Everest Group (NYSE:EG) Reaches New 1-Year Low Following Weak Earnings

Everest Group, Ltd. (NYSE:EG)’s stock price hit a new 52-week low during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $310.00 and last traded at $312.3960, with a volume of 88510 shares traded. The stock had previously closed at $343.98.

The company reported $7.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $13.39 by ($5.85). The firm had revenue of $4.32 billion during the quarter, compared to the consensus estimate of $3.86 billion. Everest Group had a return on equity of 3.81% and a net margin of 3.12%.The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $11.80 EPS.

Everest Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Wednesday, September 3rd were issued a dividend of $2.00 per share. The ex-dividend date was Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.6%. Everest Group’s dividend payout ratio is presently 60.93%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on EG shares. Citigroup assumed coverage on shares of Everest Group in a report on Wednesday, August 13th. They issued a “neutral” rating and a $362.00 price objective for the company. Wells Fargo & Company lifted their target price on Everest Group from $371.00 to $383.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 8th. Cantor Fitzgerald raised Everest Group to a “hold” rating in a report on Wednesday, August 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Everest Group in a research report on Wednesday, October 8th. Finally, Barclays reduced their price objective on Everest Group from $430.00 to $425.00 and set an “overweight” rating for the company in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $382.43.

Institutional Trading of Everest Group

Large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Everest Group in the 2nd quarter valued at approximately $601,300,000. AQR Capital Management LLC increased its stake in Everest Group by 65.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,180,615 shares of the company’s stock valued at $399,626,000 after purchasing an additional 467,656 shares in the last quarter. Nuveen LLC purchased a new position in shares of Everest Group in the first quarter worth $137,418,000. Vulcan Value Partners LLC raised its holdings in shares of Everest Group by 35.8% in the first quarter. Vulcan Value Partners LLC now owns 1,328,732 shares of the company’s stock worth $482,832,000 after buying an additional 350,019 shares during the last quarter. Finally, Altrinsic Global Advisors LLC lifted its stake in shares of Everest Group by 37.2% during the second quarter. Altrinsic Global Advisors LLC now owns 937,296 shares of the company’s stock worth $318,540,000 after buying an additional 254,317 shares during the period. 92.64% of the stock is currently owned by institutional investors.

Everest Group Stock Down 11.3%

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. The business’s fifty day moving average price is $345.08 and its two-hundred day moving average price is $342.07. The stock has a market capitalization of $12.79 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 0.23 and a beta of 0.48.

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.