Voleon Capital Management LP Sells 6,770 Shares of 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 cut its stake in Everest Group, Ltd. (NYSE:EG - Free Report) by 89.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 815 shares of the company's stock after selling 6,770 shares during the period. Voleon Capital Management LP's holdings in Everest Group were worth $296,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Everest Group by 137.5% during 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 purchasing an additional 6,554 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in Everest Group by 489.2% during the first quarter. Integrated Wealth Concepts LLC now owns 9,587 shares of the company's stock valued at $3,483,000 after purchasing an additional 7,960 shares during the last quarter. Interval Partners LP acquired a new stake in Everest Group during the first quarter valued at approximately $5,185,000. Jacobs Levy Equity Management Inc. lifted its stake in Everest Group by 34.3% during the first quarter. Jacobs Levy Equity Management Inc. now owns 110,983 shares of the company's stock valued at $40,323,000 after purchasing an additional 28,366 shares during the last quarter. Finally, Banque Transatlantique SA acquired a new stake in Everest Group during the first quarter valued at approximately $155,000. 92.64% of the stock is currently owned by institutional investors.

Everest Group Stock Performance

NYSE:EG traded up $0.98 during midday trading on Friday, reaching $349.42. The stock had a trading volume of 487,609 shares, compared to its average volume of 278,528. Everest Group, Ltd. has a 1-year low of $320.00 and a 1-year high of $407.30. The firm's fifty day simple moving average is $337.11 and its 200-day simple moving average is $344.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. The stock has a market capitalization of $14.66 billion, a P/E ratio of 18.55, a PEG ratio of 0.26 and a beta of 0.51.

Everest Group (NYSE:EG - Get Free Report) last posted 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 business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the business posted $16.85 EPS. Everest Group's revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The business also recently declared 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 is 42.46%.

Analyst Ratings Changes

EG has been the subject of several research analyst reports. Janney Montgomery Scott initiated coverage on shares of Everest Group in a research report on Friday, June 20th. They issued a "buy" rating and a $425.00 price target for the company. Keefe, Bruyette & Woods upped their price target on shares of Everest Group from $405.00 to $416.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Barclays upped their price target on shares of Everest Group from $394.00 to $398.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Citigroup initiated coverage on shares of Everest Group in a research report on Wednesday, August 13th. They issued a "neutral" rating and a $362.00 target price for the company. Finally, Wells Fargo & Company restated a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, Everest Group currently has a consensus rating of "Moderate Buy" and an average 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.