Croban recently acquired a new stake in Everest Group, Ltd. (NYSE:EG), as disclosed in its latest filing with the Securities and Exchange Commission. This investment, made during the first quarter, involved the purchase of 2,168 shares valued at approximately $788,000. This move highlights a growing interest in the company, with several other hedge funds also adjusting their positions in Everest Group.
During the fourth quarter, Sunbelt Securities Inc. entered the market by purchasing shares worth about $29,000. SBI Securities Co. Ltd. also acquired a new position valued at approximately $31,000, while Tsfg LLC bought shares worth around $33,000. Additionally, Optiver Holding B.V. invested $51,000 in the same quarter. Notably, Bruce G. Allen Investments LLC increased its stake in Everest Group by a significant 79.1% in the first quarter, now holding a total of 154 shares valued at about $56,000. Overall, institutional investors control approximately 92.64% of the company’s stock.
Analysts Adjust Ratings and Price Targets
The stock has been a subject of various analyst reports in recent weeks. UBS Group adjusted its target price from $372.00 to $370.00, maintaining a “neutral” rating. In contrast, Morgan Stanley raised its price target from $330.00 to $350.00 and assigned an “equal weight” rating.
On June 20th, Janney Montgomery Scott initiated coverage on Everest Group, offering a “buy” rating with a target price of $425.00. Barclays increased its target price from $394.00 to $398.00, giving the stock an “overweight” rating. Additionally, Keefe, Bruyette & Woods raised its price objective from $402.00 to $405.00, maintaining an “outperform” rating. Currently, the consensus rating for Everest Group stands at “Moderate Buy” with a price target of $400.83.
Insider Activity and Stock Performance
In a noteworthy insider transaction, James Allan Williamson, CEO of Everest Group, purchased 1,000 shares on June 11th at an average price of $337.97 per share, totaling $337,970.00. Following this acquisition, Williamson’s holdings increased to 25,618 shares, valued at approximately $8,658,115.46, reflecting a 4.06% increase in his position. Insiders currently own about 1.10% of the company’s stock.
As of the most recent trading sessions, Everest Group shares opened at $340.31. The company boasts a market capitalization of $14.47 billion, a price-to-earnings ratio of 17.51, and a beta of 0.51. The stock also shows a twelve-month range between $320.00 and $407.30.
Everest Group last reported earnings on April 30th, revealing earnings per share of $6.45, falling short of the consensus estimate of $7.46 by $1.01. The company generated revenue of $4.26 billion, exceeding the expected $3.89 billion. Year-over-year, revenue grew by 3.1%, while the previous year’s earnings per share stood at $16.32.
In another significant update, Everest Group declared a quarterly dividend of $2.00 per share, paid on June 13th. Shareholders of record as of May 28th received this payment, marking an annualized dividend yield of 2.35%. The company’s dividend payout ratio is currently positioned at 41.15%.
Everest Group, Ltd., through its subsidiaries, specializes in providing reinsurance and insurance products across the United States, Europe, and internationally, operating through its Insurance and Reinsurance segments.
