Everest Group (NYSE:EG) Hits New 12-Month High – What’s Next?

Everest Group, Ltd. (NYSE:EG) hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $411.21 and last traded at $397.5590, with a volume of 158,909 shares traded. The stock had previously closed at $386.88.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on EG shares. TD Cowen increased their price target on Everest Group from $365.00 to $385.00 and gave the stock a “hold” rating in a report on Wednesday, August 19th. Weiss Ratings raised Everest Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 21st. Evercore set a $377.00 target price on Everest Group in a research note on Thursday, July 30th. Rosenblatt Securities set a $455.00 target price on Everest Group in a research report on Tuesday, September 22nd. Finally, Barclays boosted their target price on shares of Everest Group from $420.00 to $430.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Everest Group presently has a consensus rating of “Hold” and a consensus price target of $407.94.

Everest Group Stock Performance

The firm’s fifty day moving average price is $376.98 and its 200 day moving average price is $352.42. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a market cap of $15.28 billion, a P/E ratio of 8.46, a price-to-earnings-growth ratio of 0.59 and a beta of 0.26.

Everest Group (NYSE:EG) last announced its earnings results on Wednesday, October 28th. The company reported $7.62 EPS for the quarter, missing analysts’ consensus estimates of $9.38 by ($1.76). Everest Group had a return on equity of 13.63% and a net margin of 11.41%. The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.81 billion. During the same quarter in the prior year, the firm posted $7.54 earnings per share. The business’s revenue for the quarter was down 14.0% compared to the same quarter last year. Sell-side analysts expect that Everest Group, Ltd. will post 53.72 EPS for the current fiscal year.

Everest Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Wednesday, September 9th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 2.0%. The ex-dividend date was Wednesday, September 9th. Everest Group’s payout ratio is presently 16.92%.

Institutional Trading of Everest Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE acquired a new stake in Everest Group in the second quarter valued at $108,102,000. William Blair Investment Management LLC acquired a new position in shares of Everest Group during the second quarter valued at $171,426,000. The Manufacturers Life Insurance Company bought a new position in Everest Group in the 2nd quarter worth about $9,122,000. Polianta Ltd acquired a new stake in shares of Everest Group in the second quarter valued at approximately $2,000,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Everest Group during the second quarter valued at approximately $5,351,000. Institutional investors and hedge funds own 92.64% of the company’s stock.

About Everest Group

Everest Group, Ltd. is a global insurance and reinsurance company that provides property and casualty coverage to businesses, institutions, and other insurers. Its operations focus on assuming and managing risks through reinsurance, as well as offering insurance products in selected specialty and commercial markets.

The company’s reinsurance business supports insurers across lines such as property, casualty, specialty, and other risks. Through its insurance platform, Everest provides coverage for commercial customers and specialty exposures, including property, casualty, professional liability, and other products that may vary by market.