Panagora Asset Management Inc. Buys New Shares in Everest Group, Ltd. (NYSE:EG)

Panagora Asset Management Inc. bought a new stake in Everest Group, Ltd. (NYSE:EG) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,712 shares of the company’s stock, valued at approximately $1,312,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allworth Financial LP acquired a new stake in Everest Group during the 4th quarter valued at $25,000. Avior Wealth Management LLC acquired a new stake in Everest Group during the 4th quarter valued at $25,000. Headlands Technologies LLC acquired a new stake in Everest Group during the 4th quarter valued at $25,000. Janiczek Wealth Management LLC acquired a new stake in Everest Group during the 4th quarter valued at $27,000. Finally, Trifecta Capital Advisors LLC acquired a new stake in Everest Group during the 4th quarter valued at $28,000. 92.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EG has been the subject of several research reports. Wells Fargo & Company cut their price target on Everest Group from $402.00 to $397.00 and set an “equal weight” rating for the company in a report on Thursday, April 11th. Citigroup downgraded Everest Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $452.00 to $375.00 in a report on Monday, February 12th. Morgan Stanley dropped their target price on Everest Group from $466.00 to $450.00 and set an “overweight” rating for the company in a report on Monday, April 15th. Finally, 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 report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $432.11.

Everest Group Stock Up 1.3 %

EG opened at $399.44 on Thursday. Everest Group, Ltd. has a fifty-two week low of $331.08 and a fifty-two week high of $417.92. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.38 and a current ratio of 0.38. The company has a market capitalization of $17.36 billion, a P/E ratio of 5.94, a P/E/G ratio of 3.46 and a beta of 0.57. The stock has a fifty day moving average of $379.39 and a 200-day moving average of $377.66.

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

Everest Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 29th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Wednesday, May 29th. This is an increase from Everest Group’s previous quarterly dividend of $1.75. Everest Group’s payout ratio is 10.40%.

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.