Pacer Advisors Inc. Sells 3,723 Shares of Everest Group, Ltd. (NYSE:EG)

Key Points

• Pacer Advisors Inc. reduced its stake in Everest Group, Ltd. by 63.3%, selling 3,723 shares and holding 2,159 shares valued at $784,000 as of its latest SEC filing.
• Significant increases in holdings were reported by several institutional investors, including Vulcan Value Partners LLC which increased its shares by 279.1% and now owns 978,713 shares worth approximately $354.77 million.
• Everest Group reported $17.36 earnings per share for the latest quarter, which surpassed analyst estimates and indicated a year-over-year revenue increase of 6.2% to $4.49 billion.

Pacer Advisors Inc. reduced its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 63.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,159 shares of the company's stock after selling 3,723 shares during the period. Pacer Advisors Inc.'s holdings in Everest Group were worth $784,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EG. Geode Capital Management LLC increased its stake in shares of Everest Group by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,164,081 shares of the company's stock valued at $424,344,000 after purchasing an additional 8,321 shares during the period. Vulcan Value Partners LLC boosted its holdings in Everest Group by 279.1% during 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 in the last quarter. Invesco Ltd. boosted its stake in Everest Group by 17.2% in the 4th quarter. Invesco Ltd. now owns 855,120 shares of the company's stock worth $309,947,000 after purchasing an additional 125,271 shares during the period. Dimensional Fund Advisors LP boosted its stake in Everest Group by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 572,132 shares of the company's stock worth $207,368,000 after purchasing an additional 13,138 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Everest Group by 11.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 552,972 shares of the company's stock worth $200,911,000 after purchasing an additional 56,410 shares during the period. 92.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Everest Group

In other news, CEO James Allan Williamson purchased 1,000 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were purchased at an average cost of $337.97 per share, with a total value of $337,970.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Everest Group Trading Up 0.8%

Shares of NYSE:EG traded up $2.55 during trading on Tuesday, hitting $328.59. 228,439 shares of the company's stock were exchanged, compared to its average volume of 411,007. 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 price of $337.68 and a two-hundred day moving average price of $345.49. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.24. The firm has a market cap of $13.97 billion, a P/E ratio of 17.44, a PEG ratio of 0.25 and a beta of 0.50.

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

Everest Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Wednesday, May 28th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 28th. Everest Group's payout ratio is currently 42.46%.

Analyst Upgrades and Downgrades

EG has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded shares of Everest Group from a "hold" rating to a "buy" rating and increased their target price for the stock from $376.00 to $415.00 in a research report on Friday, April 11th. Janney Montgomery Scott began coverage on shares of Everest Group in a research note on Friday, June 20th. They issued a "buy" rating and a $425.00 target price on the stock. Wells Fargo & Company raised their price target on shares of Everest Group from $362.00 to $371.00 and gave the stock an "equal weight" rating in a research report on Monday. UBS Group decreased their target price on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 9th. 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 report on Monday, May 19th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Everest Group has a consensus rating of "Moderate Buy" and an average target price of $401.58.

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.