Optimize Financial Inc Purchases Shares of 1,040 Everest Group, Ltd. $EG

Key Points

• Optimize Financial Inc acquired 1,040 shares of Everest Group, Ltd. valued at approximately $378,000 in the first quarter of this year.
• Analysts have raised their price targets for Everest Group, with Morgan Stanley increasing it from $330.00 to $350.00 and Keefe, Bruyette & Woods from $405.00 to $416.00.
• Everest Group reported a quarterly earnings per share (EPS) of $17.36, exceeding the consensus estimate of $15.14, alongside a revenue of $4.49 billion.

Optimize Financial Inc acquired a new stake in Everest Group, Ltd. (NYSE:EG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,040 shares of the company's stock, valued at approximately $378,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EG. Truist Financial Corp lifted its stake in shares of Everest Group by 16.9% in the first quarter. Truist Financial Corp now owns 108,596 shares of the company's stock worth $39,456,000 after buying an additional 15,660 shares in the last quarter. Fifth Third Bancorp raised its position in Everest Group by 18.1% in the 1st quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock valued at $418,000 after purchasing an additional 176 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Everest Group by 12.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company's stock worth $62,753,000 after buying an additional 18,780 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Everest Group by 14.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock worth $3,586,000 after purchasing an additional 1,235 shares during the period. Finally, SG Americas Securities LLC grew its stake in Everest Group by 127.3% in the 1st quarter. SG Americas Securities LLC now owns 5,842 shares of the company's stock valued at $2,123,000 after acquiring an additional 3,272 shares during the last quarter. 92.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on EG shares. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. Barclays raised their price target 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. Keefe, Bruyette & Woods raised their target price on Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Citigroup assumed coverage on shares of Everest Group in a research note on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price objective on the stock. Finally, UBS Group dropped their price target on Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $397.14.

Everest Group Trading Down 0.8%

Shares of Everest Group stock traded down $2.96 on Monday, hitting $346.41. 82,899 shares of the company traded hands, compared to its average volume of 392,405. The stock's 50 day moving average price is $337.11 and its 200-day moving average price is $343.98. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 52 week low of $320.00 and a 52 week high of $407.30. The company has a market cap of $14.53 billion, a PE ratio of 18.39, a PEG ratio of 0.26 and a beta of 0.51.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The company's revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $16.85 earnings per share. Equities research analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Announces Dividend

The company also recently declared 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 2.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's payout ratio is currently 42.46%.

Everest Group Company 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.