Everest Group, Ltd. (NYSE:EG) Shares Sold by Swiss National Bank

Key Points

• The Swiss National Bank has reduced its stake in Everest Group, Ltd. by 0.9%, now holding approximately $44 million worth of shares.
• Recent institutional activity includes Wells Fargo increasing its ownership by 66.9%, while other firms like Bridgewater Associates and Raymond James also adjusted their stakes in the company.
• Everest Group's latest quarterly earnings exceeded expectations, reporting $17.36 EPS against a forecast of $15.14, with revenue increasing 6.2% year-over-year.

Swiss National Bank lowered its stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) by 0.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 121,200 shares of the company's stock after selling 1,100 shares during the period. Swiss National Bank owned about 0.28% of Everest Group worth $44,036,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of EG. Sunbelt Securities Inc. acquired a new stake in shares of Everest Group during the 4th quarter valued at about $29,000. Tsfg LLC acquired a new stake in shares of Everest Group during the 1st quarter valued at about $33,000. Optiver Holding B.V. acquired a new stake in shares of Everest Group during the 4th quarter valued at about $51,000. Bruce G. Allen Investments LLC grew its position in shares of Everest Group by 79.1% during the 1st quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company's stock valued at $56,000 after acquiring an additional 68 shares during the period. Finally, Park Square Financial Group LLC acquired a new stake in shares of Everest Group during the 4th quarter valued at about $104,000. Hedge funds and other institutional investors own 92.64% of the company's stock.

Insider Buying and Selling at Everest Group

In related 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 price of $337.97 per share, with a total value of $337,970.00. Following the completion of the transaction, the chief executive officer owned 25,618 shares of the company's stock, valued at $8,658,115.46. The trade was a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Everest Group Trading Down 1.5%

NYSE EG traded down $5.01 on Friday, reaching $332.11. The stock had a trading volume of 355,989 shares, compared to its average volume of 322,334. The firm has a market capitalization of $13.93 billion, a price-to-earnings ratio of 17.63, a P/E/G ratio of 0.25 and a beta of 0.50. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 12-month low of $320.00 and a 12-month high of $407.30. The stock has a fifty day moving average price of $335.06 and a two-hundred day moving average price of $343.60.

Everest Group (NYSE:EG - Get Free Report) last announced 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. The company 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 5.89% and a net margin of 4.56%. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $16.85 earnings per share. As a group, sell-side analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. Everest Group's dividend payout ratio is currently 42.46%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EG. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a research report on Monday, August 4th. Citigroup began coverage on Everest Group in a research report on Wednesday. They set a "neutral" rating and a $362.00 target price on the stock. Morgan Stanley raised their target price on Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Janney Montgomery Scott began coverage on Everest Group in a report on Friday, June 20th. They issued a "buy" rating and a $425.00 price objective on the stock. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $410.00 price objective (down from $420.00) on shares of Everest Group in a report on Tuesday, May 6th. Seven research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Everest Group currently has an average rating of "Moderate Buy" and a consensus target price of $397.14.

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.