Wells Fargo & Company Raises Everest Group (NYSE:EG) Price Target to $383.00

Key Points

• Wells Fargo & Company has raised its price target for Everest Group from $371.00 to $383.00, indicating a potential upside of 5.00% from the company's previous close.
• The analyst consensus rating for Everest Group is currently "Hold," with a consensus price target of $389.60, as a majority of analysts have rated the stock with either "Buy" or "Hold."
• Everest Group reported strong earnings, with $17.36 earnings per share for the quarter, surpassing the consensus estimate of $15.14, and revenue growth of 6.2% year-over-year.

Everest Group (NYSE:EG - Get Free Report) had its price target hoisted by equities research analysts at Wells Fargo & Company from $371.00 to $383.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective points to a potential upside of 5.00% from the company's previous close.

Several other analysts have also recently weighed in on EG. Janney Montgomery Scott assumed coverage on shares of Everest Group in a research note on Friday, June 20th. They issued a "buy" rating and a $425.00 price target for the company. UBS Group lowered their price objective on shares of Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Evercore ISI increased their target price on shares of Everest Group from $380.00 to $384.00 and gave the stock an "in-line" rating in a report on Wednesday, October 1st. Cantor Fitzgerald raised shares of Everest Group to a "hold" rating in a research report on Wednesday, August 13th. Finally, Barclays reaffirmed an "overweight" rating and set a $430.00 price objective on shares of Everest Group in a research report on Wednesday. Six analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $389.60.

Everest Group Trading Down 0.0%

Shares of Everest Group stock traded down $0.10 during mid-day trading on Wednesday, hitting $364.76. The stock had a trading volume of 16,994 shares, compared to its average volume of 389,060. The firm has a 50-day moving average of $340.58 and a two-hundred day moving average of $342.72. Everest Group has a 12-month low of $320.00 and a 12-month high of $402.11. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The firm has a market cap of $15.30 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 0.27 and a beta of 0.48.

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, beating the consensus estimate of $15.14 by $2.22. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The business had revenue of $4.49 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the company posted $16.85 EPS. The business's revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts forecast that Everest Group will post 47.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EG. Flagship Harbor Advisors LLC raised its stake in shares of Everest Group by 3.7% in the 1st quarter. Flagship Harbor Advisors LLC now owns 843 shares of the company's stock valued at $306,000 after acquiring an additional 30 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in Everest Group by 3.0% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,025 shares of the company's stock worth $372,000 after buying an additional 30 shares during the period. Legacy Advisors LLC increased its stake in Everest Group by 5.5% during the 1st quarter. Legacy Advisors LLC now owns 599 shares of the company's stock worth $218,000 after buying an additional 31 shares during the period. Farther Finance Advisors LLC increased its stake in Everest Group by 4.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 816 shares of the company's stock worth $277,000 after buying an additional 34 shares during the period. Finally, Vontobel Holding Ltd. increased its stake in Everest Group by 2.1% during the 1st quarter. Vontobel Holding Ltd. now owns 1,781 shares of the company's stock worth $647,000 after buying an additional 36 shares during the period. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Everest Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.