Cornercap Investment Counsel Inc. Buys New Shares in Everest Group, Ltd. (NYSE:EG)

Cornercap Investment Counsel Inc. purchased a new stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,358 shares of the company's stock, valued at approximately $1,187,000.

Several other institutional investors and hedge funds have also modified their holdings of EG. Uncommon Cents Investing LLC bought a new stake in Everest Group during the fourth quarter worth approximately $1,016,000. Oak Thistle LLC bought a new stake in shares of Everest Group during the 4th quarter worth $2,717,000. Synergy Asset Management LLC acquired a new position in Everest Group in the 4th quarter valued at $9,914,000. Grove Bank & Trust bought a new position in Everest Group in the 4th quarter worth $154,000. Finally, State of Alaska Department of Revenue acquired a new position in Everest Group during the 4th quarter worth $5,821,000. Institutional investors and hedge funds own 92.64% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EG. Citigroup downgraded Everest Group from a "buy" rating to a "neutral" rating and lowered their price target for the company from $452.00 to $375.00 in a research report on Monday, February 12th. Morgan Stanley dropped their price target on Everest Group from $466.00 to $450.00 and set an "overweight" rating on the stock in a research report on Monday. Wells Fargo & Company cut their price target on Everest Group from $402.00 to $397.00 and set an "equal weight" rating for the company in a report on Thursday. TD Cowen began coverage on shares of Everest Group in a research note on Wednesday, January 10th. They issued a "market perform" rating and a $421.00 price objective on the stock. Finally, Keefe, Bruyette & Woods upped their target price on shares of Everest Group from $445.00 to $457.00 and gave the company an "outperform" rating in a research note on Wednesday, April 10th. Three equities research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $432.11.

Insiders Place Their Bets

In related news, CFO Mark Kociancic purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, February 9th. The shares were acquired at an average price of $349.00 per share, with a total value of $349,000.00. Following the purchase, the chief financial officer now directly owns 25,733 shares in the company, valued at $8,980,817. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Mark Kociancic bought 1,000 shares of the company's stock in a transaction that occurred on Friday, February 9th. The stock was acquired at an average price 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roger M. Singer purchased 500 shares of the business's stock in a transaction that occurred on Monday, February 12th. The shares were purchased at an average cost of $357.21 per share, with a total value of $178,605.00. Following the completion of the acquisition, the director now directly owns 16,920 shares in the company, valued at $6,043,993.20. The disclosure for this purchase can be found here. Insiders acquired a total of 2,485 shares of company stock worth $874,786 over the last quarter. Company insiders own 1.40% of the company's stock.

Everest Group Stock Performance

Shares of NYSE EG traded down $2.28 during trading hours on Monday, reaching $359.53. The stock had a trading volume of 206,953 shares, compared to its average volume of 371,251. The company has a market cap 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, Ltd. has a twelve month low of $331.08 and a twelve month high of $417.92. The business's fifty day moving average is $376.46 and its two-hundred day moving average is $380.58. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.37 and a quick ratio of 0.37.

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

Everest Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Tuesday, March 19th were given a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Monday, March 18th. Everest Group's dividend payout ratio (DPR) is presently 11.72%.

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.