Everest Group (NYSE:EG) Given New $350.00 Price Target at Morgan Stanley

Everest Group (NYSE:EG) had its price target increased by stock analysts at Morgan Stanley from $330.00 to $350.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 0.69% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Keefe, Bruyette & Woods cut their price target on shares of Everest Group from $434.00 to $402.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. BMO Capital Markets cut shares of Everest Group from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $453.00 to $375.00 in a research note on Thursday, January 30th. Jefferies Financial Group upgraded shares of Everest Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $376.00 to $415.00 in a research report on Friday, April 11th. Barclays lowered their price objective on Everest Group from $470.00 to $394.00 and set an “overweight” rating on the stock in a report on Friday, April 11th. Finally, Evercore ISI reduced their target price on Everest Group from $400.00 to $396.00 and set an “in-line” rating for the company in a report on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $398.09.

Everest Group Stock Performance

Shares of EG stock traded down $0.49 on Monday, hitting $347.60. The company had a trading volume of 42,412 shares, compared to its average volume of 379,591. Everest Group has a twelve month low of $320.00 and a twelve month high of $407.30. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.26. The firm has a market cap of $14.78 billion, a P/E ratio of 11.07, a price-to-earnings-growth ratio of 0.24 and a beta of 0.58. The company has a 50-day moving average price of $351.38 and a 200-day moving average price of $356.81.

Everest Group (NYSE:EG) last posted its earnings results on Wednesday, April 30th. The company reported $6.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.46 by ($1.01). Everest Group had a net margin of 7.95% and a return on equity of 9.04%. The firm had revenue of $4.26 billion during the quarter, compared to analyst estimates of $3.89 billion. During the same quarter in the prior year, the firm earned $16.32 earnings per share. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, equities research analysts predict that Everest Group will post 47.93 earnings per share for the current fiscal year.

Insider Activity at Everest Group

In other news, Director Geraldine Losquadro sold 1,500 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $360.63, for a total value of $540,945.00. Following the sale, the director now directly owns 12,279 shares in the company, valued at approximately $4,428,175.77. This trade represents a 10.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Everest Group

A number of large investors have recently modified their holdings of the company. Optimize Financial Inc acquired a new position in shares of Everest Group during the 1st quarter worth about $378,000. Woodline Partners LP purchased a new position in Everest Group in the first quarter valued at approximately $16,736,000. Peloton Wealth Strategists raised its holdings in Everest Group by 12.4% during the first quarter. Peloton Wealth Strategists now owns 1,663 shares of the company’s stock worth $604,000 after purchasing an additional 183 shares in the last quarter. MBB Public Markets I LLC purchased a new stake in shares of Everest Group during the 1st quarter worth approximately $327,000. Finally, United Services Automobile Association acquired a new position in shares of Everest Group in the 1st quarter valued at $348,000. 92.64% of the stock is owned by hedge funds and other 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.