Everest Group, Ltd. (NYSE:EG) Sees Large Growth in Short Interest

Everest Group, Ltd. (NYSE:EG) was the target of a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 773,600 shares, an increase of 8.5% from the June 15th total of 712,700 shares. Based on an average daily trading volume, of 273,300 shares, the short-interest ratio is currently 2.8 days. Currently, 2.3% of the company’s shares are short sold.

Everest Group Stock Up 0.5 %

Shares of NYSE EG traded up $1.92 during trading on Thursday, hitting $400.00. 224,415 shares of the company traded hands, compared to its average volume of 324,708. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.38 and a current ratio of 0.38. The business’s fifty day moving average is $381.60 and its 200 day moving average is $376.65. The firm has a market capitalization of $17.38 billion, a price-to-earnings ratio of 6.03, a P/E/G ratio of 2.04 and a beta of 0.63. Everest Group has a fifty-two week low of $343.36 and a fifty-two week high of $417.92.

Everest Group (NYSE:EG) last posted its earnings results on Monday, April 29th. The company reported $16.32 EPS for the quarter, topping the consensus estimate of $15.98 by $0.34. The company had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.05 billion. Everest Group had a net margin of 18.69% and a return on equity of 24.86%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the firm posted $11.31 earnings per share. Equities research analysts predict that Everest Group will post 61.33 earnings per share for the current fiscal year.

Everest Group Increases Dividend

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

Institutional Investors Weigh In On Everest Group

A number of institutional investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC grew its position in Everest Group by 1.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 8,053 shares of the company’s stock worth $3,068,000 after purchasing an additional 121 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Everest Group by 15.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 754 shares of the company’s stock worth $287,000 after purchasing an additional 103 shares in the last quarter. Diversified Trust Co grew its position in Everest Group by 22.2% in the 2nd quarter. Diversified Trust Co now owns 4,984 shares of the company’s stock worth $1,899,000 after purchasing an additional 905 shares in the last quarter. Buckingham Capital Management Inc. boosted its stake in Everest Group by 1.4% in the second quarter. Buckingham Capital Management Inc. now owns 28,308 shares of the company’s stock valued at $10,786,000 after acquiring an additional 383 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its stake in Everest Group by 5.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 4,803 shares of the company’s stock valued at $1,830,000 after acquiring an additional 241 shares during the last quarter. 92.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods dropped their target price 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. Morgan Stanley dropped their target price 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. Wells Fargo & Company dropped their target price on shares of Everest Group from $402.00 to $397.00 and set an “equal weight” rating on the stock in a report on Thursday, April 11th. Finally, Bank of America upped their price objective on shares of Everest Group from $470.00 to $493.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Three 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 company presently has an average rating of “Moderate Buy” and an average price target 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.