Point72 Asset Management L.P. Acquires New Shares in Everest Group, Ltd. (NYSE:EG)

Point72 Asset Management L.P. bought a new position in shares of Everest Group, Ltd. (NYSE:EG) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 152,712 shares of the company’s stock, valued at approximately $55,352,000. Point72 Asset Management L.P. owned approximately 0.36% of Everest Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EG. Principal Financial Group Inc. grew its position in shares of Everest Group by 5.5% in the 3rd quarter. Principal Financial Group Inc. now owns 53,892 shares of the company’s stock valued at $21,117,000 after purchasing an additional 2,818 shares during the period. Czech National Bank boosted its holdings in shares of Everest Group by 5.7% in the fourth quarter. Czech National Bank now owns 9,319 shares of the company’s stock valued at $3,378,000 after buying an additional 504 shares during the period. Wedmont Private Capital raised its holdings in shares of Everest Group by 15.0% during the fourth quarter. Wedmont Private Capital now owns 734 shares of the company’s stock worth $259,000 after acquiring an additional 96 shares during the period. Assenagon Asset Management S.A. bought a new stake in Everest Group in the 4th quarter valued at $417,000. Finally, Steph & Co. boosted its stake in Everest Group by 10.6% in the 4th quarter. Steph & Co. now owns 366 shares of the company’s stock worth $133,000 after purchasing an additional 35 shares during the period. 92.64% of the stock is owned by institutional investors and hedge funds.

Everest Group Stock Up 0.8%

EG stock opened at $343.58 on Friday. Everest Group, Ltd. has a 1-year low of $320.00 and a 1-year high of $407.30. The business’s 50 day simple moving average is $351.50 and its 200 day simple moving average is $357.16. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $14.61 billion, a PE ratio of 10.94, a PEG ratio of 0.24 and a beta of 0.58.

Everest Group (NYSE:EG) last posted 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). Everest Group had a return on equity of 9.04% and a net margin of 7.95%. The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same quarter in the prior year, the business posted $16.32 EPS. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. As a group, research analysts anticipate that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Wednesday, May 28th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.33%. Everest Group’s payout ratio is 41.15%.

Insider Transactions at Everest Group

In other Everest Group news, Director Geraldine Losquadro sold 1,500 shares of Everest Group stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $360.63, for a total value of $540,945.00. Following the completion of the sale, the director now owns 12,279 shares in the company, valued at $4,428,175.77. The trade was a 10.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays cut their price target on Everest Group from $470.00 to $394.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. BMO Capital Markets cut Everest Group from an “outperform” rating to a “market perform” rating and cut their target price for the company from $453.00 to $375.00 in a research note on Thursday, January 30th. Jefferies Financial Group raised Everest Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $376.00 to $415.00 in a research report on Friday, April 11th. Raymond James reiterated a “strong-buy” rating and issued a $410.00 price objective (down from $420.00) on shares of Everest Group in a report on Tuesday, May 6th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Everest Group from $434.00 to $402.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $397.18.

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.