Wellington Management Group LLP Cuts Stock Position in Everest Group, Ltd. $EG

Key Points

• Wellington Management Group LLP reduced its holdings in Everest Group, Ltd. by 4.5%, now owning approximately 1,560,754 shares valued at $567 million as of its latest SEC filing.
• Everest Group reported earnings of $17.36 per share, exceeding analysts' expectations by $2.22, along with a revenue of $4.49 billion for the latest quarter, up 6.2% from the previous year.
• The company announced a quarterly dividend of $2.00 per share, resulting in an annualized dividend yield of 2.4%, with a payout ratio of 42.46%.

Wellington Management Group LLP lowered its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,560,754 shares of the company's stock after selling 73,655 shares during the period. Wellington Management Group LLP owned approximately 3.67% of Everest Group worth $567,069,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. United Capital Financial Advisors LLC boosted its stake in Everest Group by 7.1% in the 4th quarter. United Capital Financial Advisors LLC now owns 888 shares of the company's stock worth $322,000 after purchasing an additional 59 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Everest Group by 38.1% in the 4th quarter. NewEdge Advisors LLC now owns 1,928 shares of the company's stock worth $699,000 after purchasing an additional 532 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Everest Group by 5.0% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 38,264 shares of the company's stock worth $13,858,000 after purchasing an additional 1,821 shares in the last quarter. GeoWealth Management LLC boosted its stake in Everest Group by 862.7% in the 4th quarter. GeoWealth Management LLC now owns 645 shares of the company's stock worth $234,000 after purchasing an additional 578 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Everest Group by 2.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 572,132 shares of the company's stock worth $207,368,000 after purchasing an additional 13,138 shares in the last quarter. Hedge funds and other institutional investors own 92.64% of the company's stock.

Everest Group Stock Performance

EG opened at $331.85 on Tuesday. 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 firm has a fifty day moving average price of $334.89 and a 200 day moving average price of $343.37. Everest Group, Ltd. has a 1 year low of $320.00 and a 1 year high of $407.30. The stock has a market cap of $13.92 billion, a P/E ratio of 17.61, a P/E/G ratio of 0.25 and a beta of 0.50.

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 the consensus estimate of $15.14 by $2.22. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The firm had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the previous year, the business posted $16.85 EPS. The business's revenue was up 6.2% compared to the same quarter last year. Equities research analysts anticipate that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Wednesday, September 3rd will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, September 3rd. Everest Group's payout ratio is currently 42.46%.

Analysts Set New Price Targets

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

Insider Activity

In other news, CEO James Allan Williamson bought 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was purchased at an average cost of $337.97 per share, for a total transaction of $337,970.00. Following the purchase, the chief executive officer directly owned 25,618 shares in the company, valued at approximately $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 accessible through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

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.

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