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

Other large investors also recently modified their holdings of the company. Flagship Harbor Advisors LLC boosted its holdings in shares of Everest Group by 3.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 843 shares of the company's stock valued at $306,000 after buying an additional 30 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Everest Group by 3.0% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,025 shares of the company's stock valued at $372,000 after buying an additional 30 shares in the last quarter. Legacy Advisors LLC raised its stake in shares of Everest Group by 5.5% during the first quarter. Legacy Advisors LLC now owns 599 shares of the company's stock valued at $218,000 after purchasing an additional 31 shares during the period. Nissay Asset Management Corp Japan ADV increased its stake in shares of Everest Group by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 5,315 shares of the company's stock worth $1,913,000 after buying an additional 36 shares during the last quarter. Finally, Vontobel Holding Ltd. increased its stake in shares of Everest Group by 2.1% in the first quarter. Vontobel Holding Ltd. now owns 1,781 shares of the company's stock worth $647,000 after buying an additional 36 shares during the last quarter. 92.64% of the stock is owned by hedge funds and other institutional investors.

Everest Group Trading Down 0.7%

EG traded down $2.41 during midday trading on Monday, reaching $346.96. 77,859 shares of the company were exchanged, compared to its average volume of 392,381. Everest Group, Ltd. has a one year low of $320.00 and a one year high of $407.30. 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 stock has a market capitalization of $14.55 billion, a P/E ratio of 18.38, a PEG ratio of 0.26 and a beta of 0.51. The stock's 50-day simple moving average is $337.11 and its 200 day simple moving average is $343.98.

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

Everest Group Dividend Announcement

The business 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 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 dividend payout ratio is presently 42.46%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EG. Morgan Stanley lifted their price objective on shares of Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. Cantor Fitzgerald upgraded shares of Everest Group to a "hold" rating in a research report on Wednesday, August 13th. Citigroup assumed coverage on shares of Everest Group in a research report on Wednesday, August 13th. They issued a "neutral" rating and a $362.00 price target on the stock. Keefe, Bruyette & Woods boosted their price objective on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Finally, Wells Fargo & Company reiterated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus 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.