Nuveen LLC Purchases Shares of 378,218 Everest Group, Ltd. (NYSE:EG)

Key Points

• Nuveen LLC has invested approximately $137.42 million in Everest Group, acquiring 378,218 shares and holding about 0.89% of the company's stock as of its latest SEC filing.
• Everest Group reported earnings of $17.36 per share, exceeding estimates, alongside a revenue of $4.49 billion for the recent quarter, indicating a year-over-year revenue increase of 6.2%.
• The company announced a quarterly dividend of $2.00 per share, translating to an annualized dividend of $8.00 and a yield of 2.4%, with a dividend payout ratio of 42.46%.

Nuveen LLC bought a new stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 378,218 shares of the company's stock, valued at approximately $137,418,000. Nuveen LLC owned 0.89% of Everest Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of EG. Vanguard Group Inc. lifted its stake in shares of Everest Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,577,376 shares of the company's stock valued at $2,026,428,000 after purchasing an additional 17,346 shares during the last quarter. Vulcan Value Partners LLC lifted its stake 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 valued at $482,832,000 after purchasing an additional 350,019 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Everest Group by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 572,132 shares of the company's stock valued at $207,368,000 after purchasing an additional 13,138 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Everest Group by 11.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 552,972 shares of the company's stock valued at $200,911,000 after purchasing an additional 56,410 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Everest Group by 14.7% in the 4th quarter. Northern Trust Corp now owns 419,481 shares of the company's stock valued at $152,045,000 after purchasing an additional 53,849 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Evercore ISI cut their target price on shares of Everest Group from $400.00 to $396.00 and set an "in-line" rating for the company in a research report on Thursday, May 1st. Barclays boosted their target price on shares of Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Citigroup initiated coverage on shares of Everest Group in a research report on Wednesday. They set a "neutral" rating and a $362.00 price objective for the company. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a research report on Wednesday. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $410.00 target price (down previously from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $397.14.

Insiders Place Their Bets

In related news, CEO James Allan Williamson acquired 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, with a total value of $337,970.00. Following the completion of the transaction, the chief executive officer directly owned 25,618 shares of the company's stock, valued at approximately $8,658,115.46. The trade was a 4.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.10% of the company's stock.

Everest Group Price Performance

Shares of EG stock traded up $0.12 during trading hours on Thursday, reaching $336.88. 260,821 shares of the company were exchanged, compared to its average volume of 406,079. Everest Group, Ltd. has a fifty-two week low of $320.00 and a fifty-two week high of $407.30. The stock's fifty day moving average is $335.48 and its two-hundred day moving average is $344.10. The company has a market cap of $14.13 billion, a price-to-earnings ratio of 17.88, a P/E/G ratio of 0.24 and a beta of 0.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38.

Everest Group (NYSE:EG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, beating the consensus estimate of $15.14 by $2.22. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the business posted $16.85 earnings per share. Everest Group's revenue was up 6.2% compared to the same quarter last year. Sell-side analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.4%. Everest Group's dividend payout ratio (DPR) 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.