Everest Group, Ltd. Declares Quarterly Dividend of $2.00 (NYSE:EG)

Everest Group, Ltd. (NYSE:EG) declared a quarterly dividend on Thursday, May 15th, RTT News reports. Stockholders of record on Wednesday, May 28th will be given a dividend of 2.00 per share on Friday, June 13th. This represents a $8.00 annualized dividend and a dividend yield of 2.33%.

Everest Group has raised its dividend payment by an average of 7.7% per year over the last three years and has increased its dividend every year for the last 1 years. Everest Group has a payout ratio of 13.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Everest Group to earn $62.48 per share next year, which means the company should continue to be able to cover its $8.00 annual dividend with an expected future payout ratio of 12.8%.

Everest Group Trading Up 0.8%

EG opened at $343.58 on Friday. The firm has a market cap of $14.61 billion, a P/E ratio of 10.94, a P/E/G ratio of 0.24 and a beta of 0.58. The business has a fifty day simple moving average of $351.50 and a 200-day simple moving average of $357.16. Everest Group has a 52 week low of $320.00 and a 52 week high of $407.30. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.26.

Everest Group (NYSE:EG) last released its earnings results on Wednesday, April 30th. The company reported $6.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.46 by ($1.01). The company had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $3.89 billion. Everest Group had a net margin of 7.95% and a return on equity of 9.04%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter last year, the business posted $16.32 earnings per share. On average, equities analysts expect that Everest Group will post 47.93 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Geraldine Losquadro sold 1,500 shares of the 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 approximately $4,428,175.77. This trade represents a 10.89% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on EG shares. Barclays decreased their price target on Everest Group from $470.00 to $394.00 and set an “overweight” rating for the company in a report on Friday, April 11th. UBS Group decreased their price target on Everest Group from $375.00 to $372.00 and set a “neutral” rating for the company in a report on Wednesday, April 9th. BMO Capital Markets downgraded Everest Group from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $453.00 to $375.00 in a report on Thursday, January 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $340.00 price target (down from $425.00) on shares of Everest Group in a report on Wednesday, February 5th. Finally, Raymond James reiterated a “strong-buy” rating and set a $410.00 target price (down previously from $420.00) on shares of Everest Group in a research report on Tuesday, May 6th. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $397.18.

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.