Everest Group (NYSE:EG) Reaches New 1-Year High - Here's What Happened

Key Points

• Everest Group shares reached a new 52-week high of $402.23, up from a previous close of $394.78, with the stock last trading near $401.84.
• Analysts remain mixed: six rate the stock a Buy and ten rate it a Hold, producing a consensus “Hold” rating and an average price target of $407.94.
• Everest reported quarterly earnings of $14.85 per share on $3.96 billion in revenue and pays a quarterly dividend of $2.00, or $8.00 annually, yielding approximately 2.0%.

Everest Group, Ltd. (NYSE:EG - Get Free Report)'s share price reached a new 52-week high during trading on Thursday. The stock traded as high as $402.23 and last traded at $401.8410, with a volume of 34,413 shares changing hands. The stock had previously closed at $394.78.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on EG shares. Morgan Stanley upped their price target on shares of Everest Group from $355.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Barclays lifted their price objective on Everest Group from $420.00 to $430.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Mizuho lowered their target price on Everest Group from $416.00 to $398.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 7th. Wells Fargo & Company upped their target price on Everest Group from $373.00 to $396.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. Finally, Keefe, Bruyette & Woods dropped their target price on Everest Group from $414.00 to $407.00 and set an "outperform" rating on the stock in a research report on Monday, October 12th. Six equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $407.94.

Everest Group Stock Performance

The company has a market cap of $15.62 billion, a P/E ratio of 8.61, a price-to-earnings-growth ratio of 0.58 and a beta of 0.26. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock's 50-day moving average price is $374.35 and its 200 day moving average price is $360.73.

Everest Group (NYSE:EG - Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The company reported $14.85 earnings per share for the quarter. The business had revenue of $3.96 billion during the quarter. Everest Group had a net margin of 11.41% and a return on equity of 13.63%. As a group, research analysts expect that Everest Group, Ltd. will post 53.69 EPS for the current fiscal year.

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Wednesday, September 9th were paid a $2.00 dividend. The ex-dividend date was Wednesday, September 9th. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. Everest Group's dividend payout ratio (DPR) is presently 16.92%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EG. BlackRock Inc. bought a new stake in Everest Group during the second quarter valued at about $1,150,555,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Everest Group in the second quarter worth about $350,718,000. William Blair Investment Management LLC bought a new position in shares of Everest Group in the second quarter worth about $171,426,000. Donald Smith & CO. Inc. acquired a new position in shares of Everest Group during the 2nd quarter worth about $153,206,000. Finally, Hsbc Holdings PLC lifted its position in shares of Everest Group by 507.4% during the 1st quarter. Hsbc Holdings PLC now owns 449,919 shares of the company's stock worth $147,102,000 after purchasing an additional 375,846 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company's stock.

About Everest Group

Everest Group, Ltd. is a global insurance and reinsurance company that provides property and casualty coverage to businesses, institutions, and other insurers. Its operations focus on assuming and managing risks through reinsurance, as well as offering insurance products in selected specialty and commercial markets.

The company's reinsurance business supports insurers across lines such as property, casualty, specialty, and other risks. Through its insurance platform, Everest provides coverage for commercial customers and specialty exposures, including property, casualty, professional liability, and other products that may vary by market.

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