Everest Group (NYSE:EG) Stock Price Down 7.3% – Here’s What Happened

Everest Group, Ltd. (NYSE:EG) shares traded down 7.3% during mid-day trading on Thursday . The company traded as low as $352.44 and last traded at $352.44. 114,156 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 340,793 shares. The stock had previously closed at $380.00.

Analysts Set New Price Targets

EG has been the subject of several recent analyst reports. TD Cowen reduced their target price on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Morgan Stanley reduced their price objective on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. Keefe, Bruyette & Woods dropped their target price on shares of Everest Group from $454.00 to $438.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. UBS Group raised Everest Group to a “hold” rating in a report on Wednesday, October 9th. Finally, Barclays initiated coverage on Everest Group in a research report on Wednesday, September 4th. They set an “overweight” rating and a $527.00 price target for the company. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Everest Group presently has an average rating of “Moderate Buy” and an average target price of $439.27.

Everest Group Price Performance

The firm has a market capitalization of $15.77 billion, a P/E ratio of 5.40, a PEG ratio of 2.67 and a beta of 0.61. The business’s 50-day simple moving average is $387.38 and its 200 day simple moving average is $380.81. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24.

Everest Group (NYSE:EG) last released its quarterly earnings data on Wednesday, July 31st. The company reported $16.85 EPS for the quarter, missing the consensus estimate of $16.97 by ($0.12). Everest Group had a return on equity of 24.09% and a net margin of 18.36%. The company had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.32 billion. During the same quarter in the prior year, the firm posted $15.21 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. Sell-side analysts forecast that Everest Group, Ltd. will post 60.97 earnings per share for the current year.

Everest Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Monday, September 16th were given a $2.00 dividend. The ex-dividend date was Monday, September 16th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.18%. Everest Group’s dividend payout ratio is currently 11.81%.

Hedge Funds Weigh In On Everest Group

A number of institutional investors have recently bought and sold shares of the stock. Boston Partners raised its stake in Everest Group by 29.1% during the first quarter. Boston Partners now owns 1,197,457 shares of the company’s stock valued at $475,750,000 after buying an additional 269,665 shares during the last quarter. AQR Capital Management LLC increased its position in Everest Group by 1.8% during the second quarter. AQR Capital Management LLC now owns 1,032,479 shares of the company’s stock valued at $393,395,000 after acquiring an additional 17,885 shares during the last quarter. Champlain Investment Partners LLC lifted its holdings in Everest Group by 5.3% in the first quarter. Champlain Investment Partners LLC now owns 906,100 shares of the company’s stock valued at $360,175,000 after acquiring an additional 45,705 shares during the period. William Blair Investment Management LLC boosted its position in Everest Group by 30.2% in the second quarter. William Blair Investment Management LLC now owns 580,171 shares of the company’s stock worth $221,057,000 after purchasing an additional 134,517 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Everest Group by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 535,121 shares of the company’s stock valued at $203,891,000 after purchasing an additional 38,254 shares during the last quarter. 92.64% of the stock is owned by institutional investors.

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.