Envestnet Asset Management Inc. Decreases Position in Everest Group, Ltd. (NYSE:EG)

Envestnet Asset Management Inc. trimmed its position in shares of Everest Group, Ltd. (NYSE:EG) by 11.2% during the second quarter, Holdings Channel reports. The firm owned 32,021 shares of the company’s stock after selling 4,047 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Everest Group were worth $12,201,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC purchased a new stake in Everest Group during the fourth quarter worth $2,372,000. Perpetual Ltd lifted its position in shares of Everest Group by 92.0% in the first quarter. Perpetual Ltd now owns 4,724 shares of the company’s stock valued at $1,878,000 after acquiring an additional 2,264 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of Everest Group in the first quarter valued at $1,621,000. Gilman Hill Asset Management LLC purchased a new stake in shares of Everest Group in the first quarter valued at $2,600,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Everest Group by 163.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,772 shares of the company’s stock valued at $1,897,000 after acquiring an additional 2,964 shares in the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Stock Performance

Shares of NYSE:EG opened at $382.85 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. The firm has a market capitalization of $16.49 billion, a PE ratio of 5.69, a P/E/G ratio of 2.69 and a beta of 0.62. The business has a 50-day moving average of $380.98 and a two-hundred day moving average of $380.31. Everest Group, Ltd. has a 12 month low of $343.76 and a 12 month high of $417.92.

Everest Group (NYSE:EG) last released 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). Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The company had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.32 billion. During the same period last year, the business 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 year.

Everest Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Monday, September 16th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Monday, September 16th. Everest Group’s dividend payout ratio (DPR) is presently 11.89%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on EG shares. Keefe, Bruyette & Woods reduced their price objective on Everest Group from $454.00 to $438.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley reduced their price objective on Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. TD Cowen dropped their target price on Everest Group from $419.00 to $405.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Wells Fargo & Company upped their target price on Everest Group from $392.00 to $393.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $403.00 target price on shares of Everest Group in a research note on Friday, August 30th. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Everest Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $438.09.

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.