest Group in a research report on Friday, June 20th. They issued a "buy" rating and a $425.00 target price for the company. UBS Group dropped their target price 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, Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a research report on Wednesday, August 13th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $387.47.

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.

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