Everest Group (NYSE:EG) Shares Gap Up Following Analyst Upgrade

Everest Group, Ltd. (NYSE:EG)’s share price gapped up before the market opened on Thursday after Wells Fargo & Company raised their price target on the stock from $393.00 to $406.00. The stock had previously closed at $388.89, but opened at $400.73. Wells Fargo & Company currently has an equal weight rating on the stock. Everest Group shares last traded at $391.80, with a volume of 74,866 shares changing hands.

A number of other research analysts have also commented on the company. Morgan Stanley lowered their price objective on Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. BMO Capital Markets reissued a “market perform” rating and issued a $403.00 price target on shares of Everest Group in a research report on Friday, August 30th. Barclays assumed coverage on shares of Everest Group in a report on Wednesday, September 4th. They set an “overweight” rating and a $527.00 price objective for the company. TD Cowen dropped their target price on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. Finally, Bank of America upped their price target on shares of Everest Group from $470.00 to $493.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Four 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $439.27.

Institutional Trading of Everest Group

Large investors have recently bought and sold shares of the stock. Gilman Hill Asset Management LLC boosted its position in Everest Group by 0.9% in the third quarter. Gilman Hill Asset Management LLC now owns 7,008 shares of the company’s stock valued at $2,746,000 after buying an additional 60 shares in the last quarter. Capital Insight Partners LLC raised its stake in shares of Everest Group by 3.9% in the third quarter. Capital Insight Partners LLC now owns 1,928 shares of the company’s stock valued at $755,000 after acquiring an additional 72 shares during the last quarter. Bruce G. Allen Investments LLC boosted its holdings 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 worth $31,000 after acquiring an additional 52 shares in the last quarter. Wedmont Private Capital grew its position in Everest Group by 4.8% during the 3rd quarter. Wedmont Private Capital now owns 638 shares of the company’s stock worth $238,000 after acquiring an additional 29 shares during the last quarter. Finally, Daymark Wealth Partners LLC increased its holdings in Everest Group by 9.8% during the 3rd quarter. Daymark Wealth Partners LLC now owns 2,250 shares of the company’s stock valued at $882,000 after purchasing an additional 200 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors.

Everest Group Trading Up 1.3 %

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a market cap of $16.96 billion, a P/E ratio of 5.85, a P/E/G ratio of 2.83 and a beta of 0.61. The company has a 50-day simple moving average of $382.30 and a 200-day simple moving average of $380.67.

Everest Group (NYSE:EG) last announced its earnings results on Wednesday, July 31st. The company reported $16.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $16.97 by ($0.12). The company had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.32 billion. Everest Group had a return on equity of 24.09% and a net margin of 18.36%. Everest Group’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $15.21 earnings per share. On average, sell-side analysts forecast that Everest Group, Ltd. will post 61.66 EPS for the current fiscal year.

Everest Group Dividend Announcement

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