The Manufacturers Life Insurance Company Has $8.83 Million Position in Everest Group, Ltd. $EG

Key Points

• The Manufacturers Life Insurance Company reduced its Everest Group stake by 10.3% in the first quarter, selling 3,090 shares and retaining 27,005 shares valued at approximately $8.83 million. Institutional investors collectively own 92.64% of the company.
• Everest Group reported quarterly EPS of $14.85, exceeding estimates of $14.52, while revenue fell 11.8% year over year to $3.96 billion. The company also declared a quarterly dividend of $2.00 per share, representing a 2.2% annualized yield.
• Analysts maintain a consensus “Hold” rating, with an average price target of $393.93; shares opened at $369.26, below the consensus target but within their 52-week range of $302.44 to $401.07.

The Manufacturers Life Insurance Company lessened its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,005 shares of the company's stock after selling 3,090 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of Everest Group worth $8,827,000 at the end of the most recent reporting period.

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

Insider Transactions at Everest Group

In other news, CEO Jason Keen sold 775 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $351.84, for a total value of $272,676.00. Following the completion of the sale, the chief executive officer directly owned 8,170 shares in the company, valued at approximately $2,874,532.80. This trade represents a 8.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on EG shares. Weiss Ratings raised Everest Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 10th. Bank of America increased their price objective on shares of Everest Group from $430.00 to $454.00 and gave the company a "buy" rating in a research note on Tuesday, April 14th. Morgan Stanley raised their price objective on shares of Everest Group from $355.00 to $360.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. Keefe, Bruyette & Woods lifted their target price on shares of Everest Group from $411.00 to $414.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company upped their target price on shares of Everest Group from $373.00 to $396.00 and gave the company an "equal weight" rating in a research note on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $393.93.

Everest Group Stock Down 0.8%

Shares of NYSE EG opened at $369.26 on Wednesday. Everest Group, Ltd. has a 52-week low of $302.44 and a 52-week high of $401.07. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.37 and a current ratio of 0.35. The business has a fifty day moving average of $356.45 and a two-hundred day moving average of $342.87. The stock has a market cap of $14.61 billion, a PE ratio of 7.81, a PEG ratio of 0.74 and a beta of 0.29.

Everest Group (NYSE:EG - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $14.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $14.52 by $0.33. Everest Group had a net margin of 11.41% and a return on equity of 13.63%. The business had revenue of $3.96 billion during the quarter, compared to analysts' expectations of $3.99 billion. During the same quarter last year, the company posted $16.10 EPS. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, equities research analysts expect that Everest Group, Ltd. will post 52.69 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, June 12th. Everest Group's dividend payout ratio (DPR) is currently 16.92%.

Everest Group Profile

Everest Group NYSE: EG is a global research and consulting firm specializing in strategic advisory, market intelligence, and data-driven analysis for business process, information technology, and emerging technology services. The company provides insights and benchmarks that help enterprises and service providers optimize digital transformation initiatives, sourcing strategies, and operational performance. Through its proprietary research frameworks and data analytics, Everest Group delivers actionable guidance on areas such as automation, cloud migration, customer experience, and supply chain resilience.

With offerings that span advisory engagements, managed services research, and consulting projects, Everest Group serves multiple industry verticals, including banking and financial services, healthcare, manufacturing, telecommunications, and retail.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source