Summit Global Investments Trims Position in Everest Group, Ltd. (NYSE:EG)

Summit Global Investments lessened its position in shares of Everest Group, Ltd. (NYSE:EG) by 54.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,166 shares of the company’s stock after selling 20,205 shares during the quarter. Summit Global Investments’ holdings in Everest Group were worth $6,222,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in Everest Group by 152.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 22,693 shares of the company’s stock valued at $8,225,000 after acquiring an additional 13,687 shares during the last quarter. JPMorgan Chase & Co. increased its position in Everest Group by 19.5% in the third quarter. JPMorgan Chase & Co. now owns 78,469 shares of the company’s stock worth $30,747,000 after buying an additional 12,791 shares in the last quarter. Brophy Wealth Management LLC purchased a new stake in Everest Group in the third quarter worth about $749,000. Intech Investment Management LLC increased its position in Everest Group by 13.1% in the third quarter. Intech Investment Management LLC now owns 27,324 shares of the company’s stock worth $10,706,000 after buying an additional 3,166 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Everest Group by 5.5% in the third quarter. Principal Financial Group Inc. now owns 53,892 shares of the company’s stock worth $21,117,000 after buying an additional 2,818 shares in the last quarter. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on EG. Barclays upped their price target on Everest Group from $461.00 to $470.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Morgan Stanley restated an “equal weight” rating and issued a $340.00 price target (down previously from $425.00) on shares of Everest Group in a research report on Wednesday, February 5th. Wells Fargo & Company reduced their price target on Everest Group from $390.00 to $380.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group cut Everest Group from a “buy” rating to a “hold” rating and upped their price target for the stock from $420.00 to $429.00 in a research report on Tuesday, November 26th. Finally, BMO Capital Markets cut Everest Group from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $453.00 to $375.00 in a research report on Thursday, January 30th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $416.50.

Insider Activity at Everest Group

In related news, Director Geraldine Losquadro sold 1,500 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $360.63, for a total transaction of $540,945.00. Following the completion of the transaction, the director now directly owns 12,279 shares of the company’s stock, valued at approximately $4,428,175.77. This represents a 10.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.

Everest Group Stock Performance

NYSE:EG opened at $353.19 on Friday. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.26. Everest Group, Ltd. has a 12-month low of $327.37 and a 12-month high of $407.30. The stock has a 50-day moving average price of $350.90 and a 200 day moving average price of $367.45. The stock has a market capitalization of $15.16 billion, a P/E ratio of 11.24, a P/E/G ratio of 0.24 and a beta of 0.61.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Monday, February 3rd. The company reported ($18.39) EPS for the quarter, missing analysts’ consensus estimates of $11.64 by ($30.03). Everest Group had a net margin of 7.95% and a return on equity of 9.04%. Equities research analysts forecast that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 17th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Monday, March 17th. Everest Group’s payout ratio is presently 25.47%.

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.