Wedge Capital Management L L P NC Invests $2.14 Million in Everest Group, Ltd. (NYSE:EG)

Wedge Capital Management L L P NC purchased a new stake in Everest Group, Ltd. (NYSE:EG) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,038 shares of the company’s stock, valued at approximately $2,135,000.

A number of other institutional investors have also recently modified their holdings of the business. Everence Capital Management Inc. acquired a new position in Everest Group during the fourth quarter worth about $1,004,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Everest Group during the fourth quarter worth $904,000. Uncommon Cents Investing LLC acquired a new position in Everest Group during the fourth quarter worth $1,016,000. Mackenzie Financial Corp purchased a new stake in Everest Group during the fourth quarter worth $15,446,000. Finally, Oak Thistle LLC purchased a new position in shares of Everest Group in the fourth quarter valued at $2,717,000. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Price Performance

EG opened at $365.55 on Thursday. The company’s 50 day simple moving average is $376.20 and its 200 day simple moving average is $379.91. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.37 and a current ratio of 0.37. Everest Group, Ltd. has a 1 year low of $331.08 and a 1 year high of $417.92. The stock has a market capitalization of $19.47 billion, a PE ratio of 6.12, a P/E/G ratio of 3.26 and a beta of 0.56.

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

Everest Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Shareholders of record on Tuesday, March 19th were given a dividend of $1.75 per share. The ex-dividend date was Monday, March 18th. This represents a $7.00 dividend on an annualized basis and a yield of 1.91%. Everest Group’s dividend payout ratio (DPR) is 11.72%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on EG shares. Keefe, Bruyette & Woods lifted their price objective on Everest Group from $445.00 to $457.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. TD Cowen initiated coverage on shares of Everest Group in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $421.00 target price for the company. Citigroup cut shares of Everest Group from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $452.00 to $375.00 in a research note on Monday, February 12th. Wells Fargo & Company decreased their price target on shares of Everest Group from $402.00 to $397.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 11th. Finally, Morgan Stanley decreased their price target on shares of Everest Group from $466.00 to $450.00 and set an “overweight” rating on the stock in a research note on Monday, April 15th. Three 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. Based on data from MarketBeat.com, Everest Group has a consensus rating of “Moderate Buy” and an average price target of $432.11.

Insider Buying and Selling at Everest Group

In other Everest Group news, CFO Mark Kociancic purchased 1,000 shares of Everest Group stock in a transaction on Friday, February 9th. The shares were purchased at an average cost of $349.00 per share, with a total value of $349,000.00. Following the completion of the transaction, the chief financial officer now directly owns 25,733 shares in the company, valued at approximately $8,980,817. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Mark Kociancic bought 1,000 shares of Everest Group stock in a transaction dated Friday, February 9th. The shares were acquired at an average cost of $349.00 per share, with a total value of $349,000.00. Following the completion of the transaction, the chief financial officer now owns 25,733 shares in the company, valued at approximately $8,980,817. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roger M. Singer bought 500 shares of Everest Group stock in a transaction dated Monday, February 12th. The shares were purchased at an average cost of $357.21 per share, for a total transaction of $178,605.00. Following the completion of the transaction, the director now owns 16,920 shares of the company’s stock, valued at approximately $6,043,993.20. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,485 shares of company stock valued at $874,786 over the last ninety days. Corporate insiders own 1.20% of the company’s stock.

Everest Group 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.