Panagora Asset Management Inc. Boosts Stock Holdings in Everest Group, Ltd. $EG

Key Points

• Panagora Asset Management Inc. increased its stake in Everest Group, Ltd. by 95.8%, leading to a total ownership of 7,415 shares valued at approximately $2.69 million at the end of the last quarter.
• Everest Group reported earnings of $17.36 per share for the most recent quarter, exceeding analysts' expectations of $15.14, along with a revenue of $4.49 billion.
• The firm announced a quarterly dividend of $2.00 per share, which will be paid on September 19th, yielding approximately 2.3% on an annualized basis.

Panagora Asset Management Inc. grew its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 95.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,415 shares of the company's stock after buying an additional 3,628 shares during the quarter. Panagora Asset Management Inc.'s holdings in Everest Group were worth $2,694,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EG. Nuveen LLC acquired a new position in Everest Group in the first quarter valued at approximately $137,418,000. Vulcan Value Partners LLC boosted its holdings in Everest Group by 35.8% during the first 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. GAMMA Investing LLC grew its position in Everest Group by 31,899.6% during the first quarter. GAMMA Investing LLC now owns 174,398 shares of the company's stock valued at $63,364,000 after buying an additional 173,853 shares during the period. Point72 Asset Management L.P. purchased a new position in Everest Group in the fourth quarter valued at $55,352,000. Finally, Perpetual Ltd acquired a new position in shares of Everest Group in the first quarter worth about $37,919,000. 92.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO James Allan Williamson purchased 1,000 shares of Everest Group stock in a transaction that occurred on Wednesday, June 11th. The stock was 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 directly owned 25,618 shares in the company, valued at approximately $8,658,115.46. The trade was a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on EG shares. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. Janney Montgomery Scott initiated coverage on Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 target price on the stock. Morgan Stanley upped their price objective on shares of Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods lifted their target price on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Finally, Cantor Fitzgerald upgraded shares of Everest Group to a "hold" rating in a research report on Wednesday, August 13th. 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. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $397.14.

Everest Group Stock Down 1.5%

EG traded down $5.35 on Friday, hitting $339.91. 195,439 shares of the company were exchanged, compared to its average volume of 273,955. The firm has a 50-day moving average price of $336.54 and a two-hundred day moving average price of $343.86. The company has a market cap of $14.26 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 0.26 and a beta of 0.51. Everest Group, Ltd. has a twelve month low of $320.00 and a twelve month high of $407.30. 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 (NYSE:EG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, topping the consensus estimate of $15.14 by $2.22. The company 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 firm's revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $16.85 EPS. On average, equities analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, September 3rd will be 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 is Wednesday, September 3rd. Everest Group's dividend payout ratio (DPR) is 42.46%.

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.