Shell Asset Management Co. Raises Position in Everest Group, Ltd. $EG

Key Points

• Shell Asset Management Co. raised its position in Everest Group, Ltd. by 30.5% in the second quarter, owning 13,115 shares valued at approximately $4.46 million.
• A number of analysts have set new price targets for Everest Group, with the average target now at $386.67, reflecting a mix of ratings that include six "Buy" and nine "Hold" recommendations.
• Everest Group recently announced a quarterly dividend of $2.00, resulting in an annualized yield of 2.2% with a payout ratio of 42.46%.

Shell Asset Management Co. raised its holdings in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 30.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,115 shares of the company's stock after buying an additional 3,062 shares during the quarter. Shell Asset Management Co.'s holdings in Everest Group were worth $4,457,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Truist Financial Corp raised its stake in Everest Group by 16.9% in the first quarter. Truist Financial Corp now owns 108,596 shares of the company's stock valued at $39,456,000 after purchasing an additional 15,660 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Everest Group by 18.1% in the 1st quarter. Fifth Third Bancorp now owns 1,151 shares of the company's stock worth $418,000 after buying an additional 176 shares during the last quarter. Envestnet Asset Management Inc. raised 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 valued at $62,753,000 after buying an additional 18,780 shares in the last quarter. Wedge Capital Management L L P NC lifted its holdings in shares of Everest Group by 14.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company's stock worth $3,586,000 after acquiring an additional 1,235 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Everest Group by 127.3% in the first 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. Institutional investors own 92.64% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Raymond James Financial set a $375.00 price target on Everest Group and gave the company an "outperform" rating in a research report on Monday, September 22nd. 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. Evercore ISI upped their target price on Everest Group from $380.00 to $384.00 and gave the stock an "in-line" rating in a research note on Wednesday, October 1st. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. Finally, Wolfe Research raised shares of Everest Group to a "strong sell" rating in a research note on Tuesday, September 16th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Everest Group presently has an average rating of "Hold" and an average price target of $386.67.

Everest Group Price Performance

Shares of EG stock opened at $364.39 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38. Everest Group, Ltd. has a fifty-two week low of $320.00 and a fifty-two week high of $402.11. The firm has a market cap of $15.28 billion, a P/E ratio of 19.34, a P/E/G ratio of 0.27 and a beta of 0.48. The business's 50 day moving average price is $340.58 and its 200-day moving average price is $342.72.

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

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd were issued a $2.00 dividend. The ex-dividend date was Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a yield of 2.2%. Everest Group's dividend payout ratio is 42.46%.

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.

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