National Pension Service Sells 70,354 Shares of Everest Group, Ltd. $EG

Key Points

• The National Pension Service has significantly reduced its stake in Everest Group, Ltd., cutting its position by 69.9% to approximately $11.02 million with 30,340 shares remaining.
• Everest Group reported earnings of $17.36 per share for the last quarter, exceeding analysts' estimates of $15.14, and experienced a year-over-year revenue increase of 6.2%.
• A quarterly dividend of $2.00 per share has been announced, offering stockholders an annualized yield of 2.4%, with the payment scheduled for September 19th.

National Pension Service lessened its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 69.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,340 shares of the company's stock after selling 70,354 shares during the quarter. National Pension Service owned about 0.07% of Everest Group worth $11,023,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in EG. Sunbelt Securities Inc. bought a new stake in shares of Everest Group in the 4th quarter worth approximately $29,000. Tsfg LLC purchased a new position in Everest Group in the first quarter worth $33,000. Zions Bancorporation National Association UT purchased a new position in Everest Group in the first quarter worth $34,000. Optiver Holding B.V. purchased a new position in Everest Group in the fourth quarter worth $51,000. Finally, Bruce G. Allen Investments LLC lifted its stake in Everest Group by 79.1% in the first quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock worth $56,000 after purchasing an additional 68 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company's stock.

Everest Group Stock Up 1.5%

EG traded up $4.90 during midday trading on Wednesday, reaching $342.69. The company's stock had a trading volume of 130,427 shares, compared to its average volume of 401,162. The firm has a market capitalization of $14.37 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 0.25 and a beta of 0.50. The company has a current ratio of 0.38, a quick ratio of 0.38 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's 50-day moving average is $334.92 and its 200-day moving average is $343.34.

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. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The business's revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $16.85 earnings per share. As a group, research analysts expect 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 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 dividend payout ratio is 42.46%.

Insiders Place Their Bets

In related news, CEO James Allan Williamson acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were bought at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the transaction, the chief executive officer directly owned 25,618 shares in the company, valued at approximately $8,658,115.46. This trade represents a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

EG has been the subject of several recent research reports. Barclays boosted their price target on shares of Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Cantor Fitzgerald upgraded shares of Everest Group to a "hold" rating in a research report on Wednesday, August 13th. Morgan Stanley boosted their price objective on shares of Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a research report on Monday, August 4th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $410.00 price objective (down previously from $420.00) on shares of Everest Group in a research report on Tuesday, May 6th. 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $397.14.

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.