Raymond James Financial Downgrades Everest Group (NYSE:EG) to Outperform

Everest Group (NYSE:EG) was downgraded by equities research analysts at Raymond James Financial from a “strong-buy” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat.com reports. They currently have a $375.00 price objective on the stock, down from their previous price objective of $410.00. Raymond James Financial’s target price points to a potential upside of 10.79% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Citigroup initiated coverage on shares of Everest Group in a report on Wednesday, August 13th. They set a “neutral” rating and a $362.00 price target on the stock. Cantor Fitzgerald upgraded shares of Everest Group to a “hold” rating in a report on Wednesday, August 13th. Janney Montgomery Scott initiated coverage on shares of Everest Group in a report on Friday, June 20th. They set a “buy” rating and a $425.00 price target on the stock. Wells Fargo & Company restated a “mixed” rating on shares of Everest Group in a report on Monday, August 4th. Finally, UBS Group cut their price target on shares of Everest Group from $372.00 to $370.00 and set a “neutral” rating on the stock in a report on Wednesday, July 9th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Everest Group has a consensus rating of “Hold” and an average price target of $387.47.

Everest Group Stock Up 1.1%

EG stock opened at $338.49 on Monday. Everest Group has a 12 month low of $320.00 and a 12 month high of $407.30. The firm has a market cap of $14.20 billion, a PE ratio of 17.97, a P/E/G ratio of 0.25 and a beta of 0.51. The firm has a 50 day simple moving average of $336.77 and a 200 day simple moving average of $342.96. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38.

Everest Group (NYSE:EG) last released its earnings results on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, beating the consensus estimate of $15.14 by $2.22. Everest Group had a net margin of 4.56% and a return on equity of 5.89%. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the prior year, the business earned $16.85 earnings per share. The business’s quarterly revenue was up 6.2% on a year-over-year basis. Equities research analysts forecast that Everest Group will post 47.93 earnings per share for the current fiscal year.

Institutional Trading of Everest Group

Hedge funds have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC increased its holdings in shares of Everest Group by 3.7% during the 1st quarter. Flagship Harbor Advisors LLC now owns 843 shares of the company’s stock worth $306,000 after purchasing an additional 30 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of Everest Group by 3.0% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,025 shares of the company’s stock worth $372,000 after purchasing an additional 30 shares during the period. Legacy Advisors LLC increased its holdings in shares of Everest Group by 5.5% during the 1st quarter. Legacy Advisors LLC now owns 599 shares of the company’s stock worth $218,000 after purchasing an additional 31 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Everest Group by 4.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 816 shares of the company’s stock worth $277,000 after purchasing an additional 34 shares during the period. Finally, Vontobel Holding Ltd. increased its holdings in shares of Everest Group by 2.1% during the 1st quarter. Vontobel Holding Ltd. now owns 1,781 shares of the company’s stock worth $647,000 after purchasing an additional 36 shares during the period. 92.64% of the stock is owned by 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.