OLD National Bancorp IN Trims Stake in Everest Group, Ltd. (NYSE:EG)

OLD National Bancorp IN trimmed its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 27.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,007 shares of the company's stock after selling 769 shares during the period. OLD National Bancorp IN's holdings in Everest Group were worth $729,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of EG. Norges Bank bought a new stake in Everest Group in the fourth quarter worth about $488,588,000. Vulcan Value Partners LLC raised its holdings in shares of Everest Group by 279.1% in the fourth quarter. Vulcan Value Partners LLC now owns 978,713 shares of the company's stock worth $354,768,000 after buying an additional 720,572 shares during the period. Sterling Capital Management LLC lifted its stake in shares of Everest Group by 11,756.0% during the 4th quarter. Sterling Capital Management LLC now owns 278,616 shares of the company's stock worth $100,987,000 after acquiring an additional 276,266 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake 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 acquiring an additional 188,740 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Everest Group by 31,899.6% during the 1st quarter. GAMMA Investing LLC now owns 174,398 shares of the company's stock valued at $63,364,000 after acquiring an additional 173,853 shares during the period. Hedge funds and other institutional investors own 92.64% of the company's stock.

Insiders Place Their Bets

In related news, Director Geraldine Losquadro sold 1,500 shares of Everest Group stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $360.63, for a total transaction of $540,945.00. Following the completion of the sale, the director now owns 12,279 shares of the company's stock, valued at $4,428,175.77. The trade was a 10.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Everest Group Stock Down 1.3%

Shares of NYSE EG traded down $4.33 during mid-day trading on Tuesday, reaching $336.29. 303,521 shares of the company were exchanged, compared to its average volume of 390,757. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The firm has a 50-day moving average of $346.09 and a 200 day moving average of $354.02. The stock has a market cap of $14.30 billion, a price-to-earnings ratio of 10.71, a P/E/G ratio of 0.24 and a beta of 0.53. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.26.

Everest Group (NYSE:EG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $6.45 EPS for the quarter, missing analysts' consensus estimates of $7.46 by ($1.01). Everest Group had a return on equity of 9.04% and a net margin of 7.95%. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the firm posted $16.32 earnings per share. The business's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, research analysts expect that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Wednesday, May 28th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Wednesday, May 28th. Everest Group's dividend payout ratio (DPR) is presently 41.15%.

Analyst Ratings Changes

A number of analysts have weighed in on EG shares. UBS Group reduced their target price on Everest Group from $375.00 to $372.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Jefferies Financial Group raised shares of Everest Group from a "hold" rating to a "buy" rating and raised their price target for the stock from $376.00 to $415.00 in a research note on Friday, April 11th. Keefe, Bruyette & Woods lowered their price objective on shares of Everest Group from $434.00 to $402.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Raymond James restated a "strong-buy" rating and issued a $410.00 target price (down from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Finally, Barclays lowered their target price on Everest Group from $470.00 to $394.00 and set an "overweight" rating for the company in a report on Friday, April 11th. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Everest Group has a consensus rating of "Moderate Buy" and a consensus target price of $398.09.

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.