LPL Financial LLC Has $9.89 Million Stock Holdings in Everest Group, Ltd. (NYSE:EG)

Key Points

• LPL Financial LLC reduced its stake in Everest Group, Ltd. by 14.9%, now holding approximately 27,208 shares valued at about $9.89 million.
• Everest Group reported a $17.36 EPS for the last quarter, exceeding expectations with revenue of $4.49 billion, marking a 6.2% year-over-year increase.
• The company recently declared a quarterly dividend of $2.00, resulting in an annualized amount of $8.00 and a dividend yield of 2.4%.

LPL Financial LLC decreased its position in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 14.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,208 shares of the company's stock after selling 4,780 shares during the period. LPL Financial LLC owned about 0.06% of Everest Group worth $9,886,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Truist Financial Corp increased its position in shares of Everest Group by 16.9% in the 1st quarter. Truist Financial Corp now owns 108,596 shares of the company's stock worth $39,456,000 after purchasing an additional 15,660 shares during the last quarter. Fifth Third Bancorp grew its position in shares of Everest Group by 18.1% during the 1st quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock valued at $418,000 after buying an additional 176 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Everest Group by 12.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company's stock valued at $62,753,000 after buying an additional 18,780 shares during the last quarter. Wedge Capital Management L L P NC grew its position in shares of Everest Group by 14.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock valued at $3,586,000 after buying an additional 1,235 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Everest Group by 127.3% during the 1st quarter. SG Americas Securities LLC now owns 5,842 shares of the company's stock valued at $2,123,000 after buying an additional 3,272 shares during the last quarter. Hedge funds and other institutional investors own 92.64% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on EG shares. UBS Group lowered 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 report on Wednesday, July 9th. Keefe, Bruyette & Woods upped their price target on shares of Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Morgan Stanley upped 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 note on Monday, May 19th. Janney Montgomery Scott began coverage on shares of Everest Group in a research note on Friday, June 20th. They issued a "buy" rating and a $425.00 price target for the company. Finally, Evercore ISI cut their target price on shares of Everest Group from $400.00 to $396.00 and set an "in-line" rating for the company in a research note on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $402.50.

Everest Group Trading Up 0.2%

Shares of EG stock traded up $0.58 during trading hours on Monday, reaching $330.38. 227,571 shares of the stock traded hands, compared to its average volume of 408,478. Everest Group, Ltd. has a 1-year low of $320.00 and a 1-year high of $407.30. The business has a fifty day moving average price of $336.54 and a 200 day moving average price of $344.51. 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 capitalization of $13.86 billion, a PE ratio of 17.54, a PEG ratio of 0.24 and a beta of 0.50.

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 business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the business earned $16.85 earnings per share. The firm's revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Dividend Announcement

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

Insiders Place Their Bets

In related news, CEO James Allan Williamson acquired 1,000 shares of the company's 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 purchase, the chief executive officer owned 25,618 shares in the company, valued at $8,658,115.46. This represents a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.10% of the company's stock.

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.