PNC Financial Services Group Inc. Acquires 675 Shares of Everest Group, Ltd. $EG

PNC Financial Services Group Inc. raised its stake in shares of Everest Group, Ltd. (NYSE:EG) by 13.3% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 5,734 shares of the company’s stock after purchasing an additional 675 shares during the period. PNC Financial Services Group Inc.’s holdings in Everest Group were worth $1,949,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SVB Wealth LLC bought a new position in shares of Everest Group in the first quarter valued at approximately $30,000. Zions Bancorporation National Association UT bought a new position in Everest Group during the 1st quarter valued at $34,000. Board of the Pension Protection Fund purchased a new position in Everest Group during the 2nd quarter worth $34,000. WPG Advisers LLC bought a new stake in shares of Everest Group in the 1st quarter worth $37,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Everest Group by 98.9% during the first quarter. Geneos Wealth Management Inc. now owns 181 shares of the company’s stock valued at $66,000 after purchasing an additional 90 shares in the last quarter. 92.64% of the stock is owned by institutional investors.

Insider Activity

In other Everest Group news, Director Allan Levine purchased 3,100 shares of the stock in a transaction dated Wednesday, October 29th. The shares were bought at an average price of $306.08 per share, with a total value of $948,848.00. Following the completion of the transaction, the director directly owned 4,153 shares in the company, valued at approximately $1,271,150.24. This trade represents a 294.40% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 acquired at an average price of $307.38 per share, for a total transaction of $3,499,521.30. Following the completion of the purchase, the director directly owned 45,491 shares in the company, valued at $13,983,023.58. This represents a 33.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.10% of the stock is owned by company insiders.

Everest Group Price Performance

Everest Group stock opened at $312.89 on Thursday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. The business’s 50 day simple moving average is $337.77 and its 200 day simple moving average is $338.50. Everest Group, Ltd. has a 12 month low of $302.44 and a 12 month high of $392.78. The company has a market cap of $13.13 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 0.25 and a beta of 0.48.

Everest Group (NYSE:EG) last issued 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 the consensus estimate of $3.86 billion. Everest Group had a net margin of 3.12% and a return on equity of 3.81%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $11.80 earnings per share. Sell-side analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Wednesday, November 26th will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, November 26th. Everest Group’s dividend payout ratio (DPR) is currently 60.93%.

Analysts Set New Price Targets

Several equities research analysts have commented on EG shares. Evercore ISI increased 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 note on Wednesday, October 1st. Wall Street Zen lowered Everest Group from a “buy” rating to a “hold” rating in a report on Sunday, November 2nd. Raymond James Financial reiterated an “outperform” rating and set a $350.00 price target on shares of Everest Group in a report on Monday, November 3rd. Wolfe Research raised Everest Group from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 29th. Finally, Citigroup initiated coverage on Everest Group in a research report on Wednesday, August 13th. They set a “neutral” rating and a $362.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $368.77.

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.