Everest Group, Ltd. $EG Shares Purchased by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in Everest Group, Ltd. by 130.4% to approximately $22.56 million, owning 62,093 shares as of the latest SEC filing.
• The company reported a net margin of 4.56% and generated $4.49 billion in revenue for the quarter, exceeding analysts’ expectations.
• Everest Group announced a quarterly dividend of $2.00 per share, equating to an annual yield of 2.3%, with the payout scheduled for September 19th.

Korea Investment CORP grew its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 130.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 62,093 shares of the company's stock after buying an additional 35,145 shares during the period. Korea Investment CORP owned 0.15% of Everest Group worth $22,560,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. purchased a new position in shares of Everest Group in the fourth quarter worth $29,000. Tsfg LLC purchased a new position in shares of Everest Group in the first quarter worth $33,000. Zions Bancorporation National Association UT purchased a new position in shares of Everest Group in the first quarter worth $34,000. Optiver Holding B.V. purchased a new position in shares of Everest Group in the fourth quarter worth $51,000. Finally, Bruce G. Allen Investments LLC raised its position 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 buying an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 92.64% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on EG. Barclays raised their price target on shares of Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. 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 price target for the company. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a research report on Wednesday, August 13th. Morgan Stanley raised their price target 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. Finally, UBS Group reduced their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research report 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 assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $397.14.

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 Price Performance

NYSE EG traded down $2.42 during trading hours on Monday, reaching $341.52. The company's stock had a trading volume of 67,783 shares, compared to its average volume of 399,230. The firm has a market capitalization of $14.32 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 0.25 and a beta of 0.50. The company's 50-day moving average is $335.42 and its two-hundred day moving average is $343.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. 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 released its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter last year, the company earned $16.85 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Dividend Announcement

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

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.