Everest Group, Ltd. $EG Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Everest Group, Ltd. by 183.4% in Q1, acquiring an additional 72,709 shares, bringing its total to 112,345 shares valued at approximately $40.7 million.
• A number of other institutional investors also boosted their holdings in Everest Group, with hedge funds currently owning 92.64% of the company's stock.
• Everest Group is set to pay a quarterly dividend of $2.00 on September 19th, reflecting an annualized yield of 2.4% and a payout ratio of 42.46%.

Russell Investments Group Ltd. lifted its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 183.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 112,345 shares of the company's stock after purchasing an additional 72,709 shares during the period. Russell Investments Group Ltd. owned about 0.26% of Everest Group worth $40,716,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Truist Financial Corp grew its stake in shares of Everest Group by 16.9% during the first quarter. Truist Financial Corp now owns 108,596 shares of the company's stock worth $39,456,000 after purchasing an additional 15,660 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Everest Group by 18.1% during the 1st quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock worth $418,000 after acquiring an additional 176 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of 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 acquiring an additional 18,780 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Everest Group by 14.3% in the 1st quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock valued at $3,586,000 after acquiring an additional 1,235 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Everest Group by 127.3% during the 1st quarter. SG Americas Securities LLC now owns 5,842 shares of the company's stock worth $2,123,000 after acquiring an additional 3,272 shares in the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. UBS Group dropped their price target on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. Wells Fargo & Company reaffirmed a "mixed" rating on shares of Everest Group in a research report on Monday, August 4th. Raymond James Financial reiterated a "strong-buy" rating and set a $410.00 price target (down from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. 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 price objective for the company. Finally, Keefe, Bruyette & Woods raised their price objective on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Seven 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 stock. Based on data from MarketBeat.com, Everest Group has a consensus rating of "Moderate Buy" and an average target price of $397.14.

Insider Activity

In other news, CEO James Allan Williamson purchased 1,000 shares of the business's 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 acquisition, the chief executive officer directly owned 25,618 shares of the company's stock, valued at approximately $8,658,115.46. This trade represents a 4.06% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Everest Group Stock Performance

EG stock traded up $0.39 during trading on Monday, hitting $332.23. The company had a trading volume of 92,227 shares, compared to its average volume of 403,710. The firm has a 50-day moving average price of $335.06 and a 200-day moving average price of $343.48. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The firm has a market cap of $13.93 billion, a PE ratio of 17.61, a price-to-earnings-growth ratio of 0.25 and a beta of 0.50. Everest Group, Ltd. has a 1-year low of $320.00 and a 1-year high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last released its earnings results 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. Everest Group had a return on equity of 5.89% and a net margin of 4.56%. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the previous year, the company posted $16.85 earnings per share. The company's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, analysts expect that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be paid 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 is Wednesday, September 3rd. Everest Group's payout ratio is 42.46%.

Everest Group 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.