Norges Bank Takes $630.28 Million Position in Everest Group, Ltd. $EG

Key Points

• Norges Bank disclosed a new position in Everest Group, buying 1,857,307 shares valued at about $630.3 million, giving it roughly 4.42% ownership of the company.
• Institutional ownership in Everest Group remains very high at 92.64%, and several other large investors also recently increased or initiated stakes in the stock.
• Everest Group announced a quarterly dividend of $2.00 per share payable June 26, while analysts currently rate the stock a consensus Hold with an average price target of $373.73.

Norges Bank bought a new stake in Everest Group, Ltd. (NYSE:EG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,857,307 shares of the company's stock, valued at approximately $630,277,000. Norges Bank owned approximately 4.42% of Everest Group as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of EG. AQR Capital Management LLC grew its holdings in shares of Everest Group by 70.3% in the third quarter. AQR Capital Management LLC now owns 2,011,033 shares of the company's stock valued at $695,275,000 after acquiring an additional 830,418 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Everest Group by 12,322.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 519,243 shares of the company's stock valued at $176,205,000 after purchasing an additional 515,063 shares during the period. Alliancebernstein L.P. grew its holdings in Everest Group by 157.5% during the third quarter. Alliancebernstein L.P. now owns 291,886 shares of the company's stock valued at $102,227,000 after purchasing an additional 178,536 shares during the period. Causeway Capital Management LLC bought a new position in Everest Group during the third quarter valued at $61,531,000. Finally, Vulcan Value Partners LLC grew its holdings in Everest Group by 13.9% during the third quarter. Vulcan Value Partners LLC now owns 1,417,466 shares of the company's stock valued at $496,514,000 after purchasing an additional 172,479 shares during the period. 92.64% of the stock is owned by institutional investors.

Insider Activity at Everest Group

In other news, CEO Jason Keen sold 775 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $351.84, for a total value of $272,676.00. Following the completion of the transaction, the chief executive officer directly owned 8,170 shares of the company's stock, valued at $2,874,532.80. This trade represents a 8.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by insiders.

Everest Group Price Performance

Everest Group stock opened at $323.94 on Monday. Everest Group, Ltd. has a one year low of $302.44 and a one year high of $368.29. The business has a fifty day moving average price of $340.31 and a 200-day moving average price of $331.86. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.37 and a quick ratio of 0.37. The firm has a market capitalization of $12.82 billion, a P/E ratio of 6.59, a PEG ratio of 0.51 and a beta of 0.31.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings results on Monday, March 23rd. The company reported $16.08 EPS for the quarter. Everest Group had a return on equity of 14.70% and a net margin of 11.76%.The firm had revenue of $4.07 billion during the quarter. As a group, equities research analysts forecast that Everest Group, Ltd. will post 52.62 EPS for the current year.

Everest Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, June 12th. Everest Group's dividend payout ratio (DPR) is presently 16.27%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EG. UBS Group set a $355.00 price objective on Everest Group in a report on Thursday, May 21st. Barclays increased their price objective on Everest Group from $377.00 to $380.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. BMO Capital Markets increased their price objective on Everest Group from $366.00 to $376.00 and gave the company a "market perform" rating in a report on Thursday, May 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Everest Group in a report on Friday, May 22nd. Finally, Citigroup increased their price objective on Everest Group from $342.00 to $395.00 and gave the company a "neutral" rating in a report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $373.73.

Everest Group Company Profile

Everest Group NYSE: EG is a global research and consulting firm specializing in strategic advisory, market intelligence, and data-driven analysis for business process, information technology, and emerging technology services. The company provides insights and benchmarks that help enterprises and service providers optimize digital transformation initiatives, sourcing strategies, and operational performance. Through its proprietary research frameworks and data analytics, Everest Group delivers actionable guidance on areas such as automation, cloud migration, customer experience, and supply chain resilience.

With offerings that span advisory engagements, managed services research, and consulting projects, Everest Group serves multiple industry verticals, including banking and financial services, healthcare, manufacturing, telecommunications, and retail.

Want to see what other hedge funds are holding EG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Everest Group, Ltd. (NYSE:EG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.