Northern Trust Corp Acquires 18,755 Shares of Everest Group, Ltd. $EG

Key Points

• Northern Trust Corp increased its stake in Everest Group, Ltd. by purchasing 18,755 shares, bringing its total ownership to approximately 1.03%, valued at around $159.2 million.
• Everest Group reported an earnings per share (EPS) of $17.36, significantly exceeding analysts' expectations of $15.14 for the most recent quarter, along with revenue growth of 6.2% year-over-year.
• The company announced a $2.00 quarterly dividend that will be paid on September 19th, resulting in an annualized dividend yield of 2.3%.

Northern Trust Corp boosted its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 4.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 438,236 shares of the company's stock after buying an additional 18,755 shares during the period. Northern Trust Corp owned approximately 1.03% of Everest Group worth $159,224,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EG. Sunbelt Securities Inc. bought a new stake in shares of Everest Group during the fourth quarter valued at approximately $29,000. Tsfg LLC bought a new stake in Everest Group during the 1st quarter valued at $33,000. Zions Bancorporation National Association UT acquired a new position in Everest Group during the first quarter worth $34,000. Optiver Holding B.V. bought a new position in shares of Everest Group in the fourth quarter valued at $51,000. Finally, Bruce G. Allen Investments LLC lifted its stake in shares of Everest Group by 79.1% in the first quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock valued at $56,000 after buying an additional 68 shares in the last quarter. Institutional investors own 92.64% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on EG. UBS Group lowered their target price on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Cantor Fitzgerald raised Everest Group to a "hold" rating in a research note on Wednesday, August 13th. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. Keefe, Bruyette & Woods upped their price target on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Finally, Barclays raised their price objective on Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. One research 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $397.14.

Insider Activity at Everest Group

In other news, CEO James Allan Williamson purchased 1,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was bought 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 of the company's stock, valued at $8,658,115.46. The trade was 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 the SEC website. 1.10% of the stock is owned by corporate insiders.

Everest Group Stock Performance

NYSE EG traded down $4.19 during trading hours on Thursday, reaching $339.16. 33,931 shares of the company were exchanged, compared to its average volume of 396,164. The stock has a market capitalization of $14.22 billion, a P/E ratio of 18.00, a P/E/G ratio of 0.25 and a beta of 0.50. The company has a quick ratio of 0.38, a current 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 business's 50 day simple moving average is $335.79 and its 200-day simple moving average is $343.43.

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

Everest Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's dividend payout ratio is currently 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.