1,769,309 Shares in Everest Group, Ltd. $EG Purchased by Norges Bank

Norges Bank acquired a new stake in Everest Group, Ltd. (NYSE:EG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,769,309 shares of the company’s stock, valued at approximately $601,300,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SVB Wealth LLC acquired a new stake in shares of Everest Group in the first quarter valued at approximately $30,000. Zions Bancorporation National Association UT purchased a new stake in Everest Group in the 1st quarter valued at approximately $34,000. Board of the Pension Protection Fund purchased a new stake in Everest Group in the 2nd quarter valued at approximately $34,000. WPG Advisers LLC acquired a new stake in Everest Group during the 1st quarter valued at $37,000. Finally, Allworth Financial LP increased its position in Everest Group by 96.8% during the second quarter. Allworth Financial LP now owns 183 shares of the company’s stock worth $62,000 after buying an additional 90 shares in the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EG. Wolfe Research upgraded Everest Group from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 29th. Cowen restated a “hold” rating on shares of Everest Group in a report on Tuesday, October 7th. Wall Street Zen cut shares of Everest Group from a “buy” rating to a “hold” rating in a research note on Sunday, November 2nd. Evercore ISI boosted their price objective on shares of Everest Group from $380.00 to $384.00 and gave the company an “in-line” rating in a research report on Wednesday, October 1st. Finally, Citigroup began coverage on shares of Everest Group in a research note on Wednesday, August 13th. They set a “neutral” rating and a $362.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Everest Group currently has an average rating of “Hold” and an average price target of $368.77.

Everest Group Stock Up 0.8%

EG opened at $314.39 on Friday. Everest Group, Ltd. has a 12 month low of $302.44 and a 12 month high of $391.98. The business has a 50-day moving average of $333.88 and a two-hundred day moving average of $336.78. 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 stock has a market capitalization of $13.20 billion, a price-to-earnings ratio of 23.94, a price-to-earnings-growth ratio of 0.25 and a beta of 0.47.

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

Everest Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Wednesday, November 26th will be issued 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 dividend payout ratio (DPR) is 60.93%.

Insider Buying and Selling at Everest Group

In other news, Director Allan Levine bought 3,100 shares of Everest Group stock in a transaction that occurred on Wednesday, October 29th. The shares were purchased at an average price 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 of the company’s stock, valued at $1,271,150.24. The trade was a 294.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William F. Galtney, Jr. purchased 11,385 shares of the stock in a transaction on Wednesday, October 29th. The shares were purchased at an average cost of $307.38 per share, with a total value of $3,499,521.30. Following the transaction, the director owned 45,491 shares of the company’s stock, valued at $13,983,023.58. This trade represents a 33.38% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.10% of the stock is owned by insiders.

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.