Great Lakes Advisors LLC Boosts Stock Position in Everest Group, Ltd. $EG

Key Points

• Great Lakes Advisors LLC increased its stake in Everest Group, Ltd. by 684.6% in the first quarter, resulting in ownership of 11,118 shares valued at approximately $4,040,000.
• Everest Group recently reported quarterly earnings of $17.36 EPS, exceeding analyst expectations and indicating a 6.2% increase in revenue year-over-year.
• Everest Group announced a quarterly dividend of $2.00 per share, representing a 2.3% dividend yield, with stockholders of record set to receive it on September 19th.

Great Lakes Advisors LLC boosted its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 684.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 11,118 shares of the company's stock after acquiring an additional 9,701 shares during the period. Great Lakes Advisors LLC's holdings in Everest Group were worth $4,040,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Truist Financial Corp raised its stake in Everest Group by 16.9% in 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 during the period. Fifth Third Bancorp increased its position in shares of Everest Group by 18.1% in the first quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock worth $418,000 after purchasing an additional 176 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Everest Group by 12.2% in the first quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company's stock worth $62,753,000 after purchasing an additional 18,780 shares during the last quarter. Wedge Capital Management L L P NC increased its position in shares of Everest Group by 14.3% in 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 purchasing an additional 1,235 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Everest Group by 127.3% in 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 institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on EG. Wells Fargo & Company reissued a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. Cantor Fitzgerald upgraded Everest Group to a "hold" rating in a report on Wednesday, August 13th. Citigroup initiated coverage on Everest Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price target for the company. Barclays increased their price objective on Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Finally, Janney Montgomery Scott initiated coverage on Everest Group in a research report on Friday, June 20th. They issued a "buy" rating and a $425.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, Everest Group has a consensus rating of "Moderate Buy" and a consensus price target of $397.14.

Everest Group Trading Up 0.3%

EG traded up $0.98 during trading hours on Friday, reaching $349.42. 487,609 shares of the company's stock traded hands, compared to its average volume of 278,528. Everest Group, Ltd. has a 52-week low of $320.00 and a 52-week high of $407.30. The firm has a market capitalization of $14.66 billion, a PE ratio of 18.55, a PEG ratio of 0.26 and a beta of 0.51. The firm has a 50-day moving average price of $337.11 and a 200 day moving average price of $344.01. 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 (NYSE:EG - Get Free Report) last released its quarterly earnings results 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 return on equity of 5.89% and a net margin of 4.56%.The firm had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the company posted $16.85 EPS. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current fiscal 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 $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, September 3rd. Everest Group's dividend payout ratio (DPR) is 42.46%.

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.