Synovus Financial Corp Lowers Stake in Everest Group, Ltd. (NYSE:EG)

Synovus Financial Corp lessened its stake in Everest Group, Ltd. (NYSE:EG) by 49.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,322 shares of the company’s stock after selling 2,239 shares during the period. Synovus Financial Corp’s holdings in Everest Group were worth $842,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new position in shares of Everest Group during the fourth quarter worth approximately $31,000. Wilmington Savings Fund Society FSB bought a new position in Everest Group in the third quarter worth approximately $64,000. Private Trust Co. NA increased its holdings in Everest Group by 48.5% during the 4th quarter. Private Trust Co. NA now owns 196 shares of the company’s stock worth $71,000 after purchasing an additional 64 shares during the period. EverSource Wealth Advisors LLC raised its position in Everest Group by 43.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 211 shares of the company’s stock valued at $76,000 after purchasing an additional 64 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in shares of Everest Group by 22.4% in the 4th quarter. Avior Wealth Management LLC now owns 257 shares of the company’s stock worth $93,000 after buying an additional 47 shares during the period. Institutional investors own 92.64% of the company’s stock.

Everest Group Price Performance

NYSE EG opened at $348.75 on Thursday. The firm’s fifty day simple moving average is $349.57 and its two-hundred day simple moving average is $362.81. The firm has a market capitalization of $16.67 billion, a P/E ratio of 11.10, a P/E/G ratio of 0.24 and a beta of 0.43. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.26. Everest Group, Ltd. has a 12-month low of $320.00 and a 12-month high of $407.30.

Everest Group (NYSE:EG) last announced its earnings results on Monday, February 3rd. The company reported ($18.39) earnings per share for the quarter, missing the consensus estimate of $11.64 by ($30.03). Everest Group had a return on equity of 9.04% and a net margin of 7.95%. Analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Monday, March 17th were issued a dividend of $2.00 per share. The ex-dividend date was Monday, March 17th. This represents a $8.00 annualized dividend and a dividend yield of 2.29%. Everest Group’s dividend payout ratio (DPR) is currently 25.47%.

Analyst Ratings Changes

Several brokerages have recently commented on EG. Keefe, Bruyette & Woods cut their price target on Everest Group from $434.00 to $402.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Morgan Stanley restated an “equal weight” rating and issued a $340.00 price target (down previously from $425.00) on shares of Everest Group in a report on Wednesday, February 5th. BMO Capital Markets downgraded shares of Everest Group from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $453.00 to $375.00 in a research note on Thursday, January 30th. UBS Group reduced their price objective on shares of Everest Group from $375.00 to $372.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Finally, Wells Fargo & Company dropped their target price on Everest Group from $370.00 to $362.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 10th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $396.00.

Insider Activity at Everest Group

In related news, Director Geraldine Losquadro sold 1,500 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $360.63, for a total value of $540,945.00. Following the transaction, the director now directly owns 12,279 shares of the company’s stock, valued at $4,428,175.77. This represents a 10.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is currently owned by insiders.

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.