Bank of America Corp DE Purchases Shares of 302,612 Everest Group, Ltd. $EG

Key Points

• Bank of America acquired 302,612 Everest Group shares worth approximately $108.1 million during the second quarter, giving it a 0.79% stake. Institutional investors collectively own 92.64% of the company.
• Everest Group reported quarterly revenue of $3.96 billion and earnings of $14.85 per share, while analysts project $53.66 in full-year EPS. The stock opened at $374.47, with a consensus analyst price target of $403 and an overall “Hold” rating.
• The company declared a quarterly dividend of $2.00 per share, equivalent to $8.00 annually and a 2.1% yield; the dividend payout ratio is 16.92%.

Bank of America Corp DE acquired a new position in Everest Group, Ltd. (NYSE:EG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 302,612 shares of the company's stock, valued at approximately $108,102,000. Bank of America Corp DE owned 0.79% of Everest Group as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Trifecta Capital Advisors LLC bought a new stake in Everest Group during the second quarter valued at about $29,000. Cullen Frost Bankers Inc. bought a new position in shares of Everest Group in the fourth quarter worth approximately $37,000. Root Financial Partners LLC boosted its position in shares of Everest Group by 70.1% in the first quarter. Root Financial Partners LLC now owns 165 shares of the company's stock worth $54,000 after purchasing an additional 68 shares during the period. Covestor Ltd boosted its holdings in Everest Group by 564.7% in the 4th quarter. Covestor Ltd now owns 226 shares of the company's stock worth $77,000 after buying an additional 192 shares during the period. Finally, SJS Investment Consulting Inc. boosted its holdings in Everest Group by 85.3% in the 1st quarter. SJS Investment Consulting Inc. now owns 252 shares of the company's stock worth $82,000 after buying an additional 116 shares during the period. Hedge funds and other institutional investors own 92.64% of the company's stock.

Everest Group Stock Down 1.5%

EG stock opened at $374.47 on Friday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average of $375.28 and a two-hundred day moving average of $352.63. Everest Group, Ltd. has a 12 month low of $302.44 and a 12 month high of $401.07. The company has a market cap of $14.36 billion, a price-to-earnings ratio of 7.92, a PEG ratio of 0.74 and a beta of 0.28.

Everest Group (NYSE:EG - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The company reported $14.85 EPS for the quarter. Everest Group had a return on equity of 13.63% and a net margin of 11.41%.The business had revenue of $3.96 billion during the quarter. As a group, analysts forecast that Everest Group, Ltd. will post 53.66 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Wednesday, September 9th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, September 9th. Everest Group's dividend payout ratio (DPR) is presently 16.92%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on EG shares. Cantor Fitzgerald upped their price objective on Everest Group from $344.00 to $390.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Evercore set a $377.00 price objective on shares of Everest Group in a report on Thursday, July 30th. Morgan Stanley boosted their price objective on shares of Everest Group from $355.00 to $360.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods upped their target price on shares of Everest Group from $411.00 to $414.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Finally, Wells Fargo & Company increased their price objective on Everest Group from $373.00 to $396.00 and gave the stock an "equal weight" rating in a research note on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $403.00.

Everest Group Company Profile

Everest Group, Ltd. NYSE: EG is a global insurance and reinsurance company headquartered in Hamilton, Bermuda. Through its operating subsidiaries, the company provides property and casualty insurance and reinsurance products to businesses, insurers and other institutional clients.

Everest's reinsurance operations cover a range of property, casualty and specialty risks, while its insurance business offers commercial coverage in areas such as property, casualty, specialty, marine, accident and health.

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