Bank of New York Mellon Corp Sells 13,771 Shares of Everest Group, Ltd. $EG

Bank of New York Mellon Corp decreased its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 5.4% during the second quarter, HoldingsChannel reports. The firm owned 241,755 shares of the company’s stock after selling 13,771 shares during the period. Bank of New York Mellon Corp’s holdings in Everest Group were worth $82,161,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in Everest Group by 3.0% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,025 shares of the company’s stock worth $372,000 after buying an additional 30 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Everest Group by 4.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock worth $277,000 after purchasing an additional 34 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its position in Everest Group by 6.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 595 shares of the company’s stock valued at $213,000 after purchasing an additional 37 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Everest Group by 0.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,059 shares of the company’s stock valued at $1,838,000 after purchasing an additional 39 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC raised its holdings in Everest Group by 2.9% in the second quarter. Legacy Wealth Asset Management LLC now owns 1,493 shares of the company’s stock worth $507,000 after purchasing an additional 42 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors.

Everest Group Price Performance

Shares of EG opened at $326.00 on Friday. The business’s 50-day moving average is $340.92 and its two-hundred day moving average is $340.18. The company has a market capitalization of $13.68 billion, a P/E ratio of 24.83, a P/E/G ratio of 0.25 and a beta of 0.47. Everest Group, Ltd. has a fifty-two week low of $302.44 and a fifty-two week high of $392.78. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38.

Everest Group (NYSE:EG) last posted its earnings results 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 firm had revenue of $4.32 billion during the quarter, compared to analyst estimates of $3.86 billion. Everest Group had a net margin of 3.12% and a return on equity of 3.81%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $11.80 earnings per share. Research analysts predict that Everest Group, Ltd. will post 47.93 earnings per share for the current year.

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Wednesday, November 26th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, November 26th. Everest Group’s payout ratio is presently 60.93%.

Wall Street Analyst Weigh In

EG has been the topic of a number of recent analyst reports. Citigroup started coverage on shares of Everest Group in a report on Wednesday, August 13th. They issued a “neutral” rating and a $362.00 price target on the stock. Cowen restated a “hold” rating on shares of Everest Group in a research note on Tuesday, October 7th. Wolfe Research raised shares of Everest Group from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 29th. Barclays reduced their price target on Everest Group from $425.00 to $365.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Finally, Raymond James Financial reissued an “outperform” rating and issued a $350.00 price objective on shares of Everest Group in a research report on Monday, November 3rd. Five research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $372.36.

Insider Activity at Everest Group

In other Everest Group news, Director Allan Levine acquired 3,100 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The stock was bought at an average price of $306.08 per share, with a total value of $948,848.00. Following the purchase, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William F. Galtney, Jr. purchased 11,385 shares of the company’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average price of $307.38 per share, with a total value of $3,499,521.30. Following the completion of the transaction, the director directly 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 SEC filing for this purchase provides additional information. 1.10% of the stock is currently owned by 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.