Everest Group, Ltd. $EG Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its holdings in Everest Group, Ltd. (NYSE:EG) by 2.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 12,611 shares of the company’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in Everest Group were worth $4,286,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Everest Group by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,577,376 shares of the company’s stock valued at $2,026,428,000 after buying an additional 17,346 shares in the last quarter. Vulcan Value Partners LLC raised its stake in Everest Group by 35.8% during the first quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company’s stock valued at $482,832,000 after buying an additional 350,019 shares in the last quarter. Boston Partners raised its stake in Everest Group by 3.3% during the first quarter. Boston Partners now owns 696,765 shares of the company’s stock valued at $253,150,000 after buying an additional 22,432 shares in the last quarter. Altrinsic Global Advisors LLC raised its stake in Everest Group by 10.7% during the first quarter. Altrinsic Global Advisors LLC now owns 682,979 shares of the company’s stock valued at $248,147,000 after buying an additional 66,041 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Everest Group by 11.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 552,972 shares of the company’s stock valued at $200,911,000 after buying an additional 56,410 shares in the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EG. Raymond James Financial restated an “outperform” rating and set a $350.00 price objective on shares of Everest Group in a research note on Monday. Barclays cut their price objective on Everest Group from $425.00 to $365.00 and set an “overweight” rating on the stock in a research note on Friday. Citigroup began coverage on Everest Group in a research note on Wednesday, August 13th. They set a “neutral” rating and a $362.00 price objective on the stock. UBS Group dropped their price target 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. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Everest Group in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, Everest Group presently has a consensus rating of “Hold” and an average target price of $372.36.

Everest Group Trading Up 1.4%

Everest Group stock opened at $317.74 on Wednesday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $342.08 and a two-hundred day moving average price of $340.70. The firm has a market capitalization of $13.33 billion, a price-to-earnings ratio of 24.20, a PEG ratio of 0.25 and a beta of 0.48. Everest Group, Ltd. has a 52-week low of $302.44 and a 52-week high of $392.78.

Everest Group (NYSE:EG) last posted its earnings results on Monday, October 27th. The company reported $7.54 EPS for the quarter, missing the consensus estimate of $13.39 by ($5.85). Everest Group had a net margin of 3.12% and a return on equity of 3.81%. The business had revenue of $4.32 billion during the quarter, compared to analyst estimates of $3.86 billion. During the same quarter in the prior year, the business earned $11.80 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. Sell-side analysts expect 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 was paid on Friday, September 19th. Investors of record on Wednesday, September 3rd were given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, September 3rd. Everest Group’s dividend payout ratio (DPR) is currently 60.93%.

Insider Activity at Everest Group

In other Everest Group news, Director William F. Galtney, Jr. bought 11,385 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 45,491 shares in the company, valued at $13,983,023.58. The trade was a 33.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Allan Levine purchased 3,100 shares of the firm’s stock in a transaction on Wednesday, October 29th. The shares were purchased at an average cost of $306.08 per share, with a total value of $948,848.00. Following the completion of the purchase, the director owned 4,153 shares in the company, valued at $1,271,150.24. This represents a 294.40% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.10% of the stock is owned by company insiders.

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.