Bank of New York Mellon Corp Trims Stake in Everest Group, Ltd. (NYSE:EG)

Bank of New York Mellon Corp lessened its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 5.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 255,526 shares of the company's stock after selling 13,914 shares during the period. Bank of New York Mellon Corp owned approximately 0.53% of Everest Group worth $92,840,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new position in Everest Group in the fourth quarter worth $29,000. SBI Securities Co. Ltd. purchased a new position in Everest Group in the fourth quarter worth $31,000. Tsfg LLC purchased a new position in Everest Group in the first quarter worth $33,000. Optiver Holding B.V. purchased a new position in Everest Group in the fourth quarter worth $51,000. Finally, Bruce G. Allen Investments LLC grew its position in Everest Group by 79.1% in the first quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock worth $56,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 92.64% of the company's stock.

Insider Activity

In related news, CEO James Allan Williamson purchased 1,000 shares of Everest Group stock in a transaction that occurred on Wednesday, June 11th. The shares were bought at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the transaction, the chief executive officer directly owned 25,618 shares of the company's stock, valued at $8,658,115.46. This represents a 4.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by corporate insiders.

Everest Group Trading Down 0.4%

Shares of NYSE:EG traded down $1.52 during midday trading on Friday, hitting $338.93. 102,686 shares of the stock traded hands, compared to its average volume of 420,902. The stock has a market capitalization of $14.41 billion, a PE ratio of 17.43, a P/E/G ratio of 0.27 and a beta of 0.51. The business's 50 day moving average is $341.27 and its two-hundred day moving average is $349.01. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.25. Everest Group, Ltd. has a one year low of $320.00 and a one year high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $6.45 EPS for the quarter, missing the consensus estimate 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 net margin of 4.88% and a return on equity of 5.95%. The business's revenue was up 3.1% on a year-over-year basis. During the same period last year, the company posted $16.32 earnings per share. As a group, research analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Wednesday, May 28th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Wednesday, May 28th. Everest Group's dividend payout ratio is currently 41.15%.

Analyst Ratings Changes

Several analysts have weighed in on EG shares. Morgan Stanley boosted their price target on shares of Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Jefferies Financial Group raised shares of Everest Group from a "hold" rating to a "buy" rating and boosted their price target for the stock from $376.00 to $415.00 in a research note on Friday, April 11th. UBS Group lowered their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research note on Wednesday. Raymond James Financial reissued a "strong-buy" rating and issued a $410.00 price target (down from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Finally, Evercore ISI lowered their price target on shares of Everest Group from $400.00 to $396.00 and set an "in-line" rating for the company in a research note on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Everest Group currently has a consensus rating of "Moderate Buy" and a consensus 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.