Squarepoint Ops LLC Lowers Holdings in Everest Group, Ltd. $EG

Key Points

• Squarepoint Ops LLC cut its Everest Group stake by 52.4% in the second quarter, selling 10,715 shares and retaining 9,737 shares valued at approximately $3.48 million. Institutional investors collectively own 92.64% of EG.
• Everest Group reported quarterly earnings of $14.85 per share on $3.96 billion in revenue, with an 11.41% net margin and 13.63% return on equity.
• The company declared a quarterly dividend of $2.00, or $8.00 annually, yielding about 2.1%. Analysts maintain a consensus “Hold” rating with an average price target of $395.27, compared with a recent price of $372.22.

Squarepoint Ops LLC trimmed its holdings in Everest Group, Ltd. (NYSE:EG - Free Report) by 52.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,737 shares of the company's stock after selling 10,715 shares during the quarter. Squarepoint Ops LLC's holdings in Everest Group were worth $3,478,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in EG. Trifecta Capital Advisors LLC purchased a new position in shares of Everest Group in the second quarter worth $29,000. Raiffeisen Bank International AG purchased a new position in Everest Group during the fourth quarter valued at $34,000. Cullen Frost Bankers Inc. bought a new stake in Everest Group in the 4th quarter valued at $37,000. CYBER HORNET ETFs LLC bought a new stake in Everest Group in the 2nd quarter valued at $39,000. Finally, MUFG Securities EMEA plc purchased a new stake in Everest Group in the 2nd quarter worth $43,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Everest Group Price Performance

EG stock opened at $372.22 on Friday. Everest Group, Ltd. has a 52 week low of $302.44 and a 52 week high of $401.07. The firm has a market capitalization of $14.27 billion, a P/E ratio of 7.87, a price-to-earnings-growth ratio of 0.73 and a beta of 0.28. The company has a fifty day simple moving average of $374.65 and a two-hundred day simple moving average of $351.19. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23.

Everest Group (NYSE:EG - Get Free Report) last posted its earnings results on Tuesday, June 30th. The company reported $14.85 earnings per share for the quarter. The firm had revenue of $3.96 billion for the quarter. Everest Group had a net margin of 11.41% and a return on equity of 13.63%. Analysts anticipate that Everest Group, Ltd. will post 53.2 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Wednesday, September 9th will be given a $2.00 dividend. The ex-dividend date is Wednesday, September 9th. This represents a $8.00 annualized dividend and a yield of 2.1%. Everest Group's dividend payout ratio (DPR) is currently 16.92%.

Wall Street Analyst Weigh In

Several research analysts have commented on EG shares. TD Cowen increased their price objective on shares of Everest Group from $365.00 to $385.00 and gave the company a "hold" rating in a report on Wednesday, August 19th. Keefe, Bruyette & Woods boosted their target price on Everest Group from $411.00 to $414.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. Mizuho dropped their price target on Everest Group from $418.00 to $416.00 and set a "neutral" rating for the company in a research note on Friday, July 31st. Weiss Ratings upgraded Everest Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, July 10th. Finally, Citigroup raised their price target on Everest Group from $395.00 to $415.00 and gave the company a "neutral" rating in a report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Everest Group currently has a consensus rating of "Hold" and an average target price of $395.27.

Everest Group Profile

Everest Group, Ltd. NYSE: EG is a global insurance and reinsurance company headquartered in Hamilton, Bermuda. Through its operating subsidiaries, the company provides property and casualty insurance and reinsurance products to businesses, insurers and other institutional clients.

Everest's reinsurance operations cover a range of property, casualty and specialty risks, while its insurance business offers commercial coverage in areas such as property, casualty, specialty, marine, accident and health.

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