Short Interest in Everest Group, Ltd. (NYSE:EG) Drops By 6.6%

Everest Group, Ltd. (NYSE:EG) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totalling 980,600 shares, a drop of 6.6% from the September 30th total of 1,050,000 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average daily volume of 376,300 shares, the days-to-cover ratio is presently 2.6 days.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on EG. Keefe, Bruyette & Woods dropped their price objective on Everest Group from $454.00 to $438.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Wells Fargo & Company upped their price target on shares of Everest Group from $393.00 to $406.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. TD Cowen decreased their price objective on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Barclays dropped their target price on shares of Everest Group from $527.00 to $517.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Morgan Stanley reduced their price target on Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $438.36.

Everest Group Stock Performance

EG opened at $350.97 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. The company has a market capitalization of $15.11 billion, a PE ratio of 5.49, a price-to-earnings-growth ratio of 2.67 and a beta of 0.61. The business has a fifty day simple moving average of $386.85 and a 200 day simple moving average of $380.64. Everest Group has a 1 year low of $343.76 and a 1 year high of $417.92.

Everest Group (NYSE:EG) last released its quarterly earnings results on Wednesday, July 31st. The company reported $16.85 EPS for the quarter, missing the consensus estimate of $16.97 by ($0.12). The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.32 billion. Everest Group had a net margin of 16.99% and a return on equity of 23.13%. The company’s revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the company posted $15.21 earnings per share. Research analysts expect that Everest Group will post 60.97 EPS for the current year.

Everest Group Announces Dividend

The firm also recently declared 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 of this dividend was Monday, September 16th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.28%. Everest Group’s payout ratio is 12.52%.

Institutional Investors Weigh In On Everest Group

Several institutional investors have recently made changes to their positions in the stock. American National Bank bought a new position in Everest Group in the 2nd quarter valued at about $27,000. M&R Capital Management Inc. bought a new stake in Everest Group during the third quarter worth $29,000. Bruce G. Allen Investments LLC increased its stake in shares of Everest Group by 200.0% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 78 shares of the company’s stock valued at $31,000 after purchasing an additional 52 shares during the last quarter. Eastern Bank acquired a new position in shares of Everest Group during the 3rd quarter worth $35,000. Finally, Massmutual Trust Co. FSB ADV lifted its position in shares of Everest Group by 36.9% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 115 shares of the company’s stock worth $44,000 after buying an additional 31 shares during the last quarter. 92.64% of the stock is currently owned by institutional investors.

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.