Mediolanum International Funds Ltd Has $10.97 Million Stock Position in Everest Group, Ltd. (NYSE:EG)

Key Points

• Mediolanum International Funds Ltd reduced its stake in Everest Group, Ltd. by 5.6%, now holding 30,311 shares valued at approximately $10.97 million.
• Everest Group reported $6.45 EPS for the quarter, falling short of the expected $7.46 EPS, although revenue increased to $4.26 billion from the previous year.
• The company declared a quarterly dividend of $2.00 per share, representing a 2.38% yield with a payout ratio of 41.15%.

Mediolanum International Funds Ltd lessened its holdings in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 5.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,311 shares of the company's stock after selling 1,787 shares during the period. Mediolanum International Funds Ltd owned about 0.06% of Everest Group worth $10,972,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Sunbelt Securities Inc. acquired a new stake in Everest Group in the fourth quarter valued at approximately $29,000. Tsfg LLC acquired a new stake in Everest Group in the first quarter valued at approximately $33,000. Optiver Holding B.V. acquired a new stake in Everest Group in the fourth quarter valued at approximately $51,000. Bruce G. Allen Investments LLC boosted its position in Everest Group by 79.1% in the first quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock valued at $56,000 after buying an additional 68 shares in the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in Everest Group in the fourth quarter valued at approximately $104,000. Institutional investors and hedge funds own 92.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on EG shares. Morgan Stanley raised their target price on shares of Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Evercore ISI dropped their price target on shares of Everest Group from $400.00 to $396.00 and set an "in-line" rating for the company in a research note on Thursday, May 1st. Keefe, Bruyette & Woods raised their price target on shares of Everest Group from $402.00 to $405.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company raised their price target on shares of Everest Group from $361.00 to $362.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Finally, Jefferies Financial Group raised shares of Everest Group from a "hold" rating to a "buy" rating and raised their price target for the company from $376.00 to $415.00 in a research note on Friday, April 11th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Everest Group has a consensus rating of "Moderate Buy" and a consensus target price of $400.83.

Insider Activity

In other Everest Group news, CEO James Allan Williamson acquired 1,000 shares of Everest Group stock in a transaction dated 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 acquisition, the chief executive officer directly owned 25,618 shares of the company's stock, valued at $8,658,115.46. This represents a 4.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is owned by corporate insiders.

Everest Group Stock Up 0.2%

EG traded up $0.70 during midday trading on Wednesday, hitting $332.98. The company had a trading volume of 254,004 shares, compared to its average volume of 407,812. Everest Group, Ltd. has a 52 week low of $320.00 and a 52 week high of $407.30. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $14.16 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.26 and a beta of 0.51. The stock's 50 day moving average price is $338.40 and its 200 day moving average price is $346.40.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $6.45 earnings per share for the quarter, missing the consensus estimate of $7.46 by ($1.01). Everest Group had a net margin of 4.88% and a return on equity of 5.95%. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same period last year, the firm posted $16.32 earnings per share. The company's revenue for the quarter was up 3.1% on a year-over-year basis. On average, research analysts anticipate that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Wednesday, May 28th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Wednesday, May 28th. Everest Group's dividend payout ratio is currently 41.15%.

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.