Everest Group (NYSE:EG) Price Target Cut to $405.00 by Analysts at TD Cowen

Everest Group (NYSE:EG) had its target price reduced by TD Cowen from $419.00 to $405.00 in a report released on Tuesday, Benzinga reports. TD Cowen currently has a hold rating on the stock.

EG has been the subject of several other research reports. Morgan Stanley lowered their price target on shares of Everest Group from $450.00 to $445.00 and set an overweight rating for the company in a report on Wednesday, July 10th. Keefe, Bruyette & Woods decreased their target price on Everest Group from $454.00 to $438.00 and set an outperform rating for the company in a research report on Thursday, August 8th. Wells Fargo & Company lifted their price target on Everest Group from $392.00 to $393.00 and gave the stock an equal weight rating in a research report on Monday. Bank of America boosted their price objective on Everest Group from $470.00 to $493.00 and gave the company a buy rating in a research note on Thursday, July 11th. Finally, BMO Capital Markets raised their target price on shares of Everest Group from $387.00 to $403.00 and gave the stock a market perform rating in a research report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $431.00.

Everest Group Stock Up 1.1 %

Shares of EG opened at $373.44 on Tuesday. Everest Group has a 52-week low of $343.36 and a 52-week high of $417.92. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. The stock has a fifty day simple moving average of $376.63 and a two-hundred day simple moving average of $377.26. The company has a market capitalization of $16.16 billion, a PE ratio of 5.55, a price-to-earnings-growth ratio of 2.20 and a beta of 0.63.

Everest Group (NYSE:EG) last released its earnings results on Wednesday, July 31st. The company reported $16.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $16.97 by ($0.12). The business had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.32 billion. Everest Group had a return on equity of 24.09% and a net margin of 18.36%. Everest Group’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the company earned $15.21 earnings per share. As a group, equities analysts forecast that Everest Group will post 61.6 EPS for the current year.

Everest Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Monday, September 16th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $8.00 dividend on an annualized basis and a yield of 2.14%. Everest Group’s payout ratio is 11.89%.

Hedge Funds Weigh In On Everest Group

Several hedge funds have recently added to or reduced their stakes in EG. Allworth Financial LP purchased a new stake in Everest Group in the fourth quarter valued at approximately $25,000. Avior Wealth Management LLC acquired a new stake in shares of Everest Group in the fourth quarter valued at about $25,000. Headlands Technologies LLC purchased a new stake in shares of Everest Group during the 4th quarter valued at about $25,000. American National Bank purchased a new position in Everest Group in the 2nd quarter worth approximately $27,000. Finally, DT Investment Partners LLC purchased a new stake in shares of Everest Group during the fourth quarter valued at approximately $31,000. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Company 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.