Integrated Wealth Concepts LLC Has $3.48 Million Holdings in Everest Group, Ltd. $EG

Key Points

• Integrated Wealth Concepts LLC increased its stake in Everest Group by 489.2%, owning 9,587 shares valued at $3.48 million after acquiring an additional 7,960 shares.
• Everest Group reported a quarterly earnings per share (EPS) of $17.36, beating estimates by $2.22, with a revenue increase of 6.2% year-over-year.
• The company announced a quarterly dividend of $2.00 per share, which represents an annualized dividend yield of 2.4%.

Integrated Wealth Concepts LLC increased its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 489.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,587 shares of the company's stock after purchasing an additional 7,960 shares during the period. Integrated Wealth Concepts LLC's holdings in Everest Group were worth $3,483,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EG. Nuveen LLC acquired a new position in Everest Group in the 1st quarter worth $137,418,000. Vulcan Value Partners LLC boosted its stake in Everest Group by 35.8% in the 1st quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company's stock worth $482,832,000 after purchasing an additional 350,019 shares during the period. GAMMA Investing LLC boosted 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 worth $63,364,000 after purchasing an additional 173,853 shares during the period. Point72 Asset Management L.P. acquired a new position in Everest Group in the 4th quarter worth $55,352,000. Finally, Perpetual Ltd acquired a new position in Everest Group in the 1st quarter worth $37,919,000. 92.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on EG. Morgan Stanley upped 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 note on Monday, May 19th. UBS Group cut their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. Janney Montgomery Scott began coverage on shares of Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 price target on the stock. Citigroup initiated coverage on shares of Everest Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price target on the stock. Finally, Wells Fargo & Company reaffirmed a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $397.14.

Everest Group Stock Performance

Everest Group stock traded up $8.93 during trading hours on Thursday, hitting $348.96. The company had a trading volume of 320,445 shares, compared to its average volume of 393,528. The firm has a market cap of $14.64 billion, a PE ratio of 18.52, a PEG ratio of 0.25 and a beta of 0.51. 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 one year low of $320.00 and a one year high of $407.30. The firm has a 50-day moving average of $336.64 and a 200 day moving average of $343.91.

Everest Group (NYSE:EG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, beating the consensus estimate of $15.14 by $2.22. The firm had revenue of $4.49 billion for 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 revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $16.85 EPS. On average, sell-side analysts expect that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's dividend payout ratio is currently 42.46%.

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.