Martingale Asset Management L P Has $19.27 Million Holdings in Everest Group, Ltd. $EG

Key Points

• Martingale Asset Management L P has reduced its stake in Everest Group, Ltd. by 3.5%, now holding approximately 53,047 shares valued at about $19.27 million.
• CEO James Allan Williamson purchased 1,000 shares at an average price of $337.97, increasing his ownership by 4.06%.
• Everest Group reported earnings of $17.36 per share, surpassing estimates, and plans to distribute a quarterly dividend of $2.00 on September 19th.

Martingale Asset Management L P decreased its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 3.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 53,047 shares of the company's stock after selling 1,921 shares during the period. Martingale Asset Management L P owned about 0.12% of Everest Group worth $19,274,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of EG. Vulcan Value Partners LLC lifted its stake in Everest Group by 279.1% in the 4th quarter. Vulcan Value Partners LLC now owns 978,713 shares of the company's stock valued at $354,768,000 after acquiring an additional 720,572 shares in the last quarter. Nuveen LLC bought a new stake in Everest Group in the 1st quarter valued at approximately $137,418,000. Balyasny Asset Management L.P. lifted its stake in Everest Group by 14,518.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 190,040 shares of the company's stock valued at $68,882,000 after acquiring an additional 188,740 shares in the last quarter. GAMMA Investing LLC lifted its stake in Everest Group by 31,899.6% in the 1st quarter. GAMMA Investing LLC now owns 174,398 shares of the company's stock valued at $63,364,000 after acquiring an additional 173,853 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Everest Group during the 4th quarter worth approximately $55,352,000. Institutional investors own 92.64% of the company's stock.

Everest Group Stock Performance

EG traded down $1.24 during trading hours on Tuesday, reaching $340.08. The company's stock had a trading volume of 40,880 shares, compared to its average volume of 397,844. Everest Group, Ltd. has a 52 week low of $320.00 and a 52 week high of $407.30. The company's 50-day moving average is $335.46 and its 200-day moving average is $343.46. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a market cap of $14.26 billion, a PE ratio of 18.06, a price-to-earnings-growth ratio of 0.25 and a beta of 0.50.

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

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's dividend payout ratio is currently 42.46%.

Insider Buying and Selling

In other news, CEO James Allan Williamson acquired 1,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were 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 represents a 4.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EG. Cantor Fitzgerald upgraded Everest Group to a "hold" rating in a research note on Wednesday, August 13th. Raymond James Financial reiterated a "strong-buy" rating and set a $410.00 price objective (down previously from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. UBS Group dropped their price objective on Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Citigroup began coverage on Everest Group in a research note on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $397.14.

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.