Prospector Partners LLC Buys 6,985 Shares of Everest Group, Ltd. (NYSE:EG)

Key Points

• Prospector Partners LLC increased its stake in Everest Group by 12.2%, now holding 64,016 shares after purchasing 6,985 additional shares, making Everest Group its 6th largest position.
• The stock has been recently analyzed by multiple firms; Morgan Stanley raised its price objective from $330 to $350, while Barclays increased its target from $394 to $398, maintaining an “overweight” rating.
• Everest Group will pay a quarterly dividend of $2.00 per share on September 19th, with a current annualized yield of 2.4% and a payout ratio of 42.46%.

Prospector Partners LLC raised its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 12.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 64,016 shares of the company's stock after buying an additional 6,985 shares during the quarter. Everest Group accounts for about 2.6% of Prospector Partners LLC's holdings, making the stock its 6th biggest position. Prospector Partners LLC owned approximately 0.15% of Everest Group worth $23,259,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. acquired a new position in shares of Everest Group during the 4th quarter worth $29,000. Tsfg LLC bought a new stake in shares of Everest Group during the 1st quarter worth $33,000. Zions Bancorporation National Association UT bought a new stake in shares of Everest Group during the 1st quarter worth $34,000. Optiver Holding B.V. bought a new stake in shares of Everest Group during the 4th quarter worth $51,000. Finally, Bruce G. Allen Investments LLC boosted its holdings in shares of Everest Group by 79.1% during the 1st quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock worth $56,000 after buying an additional 68 shares during the period. Institutional investors and hedge funds own 92.64% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on EG shares. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a report on Wednesday. Citigroup started coverage on shares of Everest Group in a report on Wednesday. They set a "neutral" rating and a $362.00 price objective for the company. 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 report on Monday, May 19th. UBS Group reduced their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a report on Wednesday, July 9th. Finally, Barclays increased their price target on shares of Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $397.14.

Insider Activity at Everest Group

In other Everest Group news, CEO James Allan Williamson acquired 1,000 shares of Everest Group stock in a transaction dated Wednesday, June 11th. The stock was bought at an average cost of $337.97 per share, with a total value of $337,970.00. Following the acquisition, the chief executive officer owned 25,618 shares of the company's stock, valued at approximately $8,658,115.46. The trade was a 4.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.10% of the company's stock.

Everest Group Price Performance

Shares of Everest Group stock opened at $332.11 on Friday. The firm has a fifty day moving average price of $335.06 and a two-hundred day moving average price of $343.55. The company has a market cap of $13.93 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 0.25 and a beta of 0.50. Everest Group, Ltd. has a fifty-two week low of $320.00 and a fifty-two week high of $407.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38.

Everest Group (NYSE:EG - Get Free Report) last released 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 company 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 firm's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the firm earned $16.85 EPS. Analysts expect that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be issued a dividend of $2.00 per share. 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 presently 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.

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