Assetmark Inc. Boosts Stake in Everest Group, Ltd. $EG

Assetmark Inc. grew its stake in Everest Group, Ltd. (NYSE:EG) by 9.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 446,569 shares of the company’s stock after buying an additional 39,346 shares during the period. Assetmark Inc. owned 1.05% of Everest Group worth $151,766,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Keefe, Bruyette & Woods raised their target price on shares of Everest Group from $405.00 to $416.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Everest Group in a report on Wednesday, October 8th. Wolfe Research raised shares of Everest Group from an “underperform” rating to a “peer perform” rating in a report on Wednesday. Citigroup assumed coverage on shares of Everest Group in a report on Wednesday, August 13th. They set a “neutral” rating and a $362.00 target price for the company. Finally, Cowen reissued a “hold” rating on shares of Everest Group in a report on Tuesday, October 7th. Five equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $379.57.

Everest Group Stock Up 1.4%

EG opened at $309.21 on Thursday. 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. The company has a fifty day moving average of $344.40 and a two-hundred day moving average of $341.79. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of 23.55, a PEG ratio of 0.21 and a beta of 0.48.

Everest Group (NYSE:EG) last released its quarterly earnings data on Monday, October 27th. The company reported $7.54 earnings per share for the quarter, missing analysts’ consensus estimates of $13.39 by ($5.85). Everest Group had a net margin of 3.12% and a return on equity of 3.81%. The firm had revenue of $4.32 billion during the quarter, compared to analysts’ expectations of $3.86 billion. During the same period in the previous year, the firm posted $11.80 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. On average, research analysts expect 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 was paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd were issued a $2.00 dividend. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a yield of 2.6%. Everest Group’s payout ratio is presently 60.93%.

Everest Group Company 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.