Everest Group, Ltd. $EG Stock Position Lifted by Perpetual Ltd

Key Points

• Perpetual Ltd increased its stake in Everest Group, Ltd. by 5.3% in the second quarter, holding 109,873 shares valued at approximately $37.34 million.
• Everest Group reported a quarterly EPS of $17.36, exceeding analysts' estimates of $15.14, with revenue of $4.49 billion surpassing expectations.
• The company declared a quarterly dividend of $2.00, resulting in an annual yield of 2.4% based on a current payout ratio of 42.46%.

Perpetual Ltd lifted its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 5.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 109,873 shares of the company's stock after acquiring an additional 5,507 shares during the period. Perpetual Ltd owned 0.26% of Everest Group worth $37,340,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in EG. Sunbelt Securities Inc. acquired a new stake in Everest Group in the 4th quarter worth about $29,000. SVB Wealth LLC purchased a new stake in shares of Everest Group during the 1st quarter worth about $30,000. Tsfg LLC purchased a new stake in shares of Everest Group during the 1st quarter worth about $33,000. Zions Bancorporation National Association UT purchased a new stake in shares of Everest Group during the 1st quarter worth about $34,000. Finally, WPG Advisers LLC purchased a new stake in shares of Everest Group during the 1st quarter worth about $37,000. 92.64% of the stock is owned by institutional investors and hedge funds.

Everest Group Price Performance

Shares of NYSE:EG traded up $4.15 during midday trading on Tuesday, hitting $338.98. 30,262 shares of the stock were exchanged, compared to its average volume of 394,522. The stock has a market cap of $14.22 billion, a P/E ratio of 18.00, a PEG ratio of 0.25 and a beta of 0.51. 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 twelve month low of $320.00 and a twelve month high of $407.30. The company has a 50 day moving average price of $336.61 and a 200-day moving average price of $342.99.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, topping 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 return on equity of 5.89% and a net margin of 4.56%.The firm's quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business posted $16.85 EPS. On average, research analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Wednesday, September 3rd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, September 3rd. Everest Group's dividend payout ratio is currently 42.46%.

Analysts Set New Price Targets

Several brokerages recently commented on EG. Citigroup began coverage on Everest Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $362.00 target price on the stock. UBS Group dropped their price objective on Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a report on Wednesday, July 9th. Cantor Fitzgerald upgraded Everest Group to a "hold" rating in a report on Wednesday, August 13th. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. Finally, Janney Montgomery Scott began coverage on Everest Group in a report on Friday, June 20th. They set a "buy" rating and a $425.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $387.47.

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.