Empowered Funds LLC Sells 5,604 Shares of Everest Group, Ltd. $EG

Key Points

• Empowered Funds LLC reduced its stake in Everest Group, Ltd. by 18.9%, now holding approximately 0.06% of the company valued at $8.73 million.
• Everest Group reported earnings of $17.36 per share, exceeding estimates and showcasing a 6.2% year-over-year revenue increase to $4.49 billion.
• The company announced a quarterly dividend of $2.00 per share, representing a yield of 2.3% and a payout ratio of 42.46%.

Empowered Funds LLC cut its holdings in Everest Group, Ltd. (NYSE:EG - Free Report) by 18.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,029 shares of the company's stock after selling 5,604 shares during the period. Empowered Funds LLC owned approximately 0.06% of Everest Group worth $8,730,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Morgan Stanley increased their price objective 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 reduced their price objective on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Keefe, Bruyette & Woods increased their price objective on shares of Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Janney Montgomery Scott started coverage on shares of Everest Group in a research note on Friday, June 20th. They set a "buy" rating and a $425.00 price objective on the stock. Finally, Wells Fargo & Company reissued a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $397.14.

Everest Group Stock Up 0.3%

NYSE EG traded up $0.98 during mid-day trading on Friday, hitting $349.42. The company's stock had a trading volume of 487,609 shares, compared to its average volume of 278,528. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. The company's 50 day simple moving average is $337.11 and its 200 day simple moving average is $344.01. Everest Group, Ltd. has a twelve month low of $320.00 and a twelve month high of $407.30. The firm has a market capitalization of $14.66 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 0.26 and a beta of 0.51.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings data 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. 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 period last year, the business earned $16.85 EPS. The business's revenue was up 6.2% on a year-over-year basis. Analysts anticipate that Everest Group, Ltd. will post 47.93 earnings per share for the current 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 paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Wednesday, September 3rd. Everest Group's payout ratio is presently 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.