Everest Group (NYSE:EG) Stock Price Down 7.3% on Analyst Downgrade

Everest Group, Ltd. (NYSE:EG) traded down 7.3% during mid-day trading on Thursday after Barclays lowered their price target on the stock from $527.00 to $517.00. Barclays currently has an overweight rating on the stock. Everest Group traded as low as $352.44 and last traded at $352.44. 114,156 shares were traded during mid-day trading, a decline of 67% from the average session volume of 340,793 shares. The stock had previously closed at $380.00.

EG has been the topic of a number of other research reports. TD Cowen dropped their price objective on Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. Jefferies Financial Group raised 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, October 9th. BMO Capital Markets reaffirmed a “market perform” rating and set a $403.00 target price on shares of Everest Group in a report on Friday, August 30th. Wells Fargo & Company boosted their price target 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, October 10th. Finally, Keefe, Bruyette & Woods dropped their price objective on Everest Group from $454.00 to $438.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $438.36.

Institutional Trading of Everest Group

Several institutional investors have recently added to or reduced their stakes in EG. American National Bank bought a new stake in Everest Group during the 2nd quarter valued at $27,000. M&R Capital Management Inc. purchased a new stake in shares of Everest Group during the third quarter worth about $29,000. Bruce G. Allen Investments LLC grew its stake in shares of Everest Group by 200.0% in the third quarter. Bruce G. Allen Investments LLC now owns 78 shares of the company’s stock worth $31,000 after purchasing an additional 52 shares during the last quarter. Eastern Bank purchased a new position in Everest Group during the 3rd quarter valued at about $35,000. Finally, Massmutual Trust Co. FSB ADV raised its position in Everest Group by 36.9% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 115 shares of the company’s stock valued at $44,000 after purchasing an additional 31 shares during the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Everest Group Trading Down 1.3 %

The firm has a market cap of $15.11 billion, a PE ratio of 5.49, a PEG ratio of 2.67 and a beta of 0.61. The firm has a fifty day simple moving average of $386.85 and a two-hundred day simple moving average of $380.64. 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 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). Everest Group had a net margin of 16.99% and a return on equity of 23.13%. The company had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same quarter last year, the firm earned $15.21 EPS. The business’s revenue was up 15.8% on a year-over-year basis. Equities analysts forecast that Everest Group, Ltd. will post 60.97 EPS for the current year.

Everest Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Monday, September 16th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Monday, September 16th. Everest Group’s payout ratio is 12.52%.

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.