Magnetar Financial LLC Lowers Stake in Everest Group, Ltd. (NYSE:EG)

Magnetar Financial LLC trimmed its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 87.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,261 shares of the company’s stock after selling 8,546 shares during the period. Magnetar Financial LLC’s holdings in Everest Group were worth $501,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in EG. Allworth Financial LP acquired a new position in shares of Everest Group during the 4th quarter worth approximately $25,000. Avior Wealth Management LLC purchased a new position in Everest Group during the 4th quarter valued at about $25,000. Headlands Technologies LLC acquired a new stake in shares of Everest Group during the fourth quarter worth about $25,000. Janiczek Wealth Management LLC acquired a new position in shares of Everest Group in the fourth quarter valued at approximately $27,000. Finally, Trifecta Capital Advisors LLC purchased a new stake in Everest Group during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Analysts Set New Price Targets

EG has been the topic of a number of recent analyst reports. Morgan Stanley dropped their target price on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. Bank of America raised their price objective on Everest Group from $470.00 to $493.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods reduced their price target on shares of Everest Group from $457.00 to $454.00 and set an “outperform” rating on the stock in a report on Friday, July 12th. Finally, Wells Fargo & Company dropped their price objective on Everest Group from $402.00 to $397.00 and set an “equal weight” rating for the company in a research report on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $437.40.

Everest Group Stock Down 0.2 %

Shares of EG stock traded down $0.84 on Monday, hitting $382.09. The stock had a trading volume of 16,295 shares, compared to its average volume of 325,389. Everest Group, Ltd. has a 52-week low of $343.36 and a 52-week high of $417.92. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a market capitalization of $16.61 billion, a price-to-earnings ratio of 5.69, a P/E/G ratio of 1.98 and a beta of 0.63. The stock’s 50 day moving average is $381.95 and its 200-day moving average is $377.66.

Everest Group (NYSE:EG) last announced its earnings results on Monday, April 29th. The company reported $16.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $15.98 by $0.34. The company had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.05 billion. Everest Group had a return on equity of 24.86% and a net margin of 18.69%. Everest Group’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $11.31 EPS. As a group, research analysts expect that Everest Group, Ltd. will post 61.25 earnings per share for the current year.

Everest Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 29th were paid a dividend of $2.00 per share. This is an increase from Everest Group’s previous quarterly dividend of $1.75. This represents a $8.00 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend was Wednesday, May 29th. Everest Group’s dividend payout ratio is presently 11.89%.

About Everest Group

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.