Synovus Financial Corp Reduces Position in Everest Group, Ltd. $EG

Synovus Financial Corp lessened its position in shares of Everest Group, Ltd. (NYSE:EG) by 6.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,174 shares of the company’s stock after selling 148 shares during the quarter. Synovus Financial Corp’s holdings in Everest Group were worth $790,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp grew its stake in Everest Group by 16.9% during the 1st quarter. Truist Financial Corp now owns 108,596 shares of the company’s stock worth $39,456,000 after buying an additional 15,660 shares during the last quarter. Fifth Third Bancorp lifted its position in Everest Group by 18.1% during the 1st quarter. Fifth Third Bancorp now owns 1,151 shares of the company’s stock worth $418,000 after acquiring an additional 176 shares during the period. Envestnet Asset Management Inc. lifted its position in Everest Group by 12.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 172,718 shares of the company’s stock worth $62,753,000 after acquiring an additional 18,780 shares during the period. Wedge Capital Management L L P NC lifted its position in Everest Group by 14.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 9,871 shares of the company’s stock worth $3,586,000 after acquiring an additional 1,235 shares during the period. Finally, SG Americas Securities LLC lifted its position in Everest Group by 127.3% during the 1st quarter. SG Americas Securities LLC now owns 5,842 shares of the company’s stock worth $2,123,000 after acquiring an additional 3,272 shares during the period. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Everest Group Stock Performance

NYSE EG opened at $343.57 on Thursday. Everest Group, Ltd. has a 1-year low of $320.00 and a 1-year high of $407.30. The company has a market capitalization of $14.41 billion, a P/E ratio of 18.24, a PEG ratio of 0.25 and a beta of 0.50. The business has a 50 day moving average price of $335.79 and a 200 day moving average price of $343.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38.

Everest Group (NYSE:EG) last released its quarterly earnings data on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, beating the consensus estimate of $15.14 by $2.22. Everest Group had a return on equity of 5.89% and a net margin of 4.56%.The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period last year, the business posted $16.85 EPS. Everest Group’s quarterly revenue was up 6.2% on a year-over-year basis. Sell-side analysts expect that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $8.00 annualized dividend and a yield of 2.3%. Everest Group’s dividend payout ratio (DPR) is presently 42.46%.

Wall Street Analysts Forecast Growth

EG has been the subject of a number of recent research reports. Janney Montgomery Scott initiated coverage on Everest Group in a research report on Friday, June 20th. They set a “buy” rating and a $425.00 price objective for the company. UBS Group decreased their price objective on Everest Group from $372.00 to $370.00 and set a “neutral” rating for the company in a research report on Wednesday, July 9th. Barclays raised their price target on Everest Group from $394.00 to $398.00 and gave the company an “overweight” rating in a report on Monday, July 7th. Citigroup started coverage on Everest Group in a report on Wednesday, August 13th. They issued a “neutral” rating and a $362.00 price target for the company. Finally, Cantor Fitzgerald raised Everest Group to a “hold” rating in a report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $397.14.

Insiders Place Their Bets

In related news, CEO James Allan Williamson purchased 1,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The stock was bought at an average price of $337.97 per share, with a total value of $337,970.00. Following the completion of the transaction, the chief executive officer owned 25,618 shares of the company’s stock, valued at approximately $8,658,115.46. This represents a 4.06% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

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.