Everest Group (NYSE:EG) Hits New 12-Month High – Should You Buy?

Everest Group, Ltd. (NYSE:EG)’s share price hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $402.23 and last traded at $401.8410, with a volume of 34,413 shares traded. The stock had previously closed at $394.78.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EG. Weiss Ratings raised shares of Everest Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Evercore set a $377.00 price objective on shares of Everest Group in a report on Thursday, July 30th. Cantor Fitzgerald upped their price objective on shares of Everest Group from $344.00 to $390.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. TD Cowen raised their target price on shares of Everest Group from $365.00 to $385.00 and gave the company a “hold” rating in a research note on Wednesday, August 19th. Finally, Wells Fargo & Company lifted their target price on shares of Everest Group from $373.00 to $396.00 and gave the company an “equal weight” rating in a report on Friday, July 31st. Six analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $407.94.

Everest Group Price Performance

The firm has a fifty day moving average price of $375.74 and a two-hundred day moving average price of $361.56. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $15.28 billion, a P/E ratio of 8.43, a P/E/G ratio of 0.60 and a beta of 0.26.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $14.85 earnings per share (EPS) for the quarter. Everest Group had a net margin of 11.41% and a return on equity of 13.63%. The company had revenue of $3.96 billion for the quarter. On average, analysts expect that Everest Group, Ltd. will post 53.69 EPS for the current year.

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Wednesday, September 9th were issued a $2.00 dividend. The ex-dividend date of this dividend was Wednesday, September 9th. This represents a $8.00 annualized dividend and a yield of 2.0%. Everest Group’s payout ratio is 16.92%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Everest Group in the 2nd quarter worth about $1,150,555,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Everest Group in the 2nd quarter worth about $350,718,000. William Blair Investment Management LLC purchased a new position in Everest Group in the 2nd quarter worth about $171,426,000. Donald Smith & CO. Inc. purchased a new position in Everest Group in the 2nd quarter worth about $153,206,000. Finally, Hsbc Holdings PLC lifted its stake in Everest Group by 507.4% during the 1st quarter. Hsbc Holdings PLC now owns 449,919 shares of the company’s stock valued at $147,102,000 after acquiring an additional 375,846 shares during the period. Institutional investors own 92.64% of the company’s stock.

About Everest Group

Everest Group, Ltd. is a global insurance and reinsurance company that provides property and casualty coverage to businesses, institutions, and other insurers. Its operations focus on assuming and managing risks through reinsurance, as well as offering insurance products in selected specialty and commercial markets.

The company’s reinsurance business supports insurers across lines such as property, casualty, specialty, and other risks. Through its insurance platform, Everest provides coverage for commercial customers and specialty exposures, including property, casualty, professional liability, and other products that may vary by market.