BMO Capital Markets Boosts Everest Group (NYSE:EG) Price Target to $403.00

Everest Group (NYSE:EG) had its price objective raised by BMO Capital Markets from $387.00 to $403.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a market perform rating on the stock.

A number of other analysts also recently commented on EG. Morgan Stanley decreased 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. Keefe, Bruyette & Woods decreased their price objective on shares of Everest Group from $457.00 to $454.00 and set an outperform rating on the stock in a report on Friday, July 12th. Bank of America lifted their target price on shares of Everest Group from $470.00 to $493.00 and gave the stock a buy rating in a research report on Thursday, July 11th. Finally, Wells Fargo & Company cut their target price on shares of Everest Group from $402.00 to $397.00 and set an equal weight rating for the company in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Everest Group presently has an average rating of Moderate Buy and a consensus price target of $432.82.

Everest Group Stock Performance

Shares of NYSE:EG traded up $0.30 during midday trading on Wednesday, hitting $364.50. The stock had a trading volume of 280,668 shares, compared to its average volume of 394,678. The company has a market capitalization of $15.77 billion, a PE ratio of 5.42, a P/E/G ratio of 2.16 and a beta of 0.63. Everest Group has a 1 year low of $343.36 and a 1 year high of $417.92. The stock has a 50 day moving average price of $377.92 and a two-hundred day moving average price of $377.55. 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 (NYSE:EG) last released its quarterly earnings data on Wednesday, July 31st. The company reported $16.85 EPS for the quarter, missing analysts’ consensus estimates of $16.97 by ($0.12). The company had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.32 billion. Everest Group had a return on equity of 24.09% and a net margin of 18.36%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm posted $15.21 EPS. As a group, equities analysts predict that Everest Group will post 61.6 earnings per share for the current fiscal year.

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Monday, September 16th. Everest Group’s dividend payout ratio is presently 11.89%.

Hedge Funds Weigh In On Everest Group

A number of institutional investors have recently modified their holdings of EG. Mutual of America Capital Management LLC increased its position in Everest Group by 7.0% during the second quarter. Mutual of America Capital Management LLC now owns 17,062 shares of the company’s stock worth $6,501,000 after purchasing an additional 1,119 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Everest Group by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 535,121 shares of the company’s stock worth $203,891,000 after purchasing an additional 38,254 shares during the last quarter. William Blair Investment Management LLC increased its position in Everest Group by 30.2% during the second quarter. William Blair Investment Management LLC now owns 580,171 shares of the company’s stock worth $221,057,000 after purchasing an additional 134,517 shares during the last quarter. Darwin Wealth Management LLC increased its position in Everest Group by 13.0% during the second quarter. Darwin Wealth Management LLC now owns 573 shares of the company’s stock worth $218,000 after purchasing an additional 66 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in Everest Group by 4.7% during the second quarter. Federated Hermes Inc. now owns 11,523 shares of the company’s stock worth $4,391,000 after purchasing an additional 515 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

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.