Everest Group (NYSE:EG) Given New $350.00 Price Target at Morgan Stanley

Everest Group (NYSE:EG) had its target price increased by Morgan Stanley from $330.00 to $350.00 in a report issued on Monday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group upgraded shares of Everest Group from a “hold” rating to a “buy” rating and raised their target price for the stock from $376.00 to $415.00 in a research note on Friday, April 11th. UBS Group reduced their target price on shares of Everest Group from $375.00 to $372.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. BMO Capital Markets cut shares of Everest Group from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $453.00 to $375.00 in a research note on Thursday, January 30th. Wells Fargo & Company reduced their target price on shares of Everest Group from $362.00 to $361.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 6th. Finally, Raymond James restated a “strong-buy” rating and issued a $410.00 target price (down previously from $420.00) on shares of Everest Group in a research note on Tuesday, May 6th. Six investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $398.09.

Everest Group Stock Down 0.2%

Shares of NYSE:EG opened at $347.40 on Monday. The stock has a market cap of $14.78 billion, a P/E ratio of 11.06, a P/E/G ratio of 0.24 and a beta of 0.58. The firm has a fifty day moving average price of $351.37 and a 200 day moving average price of $356.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.40 and a quick ratio of 0.40. Everest Group has a 1-year low of $320.00 and a 1-year high of $407.30.

Everest Group (NYSE:EG) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $6.45 earnings per share for the quarter, missing analysts’ consensus estimates of $7.46 by ($1.01). Everest Group had a return on equity of 9.04% and a net margin of 7.95%. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $3.89 billion. During the same quarter in the prior year, the company earned $16.32 EPS. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. Sell-side analysts predict that Everest Group will post 47.93 EPS for the current year.

Everest Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Wednesday, May 28th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Wednesday, May 28th. Everest Group’s dividend payout ratio (DPR) is 41.15%.

Insider Activity at Everest Group

In related news, Director Geraldine Losquadro sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $360.63, for a total value of $540,945.00. Following the completion of the sale, the director now owns 12,279 shares in the company, valued at $4,428,175.77. This trade represents a 10.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Everest Group

Several hedge funds have recently added to or reduced their stakes in the business. Bayforest Capital Ltd increased its holdings in Everest Group by 1,946.0% during the 1st quarter. Bayforest Capital Ltd now owns 1,780 shares of the company’s stock valued at $647,000 after acquiring an additional 1,693 shares in the last quarter. SCS Capital Management LLC purchased a new position in Everest Group during the 1st quarter valued at about $236,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Everest Group by 6.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,168 shares of the company’s stock valued at $130,133,000 after acquiring an additional 20,122 shares in the last quarter. Optimize Financial Inc purchased a new position in Everest Group during the 1st quarter valued at about $378,000. Finally, Woodline Partners LP purchased a new position in Everest Group during the 1st quarter valued at about $16,736,000. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Company 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.