Bank of Nova Scotia Decreases Position in Everest Group, Ltd. (NYSE:EG)

Key Points

• Bank of Nova Scotia has significantly reduced its holdings in Everest Group, Ltd. by 77.5%, retaining only 25,787 shares valued at approximately $9.37 million.
• Everest Group reported a quarterly earnings per share (EPS) of $17.36, exceeding analyst expectations of $15.14 and showcasing a 6.2% year-over-year revenue increase.
• Several institutional investors, including R Squared Ltd and Vulcan Value Partners LLC, have increased their stakes in Everest Group, reflecting a growing interest in the company despite the reduction by Bank of Nova Scotia.

Bank of Nova Scotia decreased its holdings in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 77.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,787 shares of the company's stock after selling 88,700 shares during the quarter. Bank of Nova Scotia owned approximately 0.05% of Everest Group worth $9,369,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. R Squared Ltd increased its position in Everest Group by 36.8% during the first quarter. R Squared Ltd now owns 780 shares of the company's stock worth $283,000 after buying an additional 210 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Everest Group by 0.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,059 shares of the company's stock valued at $1,838,000 after purchasing an additional 39 shares during the last quarter. Vulcan Value Partners LLC grew its stake in shares of Everest Group by 35.8% in the 1st quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company's stock valued at $482,832,000 after purchasing an additional 350,019 shares during the last quarter. Commerce Bank grew its stake in shares of Everest Group by 2.0% in the 1st quarter. Commerce Bank now owns 2,452 shares of the company's stock valued at $891,000 after purchasing an additional 48 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of Everest Group by 1.7% in the 1st quarter. US Bancorp DE now owns 8,061 shares of the company's stock valued at $2,929,000 after purchasing an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 92.64% of the company's stock.

Everest Group Stock Performance

Shares of EG stock opened at $326.24 on Tuesday. The stock has a fifty day moving average price of $337.68 and a 200 day moving average price of $345.49. The stock has a market cap of $13.87 billion, a PE ratio of 17.32, a P/E/G ratio of 0.25 and a beta of 0.50. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The company has a debt-to-equity ratio of 0.24, 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 data on Wednesday, July 30th. The company reported $17.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $15.14 by $2.22. The firm had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. Everest Group had a return on equity of 5.89% and a net margin of 4.56%. Everest Group's revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm posted $16.85 earnings per share. Sell-side analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Wednesday, May 28th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $8.00 annualized dividend and a yield of 2.5%. Everest Group's dividend payout ratio (DPR) is presently 42.46%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Janney Montgomery Scott assumed coverage on Everest Group in a research note on Friday, June 20th. They issued a "buy" rating and a $425.00 target price on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Everest Group from $402.00 to $405.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. UBS Group reduced their price objective 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. Jefferies Financial Group upgraded shares of Everest Group from a "hold" rating to a "buy" rating and raised their price objective for the company from $376.00 to $415.00 in a research report on Friday, April 11th. Finally, Wells Fargo & Company raised their price target on Everest Group from $362.00 to $371.00 and gave the company an "equal weight" rating in a report on Monday. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Everest Group has a consensus rating of "Moderate Buy" and a consensus target price of $401.58.

Insiders Place Their Bets

In related news, CEO James Allan Williamson purchased 1,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was bought at an average price of $337.97 per share, with a total value of $337,970.00. Following the completion of the transaction, the chief executive officer owned 25,618 shares of the company's stock, valued at approximately $8,658,115.46. This represents a 4.06% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.10% of the company's stock.

Everest Group 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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