Everest Group, Ltd. $EG Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Everest Group, Ltd. by 11.7%, selling 1,738 shares, and now owns 13,085 shares valued at approximately $4.75 million.
• Several institutional investors have significantly increased their stakes in Everest Group, with Vulcan Value Partners LLC boosting its ownership by 279.1%, now holding almost 978,713 shares valued at $354.77 million.
• Everest Group reported earnings per share (EPS) of $17.36 for the last quarter, exceeding estimates, along with a quarterly dividend of $2.00, representing an annual yield of 2.4%.

State of New Jersey Common Pension Fund D cut its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 11.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,085 shares of the company's stock after selling 1,738 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Everest Group were worth $4,754,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of EG. Vulcan Value Partners LLC increased its holdings in shares of Everest Group by 279.1% during the fourth quarter. Vulcan Value Partners LLC now owns 978,713 shares of the company's stock valued at $354,768,000 after acquiring an additional 720,572 shares in the last quarter. Nuveen LLC bought a new position in shares of Everest Group during the first quarter valued at $137,418,000. Balyasny Asset Management L.P. increased its holdings in shares of Everest Group by 14,518.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 190,040 shares of the company's stock valued at $68,882,000 after acquiring an additional 188,740 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Everest Group by 31,899.6% during the first quarter. GAMMA Investing LLC now owns 174,398 shares of the company's stock valued at $63,364,000 after acquiring an additional 173,853 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Everest Group during the fourth quarter valued at $55,352,000. 92.64% of the stock is currently owned by institutional investors.

Everest Group Stock Down 1.3%

Shares of EG stock traded down $4.4330 during mid-day trading on Friday, hitting $343.6270. The stock had a trading volume of 260,292 shares, compared to its average volume of 325,890. The firm's 50-day moving average is $335.42 and its two-hundred day moving average is $343.36. 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, Ltd. has a 12-month low of $320.00 and a 12-month high of $407.30. The firm has a market capitalization of $14.41 billion, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 0.26 and a beta of 0.50.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings data 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. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the firm earned $16.85 EPS. The company's quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, September 3rd will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's dividend payout ratio is currently 42.46%.

Analyst Upgrades and Downgrades

Several research firms recently commented on EG. Evercore ISI reduced their price objective on Everest Group from $400.00 to $396.00 and set an "in-line" rating for the company in a report on Thursday, May 1st. Citigroup assumed coverage on Everest Group in a report on Wednesday, August 13th. They issued a "neutral" rating and a $362.00 price objective for the company. Morgan Stanley raised their target price on Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Janney Montgomery Scott started coverage on Everest Group in a research report on Friday, June 20th. They issued a "buy" rating and a $425.00 target price on the stock. Finally, Barclays lifted their price objective on Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $397.14.

Insider Buying and Selling at Everest Group

In other news, CEO James Allan Williamson acquired 1,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were acquired 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 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate 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.