Northwestern Mutual Wealth Management Co. Sells 830 Shares of Everest Group, Ltd. $EG

Key Points

• Northwestern Mutual Wealth Management Co. reduced its stake in Everest Group, Ltd. by 11.1%, owning 6,671 shares valued at approximately $2.4 million after selling 830 shares in the 1st quarter.
• Other institutional investors like Truist Financial Corp and Fifth Third Bancorp increased their stakes in Everest Group, demonstrating a mixed sentiment among large shareholders.
• Everest Group's recent earnings report exceeded expectations, with a net margin of 4.56% and revenue of $4.49 billion for the quarter, reflecting a 6.2% year-over-year increase.

Northwestern Mutual Wealth Management Co. reduced its holdings in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 11.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,671 shares of the company's stock after selling 830 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Everest Group were worth $2,424,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in Everest Group during the first quarter worth about $137,418,000. Vulcan Value Partners LLC raised its holdings in shares of Everest Group by 35.8% in the 1st quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company's stock worth $482,832,000 after buying an additional 350,019 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Everest Group by 14,518.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 190,040 shares of the company's stock worth $68,882,000 after buying an additional 188,740 shares during the period. GAMMA Investing LLC lifted its position in shares of Everest Group by 31,899.6% during the 1st quarter. GAMMA Investing LLC now owns 174,398 shares of the company's stock worth $63,364,000 after buying an additional 173,853 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in Everest Group in the 4th quarter valued at $55,352,000. Institutional investors own 92.64% of the company's stock.

Insider Activity

In other Everest Group news, CEO James Allan Williamson purchased 1,000 shares of the 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 transaction, 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 purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on EG shares. Keefe, Bruyette & Woods increased their price objective on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a report on Wednesday, August 13th. UBS Group cut their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Janney Montgomery Scott began coverage on shares of Everest Group in a report on Friday, June 20th. They set a "buy" rating and a $425.00 price objective for the company. Finally, Morgan Stanley lifted their target price on shares of Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $397.14.

Everest Group Trading Down 0.9%

EG stock traded down $3.27 during trading on Thursday, hitting $345.26. The company had a trading volume of 316,069 shares, compared to its average volume of 270,026. The firm has a 50-day moving average price of $336.48 and a 200-day moving average price of $343.84. Everest Group, Ltd. has a 12 month low of $320.00 and a 12 month high of $407.30. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The stock has a market cap of $14.48 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 0.26 and a beta of 0.51.

Everest Group (NYSE:EG - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, beating the consensus estimate of $15.14 by $2.22. Everest Group had a return on equity of 5.89% and a net margin of 4.56%.The company had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the firm earned $16.85 EPS. The business's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders 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 presently 42.46%.

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.