Intech Investment Management LLC Cuts Position in Everest Group, Ltd. $EG

Key Points

• Intech Investment Management LLC reduced its stake in Everest Group, Ltd. by 17.8%, holding 52,397 shares worth $19 million after selling 11,311 shares in the first quarter.
• Everest Group has received upgrades from several analysts, with Barclays increasing its price target from $394.00 to $398.00 and Keefe, Bruyette & Woods lifting theirs from $405.00 to $416.00.
• The company announced a quarterly dividend of $2.00 per share, yielding 2.3%, with an annualized dividend of $8.00, payable on September 19th.

Intech Investment Management LLC decreased its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 17.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,397 shares of the company's stock after selling 11,311 shares during the period. Intech Investment Management LLC owned about 0.12% of Everest Group worth $19,037,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of EG. Nuveen LLC purchased a new stake in shares of Everest Group during the first quarter worth about $137,418,000. Vulcan Value Partners LLC increased its stake in shares of Everest Group by 35.8% during the first quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company's stock worth $482,832,000 after purchasing an additional 350,019 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Everest Group by 31,899.6% during the first quarter. GAMMA Investing LLC now owns 174,398 shares of the company's stock worth $63,364,000 after purchasing an additional 173,853 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Everest Group during the fourth quarter worth about $55,352,000. Finally, Perpetual Ltd purchased a new stake in shares of Everest Group during the first quarter worth about $37,919,000. Hedge funds and other institutional investors own 92.64% of the company's stock.

Everest Group Trading Down 1.3%

Shares of Everest Group stock traded down $4.55 during mid-day trading on Monday, hitting $344.83. The stock had a trading volume of 106,879 shares, compared to its average volume of 392,482. The firm has a 50-day moving average of $337.11 and a two-hundred day moving average of $343.98. Everest Group, Ltd. has a 12-month low of $320.00 and a 12-month high of $407.30. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The firm has a market cap of $14.46 billion, a P/E ratio of 18.31, a price-to-earnings-growth ratio of 0.26 and a beta of 0.51.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, beating the consensus estimate of $15.14 by $2.22. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The business had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the company posted $16.85 EPS. The business's revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

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 annualized dividend and a dividend yield of 2.3%. Everest Group's dividend payout ratio is 42.46%.

Analysts Set New Price Targets

EG has been the subject of a number of research reports. Morgan Stanley boosted their target price on shares of Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Citigroup began coverage on shares of Everest Group in a research note on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price objective for the company. Keefe, Bruyette & Woods upped their price objective on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Janney Montgomery Scott began coverage on shares of Everest Group in a research note on Friday, June 20th. They set a "buy" rating and a $425.00 price objective for the company. Finally, UBS Group dropped their price objective on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Everest Group has an average rating of "Moderate Buy" and a consensus price target 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.