State of Michigan Retirement System Grows Holdings in Everest Group, Ltd. (NYSE:EG)

State of Michigan Retirement System increased its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,911 shares of the company’s stock after acquiring an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Everest Group were worth $4,919,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of EG. Headlands Technologies LLC bought a new position in Everest Group in the 4th quarter worth about $25,000. American National Bank bought a new stake in shares of Everest Group during the second quarter valued at approximately $27,000. Heritage Wealth Advisors bought a new stake in shares of Everest Group during the fourth quarter valued at approximately $30,000. FinTrust Capital Advisors LLC purchased a new position in Everest Group in the 4th quarter worth approximately $33,000. Finally, Massmutual Trust Co. FSB ADV bought a new position in Everest Group in the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on EG. Morgan Stanley decreased their price objective on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Wells Fargo & Company upped their price target on shares of Everest Group from $392.00 to $393.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Keefe, Bruyette & Woods lowered their target price on shares of Everest Group from $454.00 to $438.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. BMO Capital Markets lifted their price objective on Everest Group from $387.00 to $403.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Finally, TD Cowen reduced their price objective on Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $431.00.

Everest Group Stock Up 0.8 %

NYSE EG traded up $3.29 during midday trading on Tuesday, hitting $392.75. 7,828 shares of the company traded hands, compared to its average volume of 327,017. Everest Group, Ltd. has a 52 week low of $343.76 and a 52 week high of $417.92. The company’s 50-day simple moving average is $377.30 and its 200-day simple moving average is $377.40. The company has a market cap of $17.07 billion, a PE ratio of 5.79, a price-to-earnings-growth ratio of 2.26 and a beta of 0.63. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38.

Everest Group (NYSE:EG) last released its quarterly earnings results on Wednesday, July 31st. The company reported $16.85 earnings per share for the quarter, missing analysts’ consensus estimates of $16.97 by ($0.12). The firm had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.32 billion. Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $15.21 earnings per share. As a group, equities research analysts forecast that Everest Group, Ltd. will post 61.69 earnings per share for the current year.

Everest Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Monday, September 16th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Monday, September 16th. Everest Group’s payout ratio is currently 11.89%.

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.