Zimmer Partners LP Sells 42,500 Shares of Everest Group, Ltd. $EG

Key Points

• Zimmer Partners LP reduced its stake in Everest Group, Ltd. by 30.9%, selling 42,500 shares and retaining 95,000 shares, which are valued at approximately $34.5 million.
• Analysts have mixed opinions on Everest Group, with Barclays raising the price target to $398.00 and Janney Montgomery Scott initiating coverage with a buy rating at a target price of $425.00.
• Everest Group recently announced a quarterly dividend of $2.00 per share, representing an annual yield of 2.4%, with a payout ratio of 42.46%.

Zimmer Partners LP lowered its position in Everest Group, Ltd. (NYSE:EG - Free Report) by 30.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 95,000 shares of the company's stock after selling 42,500 shares during the period. Zimmer Partners LP owned 0.22% of Everest Group worth $34,516,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in EG. Sunbelt Securities Inc. acquired a new position in Everest Group in the fourth quarter worth approximately $29,000. SVB Wealth LLC acquired a new position in Everest Group in the first quarter worth approximately $30,000. Tsfg LLC acquired a new position in Everest Group in the first quarter worth approximately $33,000. Zions Bancorporation National Association UT acquired a new position in Everest Group in the first quarter worth approximately $34,000. Finally, WPG Advisers LLC acquired a new position in Everest Group in the first quarter worth approximately $37,000. Institutional investors and hedge funds own 92.64% of the company's stock.

Everest Group Stock Performance

Shares of EG traded up $0.98 during mid-day trading on Friday, hitting $349.42. The company's stock had a trading volume of 487,609 shares, compared to its average volume of 285,109. Everest Group, Ltd. has a one year low of $320.00 and a one year 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 $14.65 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 0.26 and a beta of 0.51. The stock's 50-day moving average is $337.11 and its two-hundred day moving average is $343.98.

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

Everest Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Everest Group's dividend payout ratio is currently 42.46%.

Analysts Set New Price Targets

Several equities analysts have commented on EG shares. Citigroup started coverage on Everest Group in a report on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price target on the stock. Wells Fargo & Company reiterated a "mixed" rating on shares of Everest Group in a report on Monday, August 4th. Morgan Stanley increased their price target on Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a report on Monday, May 19th. Cantor Fitzgerald upgraded Everest Group to a "hold" rating in a report on Wednesday, August 13th. Finally, Janney Montgomery Scott started coverage on Everest Group in a report on Friday, June 20th. They set a "buy" rating and a $425.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Everest Group currently has an average rating of "Moderate Buy" and a consensus target price of $397.14.

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.