Everest Group, Ltd. $EG Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its stake in Everest Group by 22.6%, owning approximately 0.20% of the company after selling nearly 25,000 shares in the first quarter.
• Everest Group's CEO, James Allan Williamson, purchased 1,000 shares for approximately $337,970, increasing his ownership by 4.06% to a total of 25,618 shares.
• The company declared a quarterly dividend of $2.00, with a total dividend yield of 2.4% and a payout ratio of 42.46%.

Royal Bank of Canada trimmed its holdings in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 22.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 85,326 shares of the company's stock after selling 24,857 shares during the period. Royal Bank of Canada owned approximately 0.20% of Everest Group worth $31,001,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in EG. Sunbelt Securities Inc. acquired a new position in Everest Group during the fourth quarter valued at $29,000. SVB Wealth LLC purchased a new position in shares of Everest Group during the 1st quarter valued at about $30,000. Tsfg LLC acquired a new position in shares of Everest Group in the 1st quarter valued at about $33,000. Zions Bancorporation National Association UT purchased a new stake in shares of Everest Group in the first quarter worth about $34,000. Finally, WPG Advisers LLC purchased a new stake in shares of Everest Group in the first quarter worth about $37,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Everest Group

In other news, CEO James Allan Williamson purchased 1,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was purchased at an average cost of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the transaction, the chief executive officer owned 25,618 shares of the company's stock, valued at $8,658,115.46. This trade represents a 4.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.10% of the company's stock.

Everest Group Stock Down 1.5%

Shares of NYSE EG opened at $339.91 on Friday. The firm has a market cap of $14.26 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 0.25 and a beta of 0.51. The company's 50-day simple moving average is $336.54 and its 200-day simple moving average is $343.91. 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, Ltd. has a 52-week low of $320.00 and a 52-week high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share 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 firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the company posted $16.85 EPS. Everest Group's quarterly revenue was up 6.2% compared to the same quarter last year. Equities analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be paid a $2.00 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. Everest Group's payout ratio is currently 42.46%.

Analysts Set New Price Targets

A number of brokerages have issued reports on EG. Morgan Stanley boosted their price target on Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Wells Fargo & Company reiterated a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. Barclays raised their price target on shares of Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Janney Montgomery Scott assumed coverage on shares of Everest Group in a research report on Friday, June 20th. They issued a "buy" rating and a $425.00 price objective for the company. Finally, Keefe, Bruyette & Woods raised their target price on Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $397.14.

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.

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