Bayforest Capital Ltd Raises Stake in Everest Group, Ltd. $EG

Key Points

• Bayforest Capital Ltd increased its stake in Everest Group by 1,946.0%, acquiring a total of 1,780 shares valued at $647,000 following significant purchases in the first quarter.
• Everest Group's latest earnings report showed an EPS of $17.36, exceeding analysts' expectations of $15.14, while revenue reached $4.49 billion with a year-over-year growth of 6.2%.
• The company declared a quarterly dividend of $2.00 per share, leading to an annualized dividend yield of 2.4%, with a payout ratio of 42.46%.

Bayforest Capital Ltd raised its holdings in Everest Group, Ltd. (NYSE:EG - Free Report) by 1,946.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,780 shares of the company's stock after buying an additional 1,693 shares during the period. Bayforest Capital Ltd's holdings in Everest Group were worth $647,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. purchased a new position in Everest Group in the 4th quarter valued at approximately $29,000. SVB Wealth LLC purchased a new position in Everest Group in the 1st quarter valued at approximately $30,000. Tsfg LLC purchased a new position in Everest Group in the 1st quarter valued at approximately $33,000. Zions Bancorporation National Association UT purchased a new position in Everest Group in the 1st quarter valued at approximately $34,000. Finally, WPG Advisers LLC purchased a new position in Everest Group in the 1st quarter valued at approximately $37,000. Hedge funds and other institutional investors own 92.64% of the company's stock.

Everest Group Stock Up 2.6%

Shares of NYSE EG traded up $8.93 during mid-day trading on Thursday, reaching $348.96. The company had a trading volume of 320,445 shares, compared to its average volume of 275,547. 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 50 day simple moving average of $336.87 and a two-hundred day simple moving average of $343.97. The stock has a market cap of $14.64 billion, a P/E ratio of 18.52, a PEG ratio of 0.25 and a beta of 0.51. Everest Group, Ltd. has a 52-week low of $320.00 and a 52-week high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, beating analysts' consensus estimates of $15.14 by $2.22. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The company's revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $16.85 EPS. Sell-side analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $2.00 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.3%. Everest Group's dividend payout ratio (DPR) is 42.46%.

Wall Street Analyst Weigh In

EG has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Wells Fargo & Company reissued a "mixed" rating on shares of Everest Group in a research report on Monday, August 4th. Morgan Stanley increased their price objective on shares of Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Citigroup initiated coverage on shares of Everest Group in a research report on Wednesday, August 13th. They issued a "neutral" rating and a $362.00 price objective on the stock. Finally, UBS Group dropped their price objective on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $397.14.

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.