Everest Group, Ltd. $EG Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC cut its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 6.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 260,429 shares of the company’s stock after selling 17,813 shares during the period. Everest Group accounts for approximately 1.3% of Sterling Capital Management LLC’s portfolio, making the stock its 16th biggest holding. Sterling Capital Management LLC’s holdings in Everest Group were worth $88,507,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its holdings in shares of Everest Group by 12.2% during the first quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company’s stock valued at $62,753,000 after purchasing an additional 18,780 shares during the period. Principal Financial Group Inc. lifted its holdings in Everest Group by 7.9% in the first quarter. Principal Financial Group Inc. now owns 55,123 shares of the company’s stock worth $20,028,000 after purchasing an additional 4,021 shares during the period. Exchange Traded Concepts LLC grew its position in Everest Group by 25.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 3,647 shares of the company’s stock valued at $1,239,000 after buying an additional 737 shares in the last quarter. Korea Investment CORP increased its stake in Everest Group by 130.4% during the 1st quarter. Korea Investment CORP now owns 62,093 shares of the company’s stock valued at $22,560,000 after buying an additional 35,145 shares during the period. Finally, Brandywine Global Investment Management LLC raised its position in shares of Everest Group by 109.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 26,030 shares of the company’s stock worth $9,457,000 after buying an additional 13,607 shares in the last quarter. 92.64% of the stock is owned by institutional investors.

Everest Group Price Performance

EG stock opened at $319.43 on Friday. Everest Group, Ltd. has a one year low of $302.44 and a one year high of $392.78. The firm has a 50-day moving average of $341.24 and a two-hundred day moving average of $340.42. The firm has a market capitalization of $13.41 billion, a PE ratio of 24.33, a P/E/G ratio of 0.25 and a beta of 0.47. 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 released its earnings results on Monday, October 27th. The company reported $7.54 earnings per share for the quarter, missing the consensus estimate of $13.39 by ($5.85). The firm 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 business’s revenue was up .8% on a year-over-year basis. During the same period last year, the business earned $11.80 earnings per share. On average, analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Wednesday, November 26th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, November 26th. Everest Group’s dividend payout ratio (DPR) is 60.93%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

EG has been the topic of several recent analyst reports. Raymond James Financial reissued an “outperform” rating and set a $350.00 target price on shares of Everest Group in a report on Monday. Wells Fargo & Company cut their price objective on Everest Group from $383.00 to $343.00 and set an “equal weight” rating for the company in a report on Wednesday, October 29th. Cowen reaffirmed a “hold” rating on shares of Everest Group in a report on Tuesday, October 7th. Cantor Fitzgerald upgraded shares of Everest Group to a “hold” rating in a research report on Wednesday, August 13th. Finally, Evercore ISI raised their price objective 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. Five equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, Everest Group currently has a consensus rating of “Hold” and a consensus target price of $372.36.

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.