Bank of America Cuts Everest Group (NYSE:EG) Price Target to $485.00

Everest Group (NYSE:EG) had its price objective decreased by Bank of America from $496.00 to $485.00 in a research note published on Thursday, Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other equities analysts also recently weighed in on EG. Jefferies Financial Group raised their target price on shares of Everest Group from $440.00 to $457.00 and gave the company a buy rating in a research note on Wednesday, October 9th. Wells Fargo & Company raised their price objective on Everest Group from $393.00 to $406.00 and gave the company an equal weight rating in a research report on Thursday. TD Cowen dropped their target price on Everest Group from $419.00 to $405.00 and set a hold rating on the stock in a report on Tuesday, August 13th. Barclays began coverage on Everest Group in a research note on Wednesday, September 4th. They issued an overweight rating and a $527.00 target price on the stock. Finally, BMO Capital Markets reaffirmed a market perform rating and issued a $403.00 price target on shares of Everest Group in a research report on Friday, August 30th. Five research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $439.27.

Everest Group Trading Up 0.0 %

EG opened at $393.96 on Thursday. 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 has a 52 week low of $343.76 and a 52 week high of $417.92. The stock has a market cap of $17.12 billion, a PE ratio of 5.85, a PEG ratio of 2.70 and a beta of 0.61. The business has a 50 day moving average of $382.90 and a 200-day moving average of $380.53.

Everest Group (NYSE:EG) last announced 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). The firm had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.32 billion. Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $15.21 EPS. Equities research analysts predict that Everest Group will post 61.78 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Monday, September 16th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date was Monday, September 16th. Everest Group’s dividend payout ratio (DPR) is presently 11.89%.

Hedge Funds Weigh In On Everest Group

Several hedge funds and other institutional investors have recently modified their holdings of EG. Csenge Advisory Group lifted its holdings in Everest Group by 2.2% in the second quarter. Csenge Advisory Group now owns 1,239 shares of the company’s stock valued at $472,000 after acquiring an additional 27 shares during the period. Legend Financial Advisors Inc. boosted its holdings in shares of Everest Group by 1.6% in the second quarter. Legend Financial Advisors Inc. now owns 1,765 shares of the company’s stock worth $672,000 after buying an additional 27 shares during the last quarter. First Trust Direct Indexing L.P. grew its position in Everest Group by 0.9% during the first quarter. First Trust Direct Indexing L.P. now owns 2,976 shares of the company’s stock valued at $1,183,000 after buying an additional 28 shares during the period. Wedmont Private Capital increased its holdings in Everest Group by 4.8% during the third quarter. Wedmont Private Capital now owns 638 shares of the company’s stock valued at $238,000 after buying an additional 29 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its position in Everest Group by 36.9% in the second quarter. Massmutual Trust Co. FSB ADV now owns 115 shares of the company’s stock worth $44,000 after acquiring an additional 31 shares during the period. 92.64% of the stock is 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.