Everest Group (NYSE:EG) Price Target Cut to $485.00

Everest Group (NYSE:EG) had its price objective lowered by stock analysts at Bank of America from $496.00 to $485.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 23.11% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group lifted their price objective on shares of Everest Group from $440.00 to $457.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley decreased their target price on Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. TD Cowen reduced their price objective on Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Wells Fargo & Company increased their price objective on shares of Everest Group from $393.00 to $406.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Barclays initiated coverage on Everest Group in a report on Wednesday, September 4th. They issued an “overweight” rating and a $527.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Everest Group presently has an average rating of “Moderate Buy” and an average price target of $439.27.

Everest Group Stock Performance

Shares of EG opened at $393.96 on Thursday. Everest Group has a 52 week low of $343.76 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 market cap of $16.96 billion, a price-to-earnings ratio of 5.82, a PEG ratio of 2.70 and a beta of 0.61. The business has a 50-day simple moving average of $382.90 and a two-hundred day simple moving average of $380.69.

Everest Group (NYSE:EG) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $16.85 earnings per share for the quarter, missing the consensus estimate of $16.97 by ($0.12). The firm had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.32 billion. Everest Group had a net margin of 18.36% and a return on equity of 24.09%. Everest Group’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $15.21 EPS. On average, analysts expect that Everest Group will post 61.78 EPS for the current year.

Institutional Investors Weigh In On Everest Group

A number of institutional investors and hedge funds have recently bought and sold shares of EG. SG Americas Securities LLC boosted its stake in shares of Everest Group by 284.8% during the third quarter. SG Americas Securities LLC now owns 24,556 shares of the company’s stock valued at $9,622,000 after purchasing an additional 18,175 shares in the last quarter. Perpetual Ltd boosted its position in Everest Group by 92.0% during the first quarter. Perpetual Ltd now owns 4,724 shares of the company’s stock valued at $1,878,000 after purchasing an additional 2,264 shares in the last quarter. Diversified Trust Co purchased a new position in Everest Group in the first quarter valued at about $1,621,000. Gilman Hill Asset Management LLC bought a new position in Everest Group in the first quarter worth about $2,600,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Everest Group by 163.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,772 shares of the company’s stock valued at $1,897,000 after buying an additional 2,964 shares during the last quarter. 92.64% of the stock is owned by institutional investors.

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.