Woodline Partners LP Invests $16.74 Million in Everest Group, Ltd. $EG

Key Points

• Woodline Partners LP has acquired a new stake in Everest Group, Ltd., purchasing 46,064 shares valued at approximately $16.74 million, representing 0.11% of the company's total shares.
• Several hedge funds, including Vanguard Group and Vulcan Value Partners, have adjusted their stakes in Everest Group, contributing to institutional ownership of 92.64%.
• Everest Group announced a quarterly dividend of $2.00 per share, set to be paid on September 19th, reflecting an annualized dividend yield of 2.4%.

Woodline Partners LP purchased a new position in Everest Group, Ltd. (NYSE:EG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 46,064 shares of the company's stock, valued at approximately $16,736,000. Woodline Partners LP owned 0.11% of Everest Group as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in EG. Nuveen LLC bought a new stake in shares of Everest Group in the first quarter worth approximately $137,418,000. Vulcan Value Partners LLC grew its stake in shares of Everest Group by 35.8% in the first quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company's stock worth $482,832,000 after acquiring an additional 350,019 shares during the period. GAMMA Investing LLC grew its stake in shares of Everest Group by 31,899.6% in the first quarter. GAMMA Investing LLC now owns 174,398 shares of the company's stock worth $63,364,000 after acquiring an additional 173,853 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Everest Group in the fourth quarter worth approximately $55,352,000. Finally, Perpetual Ltd bought a new stake in shares of Everest Group in the first quarter worth approximately $37,919,000. 92.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on EG shares. UBS Group reduced their price target 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. Citigroup started coverage on shares of Everest Group in a research report on Wednesday, August 13th. They set a "neutral" rating and a $362.00 target price for the company. Wolfe Research started coverage on shares of Everest Group in a research report on Monday. They set an "underperform" rating and a $287.00 target price for the company. Keefe, Bruyette & Woods boosted their target price 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. Finally, Janney Montgomery Scott started coverage on shares of Everest Group in a research report on Friday, June 20th. They set a "buy" rating and a $425.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Everest Group currently has an average rating of "Hold" and a consensus target price of $389.80.

Everest Group Price Performance

Shares of EG traded down $11.58 during mid-day trading on Tuesday, reaching $328.26. The stock had a trading volume of 97,084 shares, compared to its average volume of 391,989. The firm has a market cap of $13.77 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 0.26 and a beta of 0.51. Everest Group, Ltd. has a 12 month low of $320.00 and a 12 month high of $407.30. The business has a fifty day moving average of $337.23 and a 200 day moving average of $343.89. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38.

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

Everest Group Announces Dividend

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