Jefferies Financial Group Inc. Reduces Holdings in Everest Group, Ltd. (NYSE:EG)

Key Points

• Jefferies Financial Group Inc. reduced its stake in Everest Group, Ltd. by 85.1%, owning 1,960 shares worth $712,000 after selling 11,202 shares in the first quarter.
• Multiple institutional investors significantly increased their holdings in Everest Group, with Vulcan Value Partners LLC raising its stake by 279.1% and Sterling Capital Management LLC raising theirs by an astonishing 11,756.0%.
• Everest Group reported a quarterly earnings per share of $17.36, exceeding the analyst consensus estimate by $2.22, and its revenue showed a 6.2% increase compared to the previous year.

Jefferies Financial Group Inc. lowered its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 85.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,960 shares of the company's stock after selling 11,202 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Everest Group were worth $712,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. US Bancorp DE raised its position in shares of Everest Group by 1.7% during the 1st quarter. US Bancorp DE now owns 8,061 shares of the company's stock valued at $2,929,000 after buying an additional 131 shares in the last quarter. Baader Bank Aktiengesellschaft raised its position in shares of Everest Group by 6.6% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 595 shares of the company's stock valued at $213,000 after buying an additional 37 shares in the last quarter. Bayforest Capital Ltd raised its position in shares of Everest Group by 1,946.0% during the 1st quarter. Bayforest Capital Ltd now owns 1,780 shares of the company's stock valued at $647,000 after buying an additional 1,693 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Everest Group during the 1st quarter valued at about $826,000. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Everest Group during the 1st quarter valued at about $1,689,000. Hedge funds and other institutional investors own 92.64% of the company's stock.

Insiders Place Their Bets

In other Everest Group news, CEO James Allan Williamson purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were purchased at an average cost of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the transaction, the chief executive officer owned 25,618 shares of the company's stock, valued at $8,658,115.46. The trade was a 4.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.10% of the company's stock.

Everest Group Stock Down 0.1%

EG traded down $0.39 during trading on Thursday, hitting $328.10. The stock had a trading volume of 262,967 shares, compared to its average volume of 330,935. The company has a market capitalization of $13.76 billion, a PE ratio of 16.39, a PEG ratio of 0.24 and a beta of 0.50. Everest Group, Ltd. has a twelve month low of $320.00 and a twelve month high of $407.30. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.35 and a current ratio of 0.38. The stock has a 50 day simple moving average of $336.89 and a two-hundred day simple moving average of $345.01.

Everest Group (NYSE:EG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter last year, the company posted $16.85 earnings per share. The firm's revenue was up 6.2% compared to the same quarter last year. On average, research analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EG. Janney Montgomery Scott began coverage on shares of Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research report on Wednesday. Evercore ISI reduced their price objective on shares of Everest Group from $400.00 to $396.00 and set an "in-line" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company reissued a "mixed" rating on shares of Everest Group in a research report on Monday. Finally, Morgan Stanley increased their price objective on shares of Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $402.50.

Everest Group 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.