QRG Capital Management Inc. Lowers Stake in Everest Group, Ltd. $EG

QRG Capital Management Inc. lessened its stake in Everest Group, Ltd. (NYSE:EG) by 64.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 10,473 shares of the company’s stock after selling 19,224 shares during the period. QRG Capital Management Inc.’s holdings in Everest Group were worth $3,559,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Truist Financial Corp boosted its position in shares of Everest Group by 16.9% during the first quarter. Truist Financial Corp now owns 108,596 shares of the company’s stock worth $39,456,000 after buying an additional 15,660 shares during the period. Fifth Third Bancorp lifted its stake in Everest Group by 18.1% during the 1st quarter. Fifth Third Bancorp now owns 1,151 shares of the company’s stock worth $418,000 after acquiring an additional 176 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Everest Group by 12.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company’s stock valued at $62,753,000 after acquiring an additional 18,780 shares during the period. Wedge Capital Management L L P NC boosted its holdings in Everest Group by 14.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company’s stock valued at $3,586,000 after acquiring an additional 1,235 shares during the period. Finally, SG Americas Securities LLC grew its position in Everest Group by 127.3% in the 1st quarter. SG Americas Securities LLC now owns 5,842 shares of the company’s stock valued at $2,123,000 after acquiring an additional 3,272 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Everest Group Trading Up 1.3%

Shares of NYSE:EG opened at $361.53 on Tuesday. Everest Group, Ltd. has a 52 week low of $320.00 and a 52 week high of $402.11. The company’s 50 day moving average is $339.95 and its two-hundred day moving average is $342.57. The company has a market cap of $15.16 billion, a PE ratio of 19.19, a P/E/G ratio of 0.26 and a beta of 0.48. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24.

Everest Group (NYSE:EG) last issued its earnings results on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, topping analysts’ consensus estimates of $15.14 by $2.22. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate 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 firm posted $16.85 earnings per share. Equities analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, September 3rd. Everest Group’s dividend payout ratio is currently 42.46%.

Analysts Set New Price Targets

EG has been the topic of several research reports. Citigroup began 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. Raymond James Financial set a $375.00 target price on shares of Everest Group and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Evercore ISI raised their price target on shares of Everest Group from $380.00 to $384.00 and gave the company an “in-line” rating in a research report on Wednesday, October 1st. UBS Group dropped their price target on shares of Everest Group from $372.00 to $370.00 and set a “neutral” rating for the company in a research note on Wednesday, July 9th. Finally, Janney Montgomery Scott began coverage on Everest Group in a research note on Friday, June 20th. They issued a “buy” rating and a $425.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target 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.