Brandywine Global Investment Management LLC Acquires 13,607 Shares of Everest Group, Ltd. $EG

Key Points

• Brandywine Global Investment Management LLC increased its stake in Everest Group, Ltd. by 109.5% in the first quarter, acquiring 13,607 additional shares, bringing their total to 26,030 shares valued at approximately $9.46 million.
• Everest Group reported earnings of $17.36 EPS, outpacing the consensus estimate of $15.14, with a revenue increase of 6.2% year-over-year to $4.49 billion.
• The company declared a quarterly dividend of $2.00 per share, which will be paid on September 19th, representing an annualized yield of 2.4%.

Brandywine Global Investment Management LLC increased its position in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 109.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,030 shares of the company's stock after buying an additional 13,607 shares during the period. Brandywine Global Investment Management LLC owned 0.06% of Everest Group worth $9,457,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Truist Financial Corp grew its holdings in Everest Group by 16.9% in the first quarter. Truist Financial Corp now owns 108,596 shares of the company's stock worth $39,456,000 after purchasing an additional 15,660 shares during the period. Fifth Third Bancorp grew its holdings in shares of Everest Group by 18.1% during the first quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock valued at $418,000 after buying an additional 176 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Everest Group by 12.2% during the first quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company's stock valued at $62,753,000 after buying an additional 18,780 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Everest Group by 14.3% during the first quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock valued at $3,586,000 after buying an additional 1,235 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Everest Group by 127.3% during the first quarter. SG Americas Securities LLC now owns 5,842 shares of the company's stock valued at $2,123,000 after buying an additional 3,272 shares during the last quarter. Institutional investors own 92.64% of the company's stock.

Everest Group Stock Performance

EG stock traded up $5.3250 during mid-day trading on Wednesday, hitting $343.1150. The company had a trading volume of 305,193 shares, compared to its average volume of 402,320. The firm has a market cap of $14.39 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 0.25 and a beta of 0.50. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38. Everest Group, Ltd. has a 12 month low of $320.00 and a 12 month high of $407.30. The stock's fifty day moving average price is $334.92 and its two-hundred day moving average price is $343.34.

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

Everest Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, September 3rd will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 annualized dividend and a yield of 2.3%. Everest Group's payout ratio is currently 42.46%.

Insider Buying and Selling

In other news, CEO James Allan Williamson acquired 1,000 shares of Everest Group stock in a transaction that occurred 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 purchase, the chief executive officer owned 25,618 shares in the company, valued at approximately $8,658,115.46. The trade was a 4.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald upgraded shares of Everest Group to a "hold" rating in a report on Wednesday, August 13th. Morgan Stanley lifted their price objective on shares of Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Raymond James Financial reiterated a "strong-buy" rating and set a $410.00 price objective (down from $420.00) on shares of Everest Group in a report on Tuesday, May 6th. Janney Montgomery Scott assumed coverage on shares of Everest Group in a report on Friday, June 20th. They set a "buy" rating and a $425.00 price objective for the company. Finally, Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. One 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $397.14.

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.