Pitcairn Co. Cuts Stake in Everest Group, Ltd. (NYSE:EG)

Pitcairn Co. trimmed its holdings in Everest Group, Ltd. (NYSE:EG) by 4.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 971 shares of the company’s stock after selling 46 shares during the quarter. Pitcairn Co.’s holdings in Everest Group were worth $380,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Kingsview Wealth Management LLC bought a new position in shares of Everest Group during the 3rd quarter valued at about $2,076,000. Citigroup Inc. lifted its position in shares of Everest Group by 5.9% in the third quarter. Citigroup Inc. now owns 51,962 shares of the company’s stock worth $20,360,000 after buying an additional 2,877 shares in the last quarter. Raymond James Trust N.A. boosted its stake in Everest Group by 59.7% during the third quarter. Raymond James Trust N.A. now owns 1,434 shares of the company’s stock valued at $562,000 after buying an additional 536 shares during the last quarter. Blackhawk Capital Partners LLC. purchased a new position in Everest Group during the 3rd quarter valued at approximately $214,000. Finally, Massachusetts Financial Services Co. MA increased its stake in Everest Group by 6.6% in 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 last quarter. 92.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Everest Group

In related news, EVP Mike Karmilowicz sold 269 shares of Everest Group stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $348.48, for a total value of $93,741.12. Following the completion of the sale, the executive vice president now directly owns 12,726 shares in the company, valued at $4,434,756.48. The trade was a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William F. Galtney, Jr. acquired 2,870 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was acquired 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 owns 32,822 shares of the company’s stock, valued at $11,443,062.08. This trade represents a 9.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on EG. UBS Group raised shares of Everest Group to a “hold” rating in a report on Wednesday, October 9th. Barclays reduced their target price on shares of Everest Group from $527.00 to $517.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Bank of America lowered their price target on shares of Everest Group from $496.00 to $485.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Wells Fargo & Company reduced their price objective on Everest Group from $406.00 to $402.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Finally, Keefe, Bruyette & Woods lowered their price objective on Everest Group from $454.00 to $438.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Everest Group presently has an average rating of “Hold” and a consensus target price of $431.30.

Everest Group Stock Performance

Shares of Everest Group stock opened at $387.59 on Wednesday. Everest Group, Ltd. has a 52 week low of $343.76 and a 52 week high of $417.04. The company has a market capitalization of $16.66 billion, a PE ratio of 6.07, a price-to-earnings-growth ratio of 2.88 and a beta of 0.63. The stock’s fifty day moving average is $380.79 and its two-hundred day moving average is $380.87. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22.

Everest Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Wednesday, November 27th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $8.00 dividend on an annualized basis and a yield of 2.06%. Everest Group’s payout ratio is 12.52%.

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.