GAMMA Investing LLC Increases Holdings in Everest Group, Ltd. (NYSE:EG)

GAMMA Investing LLC grew its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 34.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 438 shares of the company’s stock after buying an additional 112 shares during the period. GAMMA Investing LLC’s holdings in Everest Group were worth $174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of EG. Intech Investment Management LLC acquired a new stake in shares of Everest Group during the fourth quarter worth about $18,995,000. Dai ichi Life Insurance Company Ltd acquired a new stake in shares of Everest Group during the fourth quarter worth about $1,271,000. Tower Research Capital LLC TRC acquired a new stake in shares of Everest Group during the fourth quarter worth about $2,372,000. Corient Private Wealth LLC acquired a new stake in shares of Everest Group during the fourth quarter worth about $7,139,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Everest Group during the fourth quarter worth about $13,273,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Everest Group Stock Performance

Shares of EG stock opened at $377.19 on Friday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.25. The stock’s 50-day moving average price is $377.88 and its 200 day moving average price is $375.35. Everest Group, Ltd. has a 52-week low of $331.08 and a 52-week high of $417.92. The stock has a market capitalization of $16.39 billion, a PE ratio of 5.61, a price-to-earnings-growth ratio of 3.33 and a beta of 0.62.

Everest Group (NYSE:EG) last released its earnings results on Monday, April 29th. The company reported $16.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $15.98 by $0.34. Everest Group had a return on equity of 24.86% and a net margin of 18.69%. The company had revenue of $4.13 billion for the quarter, compared to analysts’ expectations of $4.05 billion. During the same quarter in the previous year, the firm posted $11.31 EPS. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. As a group, equities research analysts forecast that Everest Group, Ltd. will post 61.65 EPS for the current year.

Everest Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 29th were given a dividend of $2.00 per share. This is a boost from Everest Group’s previous quarterly dividend of $1.75. The ex-dividend date was Wednesday, May 29th. This represents a $8.00 annualized dividend and a yield of 2.12%. Everest Group’s payout ratio is presently 11.89%.

Analysts Set New Price Targets

A number of analysts have recently commented on EG shares. Keefe, Bruyette & Woods lifted their target price on Everest Group from $445.00 to $457.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Wells Fargo & Company cut their target price on Everest Group from $402.00 to $397.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 11th. Finally, Morgan Stanley dropped their price target on Everest Group from $466.00 to $450.00 and set an “overweight” rating on the stock in a research report on Monday, April 15th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $432.11.

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.