Voleon Capital Management LP Reduces Holdings in Everest Group, Ltd. $EG

Key Points

• Voleon Capital Management LP significantly reduced its stake in Everest Group, Ltd. by 89.3%, owning just 815 shares at a reported value of $296,000 after selling 6,770 shares.
• Everest Group reported earnings of $17.36 per share for the last quarter, exceeding analysts' expectations of $15.14, alongside revenue of $4.49 billion.
• The company announced a quarterly dividend of $2.00, representing an annualized payout of $8.00 and a dividend yield of 2.3%.

Voleon Capital Management LP lessened its holdings in Everest Group, Ltd. (NYSE:EG - Free Report) by 89.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 815 shares of the company's stock after selling 6,770 shares during the quarter. Voleon Capital Management LP's holdings in Everest Group were worth $296,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Everest Group by 137.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,322 shares of the company's stock valued at $4,114,000 after acquiring an additional 6,554 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in Everest Group by 489.2% in the first quarter. Integrated Wealth Concepts LLC now owns 9,587 shares of the company's stock valued at $3,483,000 after acquiring an additional 7,960 shares in the last quarter. Interval Partners LP acquired a new position in Everest Group in the first quarter valued at $5,185,000. Jacobs Levy Equity Management Inc. boosted its stake in Everest Group by 34.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 110,983 shares of the company's stock valued at $40,323,000 after acquiring an additional 28,366 shares in the last quarter. Finally, Banque Transatlantique SA acquired a new position in Everest Group in the first quarter valued at $155,000. Institutional investors and hedge funds own 92.64% of the company's stock.

Everest Group Stock Performance

NYSE:EG traded down $2.37 during mid-day trading on Monday, reaching $347.00. The stock had a trading volume of 62,094 shares, compared to its average volume of 392,260. Everest Group, Ltd. has a twelve month low of $320.00 and a twelve month high of $407.30. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a market capitalization of $14.55 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 0.26 and a beta of 0.51. The business has a 50 day simple moving average of $337.11 and a 200 day simple moving average of $343.98.

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

Everest Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be issued a $2.00 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a yield of 2.3%. Everest Group's dividend payout ratio (DPR) is 42.46%.

Wall Street Analyst Weigh In

Several research firms have issued reports on EG. Keefe, Bruyette & Woods upped their price objective on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. Barclays increased their target price on shares of Everest Group from $394.00 to $398.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Morgan Stanley increased their target price on shares of Everest Group from $330.00 to $350.00 and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Finally, UBS Group decreased their target price on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $397.14.

Everest Group Profile

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.