Everest Group (NYSE:EG) Stock Rating Lowered by BMO Capital Markets

Everest Group (NYSE:EG) was downgraded by equities researchers at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, MarketBeat reports. They currently have a $375.00 price objective on the stock, down from their prior price objective of $453.00. BMO Capital Markets’ price target suggests a potential upside of 7.95% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Bank of America lowered their price objective on shares of Everest Group from $496.00 to $485.00 and set a “buy” rating for the company in a research report on Thursday, October 10th. Keefe, Bruyette & Woods boosted their price target on Everest Group from $420.00 to $434.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. UBS Group raised Everest Group to a “hold” rating in a research note on Wednesday, October 9th. Wells Fargo & Company decreased their target price on Everest Group from $390.00 to $380.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 14th. Finally, TD Cowen dropped their target price on shares of Everest Group from $444.00 to $419.00 and set a “hold” rating for the company in a report on Monday, November 18th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $422.56.

Everest Group Price Performance

EG stock opened at $347.38 on Thursday. The company’s 50-day moving average price is $365.34 and its two-hundred day moving average price is $375.37. Everest Group has a 12 month low of $343.76 and a 12 month high of $407.30. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22. The firm has a market cap of $14.93 billion, a P/E ratio of 5.44, a P/E/G ratio of 2.39 and a beta of 0.65.

Insider Activity at Everest Group

In related news, Director William F. Galtney, Jr. acquired 2,870 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of $348.64 per share, with a total value of $1,000,596.80. Following the completion of the purchase, the director now directly owns 32,822 shares in the company, valued at $11,443,062.08. The trade was a 9.58 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, COO James Allan Williamson sold 200 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $370.00, for a total transaction of $74,000.00. Following the sale, the chief operating officer now directly owns 15,009 shares of the company’s stock, valued at $5,553,330. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Everest Group by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,155,760 shares of the company’s stock worth $453,818,000 after buying an additional 16,180 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Everest Group by 6.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 490,691 shares of the company’s stock worth $192,267,000 after acquiring an additional 30,458 shares during the period. Mizuho Securities USA LLC grew its holdings in Everest Group by 12,263.1% during the 3rd quarter. Mizuho Securities USA LLC now owns 415,400 shares of the company’s stock worth $162,766,000 after acquiring an additional 412,040 shares during the period. FMR LLC raised its position in shares of Everest Group by 21.5% in the 3rd quarter. FMR LLC now owns 410,861 shares of the company’s stock worth $160,988,000 after acquiring an additional 72,822 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in shares of Everest Group by 39.7% in the 3rd quarter. Assetmark Inc. now owns 409,989 shares of the company’s stock valued at $160,646,000 after purchasing an additional 116,559 shares during the period. Institutional investors and hedge funds own 92.64% of the company’s stock.

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.