Bank of New York Mellon Corp Reduces Stock Holdings in Everest Group, Ltd. (NYSE:EG)

Bank of New York Mellon Corp reduced its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 5.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 255,526 shares of the company's stock after selling 13,914 shares during the quarter. Bank of New York Mellon Corp owned about 0.53% of Everest Group worth $92,840,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. World Investment Advisors raised its holdings in shares of Everest Group by 72.0% in the first quarter. World Investment Advisors now owns 1,827 shares of the company's stock worth $664,000 after buying an additional 765 shares during the last quarter. Truist Financial Corp increased its position in shares of Everest Group by 16.9% in the 1st 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 period. IFM Investors Pty Ltd raised its stake in Everest Group by 2.5% in the 1st quarter. IFM Investors Pty Ltd now owns 11,208 shares of the company's stock worth $4,392,000 after acquiring an additional 273 shares during the last quarter. MBA Advisors LLC acquired a new stake in Everest Group during the 1st quarter worth about $443,000. Finally, D.A. Davidson & CO. grew its stake in Everest Group by 31.4% during the 1st quarter. D.A. Davidson & CO. now owns 2,652 shares of the company's stock valued at $964,000 after purchasing an additional 634 shares during the last quarter. 92.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Jefferies Financial Group upgraded shares of Everest Group from a "hold" rating to a "buy" rating and increased their price target for the stock from $376.00 to $415.00 in a report on Friday, April 11th. Raymond James Financial reiterated a "strong-buy" rating and issued a $410.00 price objective (down previously from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Janney Montgomery Scott assumed coverage on shares of Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 target price for the company. Evercore ISI cut their price target on Everest Group from $400.00 to $396.00 and set an "in-line" rating on the stock in a research report on Thursday, May 1st. Finally, Morgan Stanley upped their target price on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Six equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $400.83.

Everest Group Price Performance

Shares of EG stock traded up $0.12 on Thursday, reaching $340.31. 300,720 shares of the company were exchanged, compared to its average volume of 403,890. The company has a market cap of $14.48 billion, a price-to-earnings ratio of 17.51, a P/E/G ratio of 0.27 and a beta of 0.51. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The business has a 50-day moving average price of $341.23 and a 200 day moving average price of $349.14. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.35 and a current ratio of 0.35.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings results 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). Everest Group had a return on equity of 5.95% and a net margin of 4.88%. The firm had revenue of $4.26 billion during the quarter, compared to analyst estimates of $3.89 billion. During the same period in the prior year, the firm earned $16.32 earnings per share. The business's revenue was up 3.1% on a year-over-year basis. Equities research analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Wednesday, May 28th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Wednesday, May 28th. Everest Group's dividend payout ratio (DPR) is 41.15%.

Insider Buying and Selling at Everest Group

In related news, CEO James Allan Williamson purchased 1,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was acquired at an average cost 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 approximately $8,658,115.46. This trade represents a 4.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is currently owned by corporate insiders.

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.