New Vernon Investment Management LLC Reduces Holdings in Everest Group, Ltd. $EG

Key Points

• New Vernon Investment Management LLC reduced its stake in Everest Group, Ltd. by 66.9%, holding 6,568 shares valued at approximately $2.39 million as of the latest SEC filing.
• Everest Group reported a quarterly earnings per share of $17.36, exceeding expectations and showing a 6.2% year-over-year revenue increase to $4.49 billion.
• The company announced a quarterly dividend of $2.00 per share, with a resulting annualized dividend yield of 2.3%.

New Vernon Investment Management LLC decreased its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 66.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,568 shares of the company's stock after selling 13,282 shares during the quarter. Everest Group accounts for approximately 3.2% of New Vernon Investment Management LLC's portfolio, making the stock its 11th largest position. New Vernon Investment Management LLC's holdings in Everest Group were worth $2,386,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Magnetar Financial LLC purchased a new stake in Everest Group in the first quarter valued at approximately $657,000. Canada Pension Plan Investment Board raised its position in Everest Group by 1.0% in the first quarter. Canada Pension Plan Investment Board now owns 8,969 shares of the company's stock valued at $3,259,000 after purchasing an additional 89 shares during the period. Te Ahumairangi Investment Management Ltd raised its position in Everest Group by 1.0% in the first quarter. Te Ahumairangi Investment Management Ltd now owns 35,930 shares of the company's stock valued at $13,054,000 after purchasing an additional 350 shares during the period. WPG Advisers LLC purchased a new stake in Everest Group in the first quarter valued at approximately $37,000. Finally, Lansforsakringar Fondforvaltning AB publ raised its position in Everest Group by 7.7% in the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 11,028 shares of the company's stock valued at $4,007,000 after purchasing an additional 784 shares during the period. Hedge funds and other institutional investors own 92.64% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EG shares. Wells Fargo & Company reaffirmed a "mixed" rating on shares of Everest Group in a research report on Monday, August 4th. Morgan Stanley upped their price objective on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Cantor Fitzgerald raised Everest Group to a "hold" rating in a research report on Wednesday, August 13th. Citigroup started coverage on Everest Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price objective on the stock. Finally, Barclays upped their price objective on Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $397.14.

Insider Activity

In other news, CEO James Allan Williamson acquired 1,000 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were bought at an average price of $337.97 per share, with a total value of $337,970.00. Following the completion of the acquisition, the chief executive officer owned 25,618 shares in the company, valued at $8,658,115.46. This trade represents a 4.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.10% of the company's stock.

Everest Group Stock Down 0.4%

NYSE:EG traded down $1.52 during trading hours on Thursday, hitting $347.01. The company's stock had a trading volume of 99,185 shares, compared to its average volume of 395,465. The stock has a market capitalization of $14.55 billion, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 0.25 and a beta of 0.51. The stock has a fifty day moving average of $336.36 and a 200-day moving average of $343.76. 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 52-week low of $320.00 and a 52-week high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last issued 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. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. Everest Group had a return on equity of 5.89% and a net margin of 4.56%.The business's quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company posted $16.85 earnings per share. On average, equities analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 annualized dividend and a dividend yield of 2.3%. Everest Group's dividend payout ratio (DPR) is presently 42.46%.

About Everest Group

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.