Sumitomo Mitsui Trust Group Inc. Sells 10,567 Shares of Everest Group, Ltd. $EG

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Everest Group, Ltd. (NYSE:EG) by 9.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 103,843 shares of the company’s stock after selling 10,567 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Everest Group worth $35,291,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of EG. Truist Financial Corp grew its position in shares of Everest Group by 16.9% in the 1st quarter. Truist Financial Corp now owns 108,596 shares of the company’s stock valued at $39,456,000 after purchasing an additional 15,660 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Everest Group by 12.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company’s stock valued at $62,753,000 after buying an additional 18,780 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in shares of Everest Group by 17.1% in the 1st quarter. DAVENPORT & Co LLC now owns 22,874 shares of the company’s stock valued at $8,311,000 after buying an additional 3,344 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Everest Group by 7.9% in the 1st quarter. Principal Financial Group Inc. now owns 55,123 shares of the company’s stock valued at $20,028,000 after buying an additional 4,021 shares during the last quarter. Finally, World Investment Advisors raised its stake in Everest Group by 72.0% in the 1st quarter. World Investment Advisors now owns 1,827 shares of the company’s stock valued at $664,000 after acquiring an additional 765 shares during the period. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EG has been the topic of several recent research reports. Wells Fargo & Company increased their price objective on Everest Group from $371.00 to $383.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Everest Group in a report on Wednesday, October 8th. Cantor Fitzgerald raised Everest Group to a “hold” rating in a research note on Wednesday, August 13th. UBS Group cut their price target on Everest Group from $372.00 to $370.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 9th. Finally, Cowen reissued a “hold” rating on shares of Everest Group in a research note on Tuesday, October 7th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $382.43.

Everest Group Stock Down 11.3%

EG stock opened at $305.05 on Wednesday. The stock has a market cap of $12.79 billion, a P/E ratio of 23.23, a P/E/G ratio of 0.23 and a beta of 0.48. The stock’s fifty day simple moving average is $345.08 and its two-hundred day simple moving average is $342.07. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 1-year low of $302.44 and a 1-year high of $392.78.

Everest Group (NYSE:EG) last issued 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 net margin of 3.12% and a return on equity of 3.81%. The firm had revenue of $4.32 billion during the quarter, compared to the consensus estimate of $3.86 billion. During the same quarter in the previous year, the firm earned $11.80 earnings per share. The business’s quarterly revenue was up .8% compared to the same quarter last year. Analysts expect that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Announces Dividend

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

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.