Short Interest in Everest Group, Ltd. (NYSE:EG) Decreases By 17.3%

Everest Group, Ltd. (NYSE:EG) was the target of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 1,050,000 shares, a decline of 17.3% from the September 15th total of 1,270,000 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily trading volume, of 362,300 shares, the short-interest ratio is currently 2.9 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EG. Csenge Advisory Group lifted its holdings in Everest Group by 2.2% in the 2nd quarter. Csenge Advisory Group now owns 1,239 shares of the company’s stock valued at $472,000 after acquiring an additional 27 shares during the last quarter. Legend Financial Advisors Inc. lifted its stake in Everest Group by 1.6% during the second quarter. Legend Financial Advisors Inc. now owns 1,765 shares of the company’s stock valued at $672,000 after purchasing an additional 27 shares during the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Everest Group by 0.9% during the first quarter. First Trust Direct Indexing L.P. now owns 2,976 shares of the company’s stock worth $1,183,000 after buying an additional 28 shares in the last quarter. Wedmont Private Capital boosted its holdings in Everest Group by 4.8% during the third quarter. Wedmont Private Capital now owns 638 shares of the company’s stock worth $238,000 after buying an additional 29 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its position in Everest Group by 36.9% in the second quarter. Massmutual Trust Co. FSB ADV now owns 115 shares of the company’s stock worth $44,000 after buying an additional 31 shares during the last quarter. Institutional investors own 92.64% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group increased their price objective on shares of Everest Group from $440.00 to $457.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays assumed coverage on Everest Group in a report on Wednesday, September 4th. They issued an “overweight” rating and a $527.00 price target on the stock. Morgan Stanley reduced their price objective on Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. TD Cowen dropped their target price on Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Finally, Bank of America reduced their price target on shares of Everest Group from $496.00 to $485.00 and set a “buy” rating for the company in a report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $439.27.

Everest Group Price Performance

Shares of NYSE EG opened at $388.24 on Wednesday. The firm’s 50-day simple moving average is $384.33 and its 200 day simple moving average is $380.47. The stock has a market cap of $16.87 billion, a P/E ratio of 5.77, a P/E/G ratio of 2.70 and a beta of 0.61. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group has a fifty-two week low of $343.76 and a fifty-two week high of $417.92.

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 analysts’ consensus estimates of $16.97 by ($0.12). Everest Group had a return on equity of 24.09% and a net margin of 18.36%. The company had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.32 billion. During the same period in the prior year, the company posted $15.21 earnings per share. The company’s revenue was up 15.8% on a year-over-year basis. Equities analysts expect that Everest Group will post 61.78 EPS for the current year.

Everest Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Monday, September 16th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Monday, September 16th. Everest Group’s dividend payout ratio is presently 11.89%.

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.