Everest Group, Ltd. (NYSE:EG) Shares Acquired by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its ownership in Everest Group, Ltd. by 5.2%, acquiring an additional 5,239 shares for a total of 105,992 shares valued at approximately $38.51 million.
• Institutional investors hold a significant portion of the company, owning 92.64% of its shares, indicating strong market interest and backing.
• Six research analysts have rated Everest Group with a consensus rating of "Moderate Buy", alongside a target price of $400.83, suggesting potential for future growth.

Mackenzie Financial Corp lifted its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 5.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 105,992 shares of the company's stock after purchasing an additional 5,239 shares during the period. Mackenzie Financial Corp owned approximately 0.22% of Everest Group worth $38,510,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EG. Franklin Resources Inc. lifted its holdings in shares of Everest Group by 0.4% in the fourth quarter. Franklin Resources Inc. now owns 1,281,611 shares of the company's stock valued at $464,533,000 after purchasing an additional 4,544 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Everest Group by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,164,081 shares of the company's stock worth $424,344,000 after buying an additional 8,321 shares in the last quarter. Vulcan Value Partners LLC grew its holdings in shares of Everest Group by 279.1% during the fourth quarter. Vulcan Value Partners LLC now owns 978,713 shares of the company's stock worth $354,768,000 after buying an additional 720,572 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Everest Group by 17.2% during the fourth quarter. Invesco Ltd. now owns 855,120 shares of the company's stock worth $309,947,000 after buying an additional 125,271 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Everest Group by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 572,132 shares of the company's stock worth $207,368,000 after buying an additional 13,138 shares in the last quarter. Institutional investors and hedge funds own 92.64% of the company's stock.

Insider Transactions at Everest Group

In other Everest Group news, CEO James Allan Williamson acquired 1,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was bought at an average cost of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the purchase, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Everest Group Trading Down 1.2%

EG traded down $4.15 during trading on Friday, hitting $331.65. 318,747 shares of the company's stock were exchanged, compared to its average volume of 304,663. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The stock has a 50 day moving average price of $337.88 and a 200 day moving average price of $345.92. The firm has a market cap of $14.11 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 0.26 and a beta of 0.50.

Everest Group (NYSE:EG - Get Free Report) last released its quarterly earnings data 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 company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the firm earned $16.85 earnings per share. Everest Group's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, analysts expect that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on EG. Jefferies Financial Group upgraded shares of Everest Group from a "hold" rating to a "buy" rating and lifted their price target for the stock from $376.00 to $415.00 in a report on Friday, April 11th. Barclays lifted their price target on shares of Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. Keefe, Bruyette & Woods lifted their price target on shares of Everest Group from $402.00 to $405.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Raymond James Financial reiterated a "strong-buy" rating and set a $410.00 price target (down from $420.00) on shares of Everest Group in a report on Tuesday, May 6th. Finally, Morgan Stanley boosted their target price on shares of Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Everest Group currently has an average rating of "Moderate Buy" and a consensus price target of $400.83.

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.