Everest Group, Ltd. (NYSE:EG) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Everest Group, Ltd. by 34.9% during Q1, acquiring an additional 3,682 shares, bringing its total holdings to 14,218 shares valued at approximately $5.17 million.
• Multiple institutional investors have recently added to their positions in Everest Group, with institutional ownership now at 92.64%.
• The company reported a quarterly earnings miss with earnings per share of $6.45, falling short of analyst expectations of $7.46, despite a revenue increase of 3.1% year-over-year.

Skandinaviska Enskilda Banken AB publ increased its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 34.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,218 shares of the company's stock after purchasing an additional 3,682 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Everest Group were worth $5,166,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vulcan Value Partners LLC raised its stake in Everest Group by 279.1% in the fourth quarter. Vulcan Value Partners LLC now owns 978,713 shares of the company's stock valued at $354,768,000 after buying an additional 720,572 shares during the last quarter. Sterling Capital Management LLC raised its stake in Everest Group by 11,756.0% in the fourth quarter. Sterling Capital Management LLC now owns 278,616 shares of the company's stock valued at $100,987,000 after buying an additional 276,266 shares during the last quarter. Balyasny Asset Management L.P. raised its stake in Everest Group by 14,518.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 190,040 shares of the company's stock valued at $68,882,000 after buying an additional 188,740 shares during the last quarter. GAMMA Investing LLC raised its stake in Everest Group by 31,899.6% in 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 last quarter. Finally, Donald Smith & CO. Inc. purchased a new stake in Everest Group in the fourth quarter valued at about $56,341,000. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Price Performance

EG traded up $4.44 during trading on Thursday, hitting $337.00. The company's stock had a trading volume of 350,651 shares, compared to its average volume of 409,733. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.25. Everest Group, Ltd. has a twelve month low of $320.00 and a twelve month high of $407.30. The business's fifty day simple moving average is $337.96 and its 200 day simple moving average is $346.21. The firm has a market capitalization of $14.33 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 0.26 and a beta of 0.51.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $15.14 by $2.22. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. Everest Group had a return on equity of 5.95% and a net margin of 4.88%. The business's revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the company posted $16.85 earnings per share. On average, equities research analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Wednesday, May 28th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Wednesday, May 28th. Everest Group's dividend payout ratio (DPR) is currently 41.15%.

Wall Street Analysts Forecast Growth

EG has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their price target on Everest Group from $402.00 to $405.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. UBS Group reduced their price objective on Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. Morgan Stanley raised their price objective on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Raymond James Financial restated a "strong-buy" rating and issued a $410.00 price objective (down from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Finally, Barclays raised their price objective on Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Six research 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. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $400.83.

Insiders Place Their Bets

In other Everest Group news, CEO James Allan Williamson bought 1,000 shares of Everest Group stock in a transaction on Wednesday, June 11th. The shares were bought at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the transaction, the chief executive officer directly owned 25,618 shares of the company's stock, valued at $8,658,115.46. This trade represents a 4.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.10% of the company's stock.

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.