State Board of Administration of Florida Retirement System Sells 8,299 Shares of Everest Group, Ltd. (NYSE:EG)

State Board of Administration of Florida Retirement System reduced its position in Everest Group, Ltd. (NYSE:EG) by 18.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 36,612 shares of the company’s stock after selling 8,299 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Everest Group were worth $14,553,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP bought a new position in shares of Everest Group in the 4th quarter worth $25,000. Avior Wealth Management LLC purchased a new stake in shares of Everest Group during the fourth quarter valued at about $25,000. Headlands Technologies LLC acquired a new stake in Everest Group in the fourth quarter valued at approximately $25,000. Janiczek Wealth Management LLC acquired a new position in shares of Everest Group during the fourth quarter worth $27,000. Finally, Trifecta Capital Advisors LLC acquired a new position in shares of Everest Group during the fourth quarter worth $28,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Everest Group Stock Performance

Shares of NYSE EG traded down $12.27 during midday trading on Friday, reaching $387.73. 74,300 shares of the stock were exchanged, compared to its average volume of 322,943. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.25. The firm has a 50-day simple moving average of $381.99 and a two-hundred day simple moving average of $376.82. Everest Group, Ltd. has a twelve month low of $343.36 and a twelve month high of $417.92. The firm has a market cap of $16.85 billion, a price-to-earnings ratio of 5.94, a PEG ratio of 2.06 and a beta of 0.63.

Everest Group (NYSE:EG) last posted its earnings results on Monday, April 29th. The company reported $16.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $15.98 by $0.34. Everest Group had a net margin of 18.69% and a return on equity of 24.86%. The business had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same period in the prior year, the company posted $11.31 EPS. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. As a group, analysts anticipate that Everest Group, Ltd. will post 61.28 EPS for the current fiscal year.

Everest Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 29th were given a $2.00 dividend. The ex-dividend date of this dividend was Wednesday, May 29th. This is a boost from Everest Group’s previous quarterly dividend of $1.75. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.06%. Everest Group’s payout ratio is 11.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods decreased their price target on Everest Group from $457.00 to $454.00 and set an “outperform” rating for the company in a research note on Friday, July 12th. Wells Fargo & Company cut their price target on shares of Everest Group from $402.00 to $397.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 11th. Morgan Stanley dropped their price objective on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Finally, Bank of America lifted their price target on Everest Group from $470.00 to $493.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $437.40.

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.