Clough Capital Partners L P Reduces Stock Position in Everest Group, Ltd. $EG

Key Points

• Clough Capital Partners L P has reduced its stake in Everest Group, Ltd. by 22.4%, maintaining only 1.9% of its total holdings.
• Everest Group reported earnings of $17.36 per share, surpassing estimates and demonstrating a 6.2% year-over-year revenue increase.
• The company recently declared a quarterly dividend of $2.00, contributing to an annualized dividend yield of 2.4%.

Clough Capital Partners L P decreased its holdings in Everest Group, Ltd. (NYSE:EG - Free Report) by 22.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,033 shares of the company's stock after selling 11,830 shares during the period. Everest Group comprises approximately 1.9% of Clough Capital Partners L P's portfolio, making the stock its 18th largest position. Clough Capital Partners L P owned 0.10% of Everest Group worth $14,909,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of EG. Sunbelt Securities Inc. acquired a new position in shares of Everest Group in the fourth quarter worth $29,000. SVB Wealth LLC acquired a new position in shares of Everest Group in the first quarter worth $30,000. Tsfg LLC acquired a new position in shares of Everest Group in the first quarter worth $33,000. Zions Bancorporation National Association UT acquired a new position in shares of Everest Group during the first quarter worth $34,000. Finally, WPG Advisers LLC acquired a new position in shares of Everest Group during the first quarter worth $37,000. Institutional investors and hedge funds own 92.64% of the company's stock.

Insider Activity at Everest Group

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

Everest Group Stock Performance

EG traded up $2.28 on Monday, reaching $342.16. The company had a trading volume of 220,932 shares, compared to its average volume of 285,036. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The stock has a market capitalization of $14.35 billion, a PE ratio of 18.16, a P/E/G ratio of 0.25 and a beta of 0.51. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average price of $336.04 and a 200-day moving average price of $343.65.

Everest Group (NYSE:EG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the prior year, the company earned $16.85 earnings per share. The business's revenue was up 6.2% compared to the same quarter last year. As a group, research analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders 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 dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's dividend payout ratio is presently 42.46%.

Analysts Set New Price Targets

A number of equities analysts recently commented on EG shares. Cantor Fitzgerald upgraded shares of Everest Group to a "hold" rating in a research note on Wednesday, August 13th. UBS Group lowered their target price on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. Morgan Stanley boosted 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. Raymond James Financial reiterated a "strong-buy" rating and set a $410.00 target price (down previously from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company reissued a "mixed" rating on shares of Everest Group in a research 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 issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $397.14.

Everest Group Company 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.