TD Cowen Cuts Everest Group (NYSE:EG) Price Target to $365.00

Everest Group (NYSE:EG) had its target price lowered by TD Cowen from $400.00 to $365.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Several other equities research analysts have also issued reports on the company. Evercore ISI lifted their price target on Everest Group from $380.00 to $384.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 1st. Barclays dropped their target price on Everest Group from $425.00 to $365.00 and set an “overweight” rating for the company in a report on Friday, October 31st. Cowen restated a “hold” rating on shares of Everest Group in a research report on Tuesday, October 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Everest Group in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company decreased their target price on shares of Everest Group from $383.00 to $343.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 29th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $367.87.

Everest Group Stock Performance

NYSE EG opened at $328.41 on Monday. The stock has a market capitalization of $13.79 billion, a PE ratio of 25.01, a P/E/G ratio of 0.29 and a beta of 0.39. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.39 and a quick ratio of 0.39. The company’s 50 day simple moving average is $325.34 and its two-hundred day simple moving average is $334.56. Everest Group has a 1 year low of $302.44 and a 1 year high of $373.23.

Everest Group (NYSE:EG) last announced its earnings results on Monday, October 27th. The company reported $7.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $13.39 by ($5.85). The company had revenue of $4.32 billion for the quarter, compared to the consensus estimate of $3.86 billion. Everest Group had a net margin of 3.12% and a return on equity of 3.74%. The company’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 earnings per share. Analysts predict that Everest Group will post 47.93 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Wednesday, November 26th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $8.00 annualized dividend and a dividend yield of 2.4%. Everest Group’s payout ratio is 60.93%.

Insider Buying and Selling at Everest Group

In related news, Director William F. Galtney, Jr. acquired 11,385 shares of Everest Group stock in a transaction on Wednesday, October 29th. The shares were acquired at an average cost of $307.38 per share, with a total value of $3,499,521.30. Following the transaction, the director owned 45,491 shares in the company, valued at $13,983,023.58. This trade represents a 33.38% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Allan Levine acquired 3,100 shares of the firm’s stock in a transaction on Wednesday, October 29th. The stock was bought at an average price of $306.08 per share, with a total value of $948,848.00. Following the completion of the acquisition, the director directly owned 4,153 shares in the company, valued at approximately $1,271,150.24. This represents a 294.40% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Natixis boosted its holdings in Everest Group by 1,456.3% in the 2nd quarter. Natixis now owns 65,941 shares of the company’s stock worth $22,410,000 after buying an additional 61,704 shares during the period. Balyasny Asset Management L.P. raised its holdings in Everest Group by 37.5% during the second quarter. Balyasny Asset Management L.P. now owns 336,692 shares of the company’s stock valued at $114,425,000 after acquiring an additional 91,799 shares during the period. Exchange Traded Concepts LLC lifted its position in shares of Everest Group by 25.3% in the second quarter. Exchange Traded Concepts LLC now owns 3,647 shares of the company’s stock valued at $1,239,000 after acquiring an additional 737 shares in the last quarter. Korea Investment CORP boosted its stake in shares of Everest Group by 130.4% in the first quarter. Korea Investment CORP now owns 62,093 shares of the company’s stock worth $22,560,000 after acquiring an additional 35,145 shares during the period. Finally, Panagora Asset Management Inc. grew its position in shares of Everest Group by 95.8% during the first quarter. Panagora Asset Management Inc. now owns 7,415 shares of the company’s stock worth $2,694,000 after purchasing an additional 3,628 shares in the last quarter. 92.64% of the stock is owned by hedge funds and other 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.