Everest Group (NYSE:EG) Rating Increased to Peer Perform at Wolfe Research

Wolfe Research upgraded shares of Everest Group (NYSE:EG) from an underperform rating to a peer perform rating in a report issued on Wednesday morning, MarketBeat Ratings reports.

Other analysts also recently issued reports about the stock. Raymond James Financial set a $375.00 target price on shares of Everest Group and gave the stock an “outperform” rating in a report on Monday, September 22nd. Wall Street Zen upgraded shares of Everest Group from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Cantor Fitzgerald upgraded shares of Everest Group to a “hold” rating in a report on Wednesday, August 13th. Cowen restated a “hold” rating on shares of Everest Group in a report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Everest Group from $405.00 to $416.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $379.57.

Everest Group Stock Up 1.4%

Shares of EG stock opened at $309.21 on Wednesday. The stock has a market cap of $12.97 billion, a P/E ratio of 23.55, a PEG ratio of 0.21 and a beta of 0.48. Everest Group has a 52 week low of $302.44 and a 52 week high of $392.78. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The company’s fifty day simple moving average is $344.40 and its two-hundred day simple moving average is $341.79.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Monday, October 27th. The company reported $7.54 EPS for the quarter, missing the consensus estimate of $13.39 by ($5.85). The company had revenue of $4.32 billion during the quarter, compared to analysts’ expectations of $3.86 billion. Everest Group had a return on equity of 3.81% and a net margin of 3.12%.The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $11.80 EPS. Analysts predict that Everest Group will post 47.93 EPS for the current fiscal year.

Everest Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Wednesday, September 3rd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 2.6%. The ex-dividend date was Wednesday, September 3rd. Everest Group’s dividend payout ratio is presently 60.93%.

Hedge Funds Weigh In On Everest Group

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Everest Group in the 2nd quarter worth about $601,300,000. AQR Capital Management LLC grew its stake in Everest Group by 65.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,180,615 shares of the company’s stock worth $399,626,000 after acquiring an additional 467,656 shares in the last quarter. Nuveen LLC bought a new position in Everest Group in the 1st quarter worth about $137,418,000. Vulcan Value Partners LLC grew its stake in Everest Group by 35.8% in the 1st quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company’s stock worth $482,832,000 after acquiring an additional 350,019 shares in the last quarter. Finally, Altrinsic Global Advisors LLC grew its stake in Everest Group by 37.2% in the 2nd quarter. Altrinsic Global Advisors LLC now owns 937,296 shares of the company’s stock worth $318,540,000 after acquiring an additional 254,317 shares in the last quarter. 92.64% of the stock is currently owned by institutional investors.

About Everest Group

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.