Korea Investment CORP Sells 1,090 Shares of Everest Group, Ltd. $EG

Korea Investment CORP lessened its stake in Everest Group, Ltd. (NYSE:EG) by 1.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 61,003 shares of the company’s stock after selling 1,090 shares during the quarter. Korea Investment CORP’s holdings in Everest Group were worth $20,732,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen LLC bought a new stake in Everest Group during the first quarter worth $137,418,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Everest Group during the 2nd quarter worth about $28,785,000. Amundi raised its holdings in shares of Everest Group by 72.6% in the 1st quarter. Amundi now owns 180,484 shares of the company’s stock valued at $65,292,000 after purchasing an additional 75,920 shares during the period. Russell Investments Group Ltd. lifted its stake in Everest Group by 183.4% in the 1st quarter. Russell Investments Group Ltd. now owns 112,345 shares of the company’s stock valued at $40,716,000 after purchasing an additional 72,709 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Everest Group by 12.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 622,608 shares of the company’s stock worth $211,593,000 after purchasing an additional 69,636 shares during the period. 92.64% of the stock is owned by institutional investors.

Insider Activity at Everest Group

In related news, Director William F. Galtney, Jr. bought 11,385 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was purchased at an average cost of $307.38 per share, for a total transaction of $3,499,521.30. Following the transaction, the director owned 45,491 shares in the company, valued at $13,983,023.58. The trade was a 33.38% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Allan Levine bought 3,100 shares of Everest Group stock in a transaction dated Wednesday, October 29th. The shares were bought at an average cost of $306.08 per share, for a total transaction of $948,848.00. Following the completion of the acquisition, the director owned 4,153 shares in the company, valued at $1,271,150.24. This represents a 294.40% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.10% of the company’s stock.

Everest Group Stock Up 0.8%

EG opened at $314.39 on Friday. The stock has a fifty day moving average of $333.88 and a 200-day moving average of $336.78. The company has a market capitalization of $13.20 billion, a P/E ratio of 23.94, a P/E/G ratio of 0.25 and a beta of 0.47. Everest Group, Ltd. has a fifty-two week low of $302.44 and a fifty-two week high of $391.98. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38.

Everest Group (NYSE:EG) last released its quarterly earnings results on Monday, October 27th. The company reported $7.54 EPS for the quarter, missing the consensus estimate of $13.39 by ($5.85). Everest Group had a net margin of 3.12% and a return on equity of 3.81%. The business had revenue of $4.32 billion during the quarter, compared to analyst estimates of $3.86 billion. During the same quarter last year, the company posted $11.80 earnings per share. The company’s revenue was up .8% on a year-over-year basis. On average, equities analysts expect that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Wednesday, November 26th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Wednesday, November 26th. Everest Group’s payout ratio is presently 60.93%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Evercore ISI upped their price objective on Everest Group from $380.00 to $384.00 and gave the company an “in-line” rating in a research note on Wednesday, October 1st. Cantor Fitzgerald raised Everest Group to a “hold” rating in a report on Wednesday, August 13th. Wall Street Zen downgraded Everest Group from a “buy” rating to a “hold” rating in a report on Sunday, November 2nd. Wells Fargo & Company reduced their price objective on shares of Everest Group from $383.00 to $343.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 29th. Finally, Citigroup began coverage on shares of Everest Group in a research report on Wednesday, August 13th. They issued a “neutral” rating and a $362.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $368.77.

Everest Group 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.