TD Asset Management Inc Lowers Stake in Everest Group, Ltd. (NYSE:EG)

Key Points

• TD Asset Management Inc reduced its stake in Everest Group, Ltd. by 36.3%, selling 25,926 shares, and now holds approximately 0.10% of the company valued at $16.5 million.
• Several analysts have adjusted their price targets for Everest Group, with Morgan Stanley raising theirs from $330 to $350 and Jefferies Financial Group upgrading their rating to buy with a new price target of $415.
• Everest Group recently declared a quarterly dividend of $2.00, contributing to an annual yield of 2.40% and indicating a dividend payout ratio of 41.15%.

TD Asset Management Inc reduced its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 36.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 45,541 shares of the company's stock after selling 25,926 shares during the quarter. TD Asset Management Inc owned approximately 0.10% of Everest Group worth $16,546,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sunbelt Securities Inc. bought a new position in shares of Everest Group during the 4th quarter worth $29,000. Tsfg LLC bought a new position in shares of Everest Group during the 1st quarter worth $33,000. Optiver Holding B.V. bought a new position in shares of Everest Group during the 4th quarter worth $51,000. Bruce G. Allen Investments LLC grew its stake 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 worth $56,000 after acquiring an additional 68 shares during the period. Finally, Park Square Financial Group LLC bought a new position in shares of Everest Group during the 4th quarter worth $104,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO James Allan Williamson bought 1,000 shares of Everest Group stock in a transaction dated Wednesday, June 11th. The shares were purchased 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 $8,658,115.46. This trade represents a 4.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on EG shares. 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 note on Monday, May 19th. Raymond James Financial restated a "strong-buy" rating and issued a $410.00 target price (down previously from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Jefferies Financial Group raised Everest Group from a "hold" rating to a "buy" rating and raised their price target for the company from $376.00 to $415.00 in a report on Friday, April 11th. 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 target on the stock. Finally, Barclays raised their price target on Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $400.83.

Everest Group Stock Performance

Shares of NYSE:EG traded down $4.15 during trading on Friday, hitting $331.65. The company's stock had a trading volume of 318,747 shares, compared to its average volume of 304,663. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market cap of $14.11 billion, a price-to-earnings ratio of 17.60, a P/E/G ratio of 0.26 and a beta of 0.50. The company has a 50-day moving average of $337.88 and a 200-day moving average of $345.92. Everest Group, Ltd. has a 12 month low of $320.00 and a 12 month high of $407.30.

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

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Wednesday, May 28th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 28th. Everest Group's payout ratio is 42.46%.

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.