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Deutsche Bank AG Decreases Holdings in Everest Group, Ltd. (NYSE:EG)

Everest Group logo with Finance background

Key Points

  • Deutsche Bank AG reduced its stake in Everest Group, Ltd. by 14.5%, owning approximately 0.47% of the company after selling 33,672 shares.
  • Significant institutional investors, including Wells Fargo and Renaissance Technologies, have increased their stakes in Everest Group, which is now 92.64% owned by institutional shareholders.
  • Everest Group reported a quarterly EPS of $17.36, exceeding expectations, and recently declared a quarterly dividend of $2.00 per share.
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Deutsche Bank AG trimmed its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 14.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 199,058 shares of the company's stock after selling 33,672 shares during the period. Deutsche Bank AG owned approximately 0.47% of Everest Group worth $72,324,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of EG. Wells Fargo & Company MN grew its stake in shares of Everest Group by 66.9% during the fourth quarter. Wells Fargo & Company MN now owns 18,393 shares of the company's stock valued at $6,667,000 after buying an additional 7,372 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Everest Group by 42.7% during the 4th quarter. Renaissance Technologies LLC now owns 73,200 shares of the company's stock valued at $26,532,000 after buying an additional 21,900 shares in the last quarter. Raymond James Financial Inc. bought a new position in Everest Group in the 4th quarter worth about $48,290,000. Treasurer of the State of North Carolina raised its stake in shares of Everest Group by 0.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 19,426 shares of the company's stock valued at $7,041,000 after acquiring an additional 90 shares in the last quarter. Finally, Aware Super Pty Ltd as trustee of Aware Super bought a new position in Everest Group in the fourth quarter worth approximately $21,615,000. Institutional investors own 92.64% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Janney Montgomery Scott started coverage on Everest Group in a report on Friday, June 20th. They issued a "buy" rating and a $425.00 price objective for the company. Morgan Stanley boosted their price target 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. Wells Fargo & Company reiterated a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. Keefe, Bruyette & Woods lifted their price objective on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Finally, Raymond James Financial reissued 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. Five equities research 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's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $402.50.

Check Out Our Latest Research Report on Everest Group

Insider Transactions at Everest Group

In other news, CEO James Allan Williamson bought 1,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was purchased at an average cost of $337.97 per share, with a total value of $337,970.00. Following the acquisition, the chief executive officer directly owned 25,618 shares in the company, valued at $8,658,115.46. This trade represents a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.10% of the company's stock.

Everest Group Stock Performance

Shares of EG stock opened at $329.78 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The firm has a market capitalization of $13.83 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 0.24 and a beta of 0.50. The business has a fifty day moving average of $336.54 and a 200 day moving average of $344.51.

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, beating the consensus estimate of $15.14 by $2.22. The business had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The business's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the business posted $16.85 EPS. As a group, research analysts expect 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. Shareholders of record on Wednesday, May 28th were issued a $2.00 dividend. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $8.00 dividend on an annualized basis and a yield of 2.4%. Everest Group's payout ratio is presently 42.46%.

About Everest Group

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Everest Group (NYSE:EG)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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