Morgan Stanley Cuts Everest Group (NYSE:EG) Price Target to $450.00

Everest Group (NYSE:EG - Free Report) had its price objective lowered by Morgan Stanley from $466.00 to $450.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. Citigroup lowered Everest Group from a buy rating to a neutral rating and lowered their price objective for the stock from $452.00 to $375.00 in a research report on Monday, February 12th. TD Cowen began coverage on Everest Group in a research note on Wednesday, January 10th. They issued a market perform rating and a $421.00 price target on the stock. Wells Fargo & Company dropped their price objective on Everest Group from $402.00 to $397.00 and set an equal weight rating on the stock in a report on Thursday. Finally, Keefe, Bruyette & Woods raised their price target on Everest Group from $445.00 to $457.00 and gave the stock an outperform rating in a report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Everest Group currently has an average rating of Moderate Buy and a consensus target price of $432.11.

Everest Group Price Performance

Shares of EG stock traded down $2.28 during trading hours on Monday, reaching $359.53. The company had a trading volume of 206,953 shares, compared to its average volume of 371,251. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a fifty day moving average of $376.46 and a 200-day moving average of $380.58. The company has a market capitalization of $15.60 billion, a price-to-earnings ratio of 6.02, a PEG ratio of 3.19 and a beta of 0.56. Everest Group has a 12-month low of $331.08 and a 12-month high of $417.92.

Everest Group (NYSE:EG - Get Free Report) last posted its quarterly earnings results on Wednesday, February 7th. The company reported $25.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $14.63 by $10.55. The business had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.85 billion. Everest Group had a return on equity of 25.05% and a net margin of 17.26%. The business's revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $12.21 earnings per share. On average, equities analysts anticipate that Everest Group will post 61.21 earnings per share for the current year.

Everest Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Tuesday, March 19th were given a $1.75 dividend. The ex-dividend date of this dividend was Monday, March 18th. This represents a $7.00 dividend on an annualized basis and a yield of 1.95%. Everest Group's payout ratio is 11.72%.

Insider Transactions at Everest Group

In related news, CFO Mark Kociancic purchased 1,000 shares of the firm's stock in a transaction on Friday, February 9th. The shares were bought at an average cost of $349.00 per share, for a total transaction of $349,000.00. Following the transaction, the chief financial officer now directly owns 25,733 shares of the company's stock, valued at approximately $8,980,817. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Mike Karmilowicz acquired 285 shares of the firm's stock in a transaction that occurred on Friday, February 9th. The stock was purchased at an average price of $352.39 per share, for a total transaction of $100,431.15. Following the completion of the acquisition, the chief executive officer now owns 10,586 shares in the company, valued at $3,730,400.54. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Kociancic acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average price of $349.00 per share, with a total value of $349,000.00. Following the acquisition, the chief financial officer now owns 25,733 shares of the company's stock, valued at approximately $8,980,817. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,485 shares of company stock worth $874,786 in the last 90 days. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP acquired a new stake in Everest Group in the fourth quarter valued at $25,000. Avior Wealth Management LLC bought a new position in Everest Group in the 4th quarter valued at about $25,000. Headlands Technologies LLC bought a new position in Everest Group in the 4th quarter valued at about $25,000. Janiczek Wealth Management LLC acquired a new stake in shares of Everest Group in the 4th quarter valued at approximately $27,000. Finally, Trifecta Capital Advisors LLC acquired a new stake in shares of Everest Group in the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 92.64% of the company's stock.

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.