Bayforest Capital Ltd Buys 1,693 Shares of Everest Group, Ltd. (NYSE:EG)

Key Points

• Bayforest Capital Ltd significantly increased its holdings in Everest Group, Ltd. by 1,946.0%, acquiring an additional 1,693 shares during the first quarter, bringing their total to 1,780 shares valued at $647,000.
• In its latest earnings report, Everest Group announced an EPS of $6.45, missing the consensus estimate of $7.46, while revenue surpassed expectations at $4.26 billion compared to the estimated $3.89 billion.
• Everest Group declared a quarterly dividend of $2.00 per share, providing an annualized yield of 2.40% with a payout ratio of 41.15%.

Bayforest Capital Ltd lifted its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 1,946.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,780 shares of the company's stock after acquiring an additional 1,693 shares during the period. Bayforest Capital Ltd's holdings in Everest Group were worth $647,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Sunbelt Securities Inc. acquired a new stake in shares of Everest Group in the 4th quarter valued at approximately $29,000. Tsfg LLC bought a new stake in Everest Group during the 1st quarter worth approximately $33,000. Optiver Holding B.V. bought a new stake in Everest Group during the 4th quarter worth approximately $51,000. Bruce G. Allen Investments LLC increased its stake in Everest Group by 79.1% during the 1st quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock worth $56,000 after purchasing an additional 68 shares in the last quarter. Finally, Park Square Financial Group LLC bought a new stake in Everest Group during the 4th quarter worth approximately $104,000. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Everest Group Stock Down 1.2%

Shares of NYSE EG traded down $4.15 during trading hours on Friday, hitting $331.65. The company had a trading volume of 318,747 shares, compared to its average volume of 304,663. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $14.11 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 0.26 and a beta of 0.50. The firm's 50 day moving average is $337.88 and its 200-day moving average is $345.92. 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 posted its quarterly earnings data on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, topping the consensus estimate 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%. The company's quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $16.85 EPS. On average, analysts expect that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Wednesday, May 28th were given a dividend of $2.00 per share. The ex-dividend date was Wednesday, May 28th. This represents a $8.00 annualized dividend and a yield of 2.4%. Everest Group's dividend payout ratio (DPR) is presently 42.46%.

Analysts Set New Price Targets

EG has been the subject of a number of research reports. Morgan Stanley increased their target price on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Janney Montgomery Scott started coverage on Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 price target for the company. Keefe, Bruyette & Woods upped their price target on Everest Group from $402.00 to $405.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Barclays upped their price target on Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Finally, Jefferies Financial Group raised Everest Group from a "hold" rating to a "buy" rating and upped their price target for the stock from $376.00 to $415.00 in a research report on Friday, April 11th. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $400.83.

Insiders Place Their Bets

In other news, CEO James Allan Williamson acquired 1,000 shares of the stock in a transaction on Wednesday, June 11th. The shares were purchased at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the transaction, the chief executive officer directly owned 25,618 shares of the company's stock, valued at approximately $8,658,115.46. This represents a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is owned by insiders.

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.