Intech Investment Management LLC Reduces Stock Holdings 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 lessened its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,397 shares of the company's stock after selling 11,311 shares during the period. Intech Investment Management LLC owned 0.12% of Everest Group worth $19,037,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of EG. Captrust Financial Advisors raised its holdings in Everest Group by 11.3% in the 4th quarter. Captrust Financial Advisors now owns 2,588 shares of the company's stock valued at $938,000 after buying an additional 262 shares during the period. D. E. Shaw & Co. Inc. purchased a new stake in Everest Group in the 4th quarter valued at about $5,093,000. Ethic Inc. increased its stake in Everest Group by 35.2% during the fourth quarter. Ethic Inc. now owns 5,122 shares of the company's stock worth $1,856,000 after purchasing an additional 1,334 shares during the period. Graham Capital Management L.P. grew its position in shares of Everest Group by 146.9% during the fourth quarter. Graham Capital Management L.P. now owns 2,022 shares of the company's stock worth $733,000 after buying an additional 1,203 shares in the last quarter. Finally, Gotham Asset Management LLC grew its position in shares of Everest Group by 13.3% during the fourth quarter. Gotham Asset Management LLC now owns 2,617 shares of the company's stock worth $949,000 after buying an additional 307 shares in the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on EG shares. Morgan Stanley boosted their price objective on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods boosted their price objective on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Barclays boosted their price objective on Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Wells Fargo & Company reissued a "mixed" rating on shares of Everest Group in a research report on Monday, August 4th. Finally, Cantor Fitzgerald raised Everest Group to a "hold" rating in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $397.14.

Everest Group Stock Up 0.3%

EG traded up $0.98 on Friday, reaching $349.42. The company's stock had a trading volume of 487,609 shares, compared to its average volume of 278,528. 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 fifty-two week low of $320.00 and a fifty-two week high of $407.30. The stock has a 50 day moving average of $337.11 and a two-hundred day moving average of $344.01. The company has a market capitalization of $14.66 billion, a price-to-earnings ratio of 18.55, a P/E/G ratio of 0.26 and a beta of 0.51.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings data 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 return on equity of 5.89% and a net margin of 4.56%.The company had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the previous year, the business earned $16.85 earnings per share. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Dividend Announcement

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

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.