Earnest Partners LLC Increases Position in Everest Group, Ltd. $EG

Key Points

• Earnest Partners LLC has increased its ownership in Everest Group, Ltd. by 2.9%, now holding 232,767 shares valued at approximately $84.57 million.
• Everest Group reported an earnings per share (EPS) of $17.36, surpassing analysts' expectations of $15.14 and showing a revenue increase of 6.2% compared to the previous year.
• The company declared a quarterly dividend of $2.00 per share, with a 2.4% dividend yield, payable on September 19th to stockholders of record by September 3rd.

Earnest Partners LLC raised its holdings in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 232,767 shares of the company's stock after acquiring an additional 6,666 shares during the quarter. Earnest Partners LLC owned approximately 0.55% of Everest Group worth $84,571,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp increased its holdings in Everest Group by 16.9% during 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 in the last quarter. 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 worth $418,000 after buying an additional 176 shares in 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 worth $62,753,000 after buying an additional 18,780 shares in 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 worth $3,586,000 after buying an additional 1,235 shares in 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 worth $2,123,000 after buying an additional 3,272 shares in the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Price Performance

EG opened at $338.94 on Wednesday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 52-week low of $320.00 and a 52-week high of $407.30. The company has a 50 day moving average of $335.58 and a two-hundred day moving average of $343.43. The company has a market cap of $14.22 billion, a P/E ratio of 17.99, a P/E/G ratio of 0.25 and a beta of 0.50.

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, topping analysts' consensus estimates 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 analysts' expectations of $4.22 billion. During the same period in the previous year, the company posted $16.85 earnings per share. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, analysts expect that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The company 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. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's payout ratio is presently 42.46%.

Insider Activity

In related news, CEO James Allan Williamson purchased 1,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was acquired at an average price of $337.97 per share, for a total transaction 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. This 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 can be accessed through the SEC website. Company insiders own 1.10% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company reiterated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. Cantor Fitzgerald upgraded shares of Everest Group to a "hold" rating in a report on Wednesday, August 13th. UBS Group lowered their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Raymond James Financial reiterated a "strong-buy" rating and set a $410.00 price target (down from $420.00) on shares of Everest Group in a report on Tuesday, May 6th. Finally, Morgan Stanley raised their target price on shares of Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average 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.

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