The Manufacturers Life Insurance Company Sells 8,085 Shares of Everest Group, Ltd. (NYSE:EG)

The Manufacturers Life Insurance Company decreased its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 20.6% in the second quarter, HoldingsChannel reports. The firm owned 31,164 shares of the company’s stock after selling 8,085 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Everest Group were worth $11,874,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. California State Teachers Retirement System bought a new position in Everest Group in the 4th quarter worth $23,794,000. Campbell & CO Investment Adviser LLC bought a new position in Everest Group in the fourth quarter worth about $647,000. NEOS Investment Management LLC purchased a new stake in Everest Group in the fourth quarter worth about $217,000. CIBC Asset Management Inc bought a new stake in Everest Group during the 4th quarter valued at approximately $1,986,000. Finally, Rafferty Asset Management LLC purchased a new position in shares of Everest Group during the 4th quarter worth approximately $5,441,000. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on EG shares. Bank of America lifted their price target on Everest Group from $470.00 to $493.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Barclays initiated coverage on shares of Everest Group in a research report on Wednesday, September 4th. They issued an “overweight” rating and a $527.00 target price on the stock. Wells Fargo & Company lifted their price target on shares of Everest Group from $392.00 to $393.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. TD Cowen decreased their target price on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Finally, Morgan Stanley lowered their target price 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. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $438.09.

Everest Group Stock Performance

EG stock opened at $393.62 on Friday. The stock’s 50 day simple moving average is $381.52 and its 200 day simple moving average is $380.57. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 12-month low of $343.76 and a 12-month high of $417.92. The stock has a market capitalization of $17.11 billion, a PE ratio of 5.85, a price-to-earnings-growth ratio of 2.75 and a beta of 0.61.

Everest Group (NYSE:EG) last announced its quarterly 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). Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.32 billion. During the same period in the previous year, the company earned $15.21 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, research analysts forecast that Everest Group, Ltd. will post 61.66 earnings per share for the current fiscal year.

Everest Group Announces Dividend

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

Everest Group 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.