Truist Financial Corp Decreases Stake in Everest Group, Ltd. $EG

Truist Financial Corp reduced its stake in shares of Everest Group, Ltd. (NYSE:EG) by 3.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 105,195 shares of the company’s stock after selling 3,401 shares during the period. Truist Financial Corp owned approximately 0.25% of Everest Group worth $35,750,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in EG. SVB Wealth LLC purchased a new stake in shares of Everest Group in the 1st quarter valued at $30,000. Tsfg LLC acquired a new position in Everest Group during the first quarter valued at $33,000. Zions Bancorporation National Association UT purchased a new stake in Everest Group in the first quarter valued at $34,000. WPG Advisers LLC acquired a new stake in Everest Group during the 1st quarter worth about $37,000. Finally, Bruce G. Allen Investments LLC grew its position in Everest Group by 79.1% during the 1st quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company’s stock worth $56,000 after purchasing an additional 68 shares during the period. 92.64% of the stock is owned by institutional investors and hedge funds.

Everest Group Trading Down 0.7%

EG opened at $350.97 on Friday. The firm has a market capitalization of $14.72 billion, a price-to-earnings ratio of 18.63, a price-to-earnings-growth ratio of 0.26 and a beta of 0.48. The company’s 50 day simple moving average is $338.94 and its two-hundred day simple moving average is $342.72. Everest Group, Ltd. has a 1-year low of $320.00 and a 1-year high of $407.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38.

Everest Group (NYSE:EG) last announced 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. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $16.85 EPS. Analysts expect that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd were given a $2.00 dividend. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a yield of 2.3%. Everest Group’s payout ratio is presently 42.46%.

Analyst Ratings Changes

EG has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their target price on Everest Group from $405.00 to $416.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. UBS Group lowered their price objective on Everest Group from $372.00 to $370.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Janney Montgomery Scott began coverage on shares of Everest Group in a report on Friday, June 20th. They set a “buy” rating and a $425.00 target price for the company. Raymond James Financial set a $375.00 price target on shares of Everest Group and gave the stock an “outperform” rating in a report on Monday, September 22nd. Finally, Citigroup initiated coverage on shares of Everest Group in a research report on Wednesday, August 13th. They set a “neutral” rating and a $362.00 price target on the stock. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $386.67.

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.