Everest Group, Ltd. $EG Shares Sold by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC reduced its stake in Everest Group, Ltd. by 33.5% in Q1, leaving it with 2,634 shares valued at $957,000.
• CEO James Allan Williamson purchased 1,000 shares at $337.97, increasing his ownership by 4.06% to a total of 25,618 shares valued at approximately $8.66 million.
• Everest Group's quarterly earnings topped estimates, with $17.36 EPS reported against a consensus estimate of $15.14, and revenue increased to $4.49 billion, up 6.2% year-over-year.

HighTower Advisors LLC cut its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 33.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,634 shares of the company's stock after selling 1,329 shares during the period. HighTower Advisors LLC's holdings in Everest Group were worth $957,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Truist Financial Corp raised its stake in shares of Everest Group by 16.9% during the 1st quarter. Truist Financial Corp now owns 108,596 shares of the company's stock worth $39,456,000 after buying an additional 15,660 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Everest Group by 18.1% during the 1st quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock worth $418,000 after buying an additional 176 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Everest Group by 12.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company's stock worth $62,753,000 after buying an additional 18,780 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Everest Group by 14.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock worth $3,586,000 after buying an additional 1,235 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Everest Group by 127.3% during the 1st quarter. SG Americas Securities LLC now owns 5,842 shares of the company's stock worth $2,123,000 after buying an additional 3,272 shares in the last quarter. 92.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Everest Group news, CEO James Allan Williamson acquired 1,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were acquired at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the acquisition, the chief executive officer directly 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Everest Group Price Performance

NYSE:EG traded up $3.30 during trading hours on Tuesday, reaching $345.18. 445,436 shares of the company traded hands, compared to its average volume of 259,725. The firm's 50-day moving average is $336.12 and its 200-day moving average is $343.72. The stock has a market cap of $14.48 billion, a P/E ratio of 18.32, a P/E/G 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 1-year low of $320.00 and a 1-year high of $407.30.

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. The firm had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.22 billion. Everest Group had a return on equity of 5.89% and a net margin of 4.56%.Everest Group's quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $16.85 EPS. Equities research analysts expect that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Wednesday, September 3rd. Everest Group's dividend payout ratio is 42.46%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Raymond James Financial reissued a "strong-buy" rating and set a $410.00 target price (down from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Morgan Stanley upped their price target on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a report on Monday, May 19th. Citigroup initiated coverage on Everest Group in a report on Wednesday, August 13th. They issued a "neutral" rating and a $362.00 price target on the stock. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. Finally, Cantor Fitzgerald upgraded Everest Group to a "hold" rating in a report on Wednesday, August 13th. One research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $397.14.

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.