Everest Group, Ltd. $EG Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp cut its stake in shares of Everest Group, Ltd. (NYSE:EG) by 11.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,023 shares of the company’s stock after selling 128 shares during the quarter. Fifth Third Bancorp’s holdings in Everest Group were worth $348,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. SVB Wealth LLC acquired a new position in shares of Everest Group during the 1st quarter worth $30,000. Tsfg LLC acquired a new stake in Everest Group in the 1st quarter valued at about $33,000. Zions Bancorporation National Association UT acquired a new stake in Everest Group in the 1st quarter valued at about $34,000. WPG Advisers LLC acquired a new stake in Everest Group in the 1st quarter valued at about $37,000. Finally, Bruce G. Allen Investments LLC grew its stake in Everest Group by 79.1% in the 1st quarter. Bruce G. Allen Investments LLC now owns 154 shares of the company’s stock valued at $56,000 after acquiring an additional 68 shares during the last quarter. 92.64% of the stock is owned by institutional investors and hedge funds.

Everest Group Stock Up 1.3%

Shares of NYSE:EG opened at $349.86 on Wednesday. Everest Group, Ltd. has a 52-week low of $320.00 and a 52-week high of $407.30. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $14.67 billion, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 0.26 and a beta of 0.51. The company has a 50 day moving average of $338.20 and a two-hundred day moving average of $342.74.

Everest Group (NYSE:EG) last released its quarterly earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $4.22 billion. During the same quarter last year, the company earned $16.85 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.3%. Everest Group’s dividend payout ratio (DPR) is presently 42.46%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EG. Wolfe Research raised shares of Everest Group to a “strong sell” rating in a research note on Tuesday, September 16th. Cantor Fitzgerald raised shares of Everest Group to a “hold” rating in a research note on Wednesday, August 13th. UBS Group lowered their price objective on shares of Everest Group from $372.00 to $370.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 9th. Barclays increased their price objective on shares of Everest Group from $394.00 to $398.00 and gave the company an “overweight” rating in a research note on Monday, July 7th. Finally, Citigroup began coverage on shares of Everest Group in a research note on Wednesday, August 13th. They issued a “neutral” rating and a $362.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $387.47.

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.