Norges Bank Makes New Investment in Everest Group, Ltd. $EG

Norges Bank acquired a new stake in Everest Group, Ltd. (NYSE:EG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,769,309 shares of the company’s stock, valued at approximately $601,300,000. Norges Bank owned about 4.22% of Everest Group at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Everest Group by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,577,376 shares of the company’s stock valued at $2,026,428,000 after acquiring an additional 17,346 shares during the period. Geode Capital Management LLC boosted its stake in Everest Group by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,211,474 shares of the company’s stock worth $414,385,000 after purchasing an additional 6,217 shares during the period. Boston Partners grew its position in Everest Group by 3.3% during the 1st quarter. Boston Partners now owns 696,765 shares of the company’s stock worth $253,150,000 after purchasing an additional 22,432 shares during the last quarter. Altrinsic Global Advisors LLC increased its stake in Everest Group by 10.7% in the first quarter. Altrinsic Global Advisors LLC now owns 682,979 shares of the company’s stock valued at $248,147,000 after purchasing an additional 66,041 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Everest Group by 12.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 622,608 shares of the company’s stock valued at $211,593,000 after buying an additional 69,636 shares during the last quarter. 92.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Everest Group

In related news, Director Allan Levine purchased 3,100 shares of Everest Group stock in a transaction dated Wednesday, October 29th. The stock was bought at an average cost of $306.08 per share, for a total transaction of $948,848.00. Following the transaction, the director owned 4,153 shares in the company, valued at approximately $1,271,150.24. The trade was a 294.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William F. Galtney, Jr. purchased 11,385 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were purchased at an average cost of $307.38 per share, for a total transaction of $3,499,521.30. Following the purchase, the director directly owned 45,491 shares in the company, valued at approximately $13,983,023.58. This represents a 33.38% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Cowen reissued a “hold” rating on shares of Everest Group in a report on Tuesday, October 7th. Wolfe Research upgraded Everest Group from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 29th. Citigroup began coverage on Everest Group in a research note on Wednesday, August 13th. They set a “neutral” rating and a $362.00 price target for the company. Raymond James Financial reiterated an “outperform” rating and issued a $350.00 price objective on shares of Everest Group in a research report on Monday, November 3rd. Finally, Evercore ISI upped their price objective on shares of Everest Group from $380.00 to $384.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 1st. Five analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Everest Group presently has a consensus rating of “Hold” and an average target price of $368.77.

Everest Group Stock Up 0.8%

Everest Group stock opened at $314.39 on Friday. 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, Ltd. has a 1-year low of $302.44 and a 1-year high of $391.98. The company has a market cap of $13.20 billion, a PE ratio of 23.94, a price-to-earnings-growth ratio of 0.25 and a beta of 0.47. The stock’s 50 day moving average price is $333.88 and its 200 day moving average price is $336.78.

Everest Group (NYSE:EG) last released its quarterly earnings data on Monday, October 27th. The company reported $7.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $13.39 by ($5.85). The business had revenue of $4.32 billion during the quarter, compared to analysts’ expectations of $3.86 billion. Everest Group had a return on equity of 3.81% and a net margin of 3.12%.The company’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $11.80 EPS. On average, sell-side analysts predict 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 will be paid on Friday, December 12th. Investors of record on Wednesday, November 26th will be paid a $2.00 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $8.00 annualized dividend and a dividend yield of 2.5%. Everest Group’s dividend payout ratio (DPR) is 60.93%.

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.