Seven Eight Capital LP Raises Stake in Everest Group, Ltd. (NYSE:EG)

Seven Eight Capital LP boosted its position in Everest Group, Ltd. (NYSE:EG) by 184.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,227 shares of the company’s stock after buying an additional 4,041 shares during the quarter. Seven Eight Capital LP’s holdings in Everest Group were worth $2,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of EG. American National Bank purchased a new stake in Everest Group in the second quarter worth approximately $27,000. Heritage Wealth Advisors purchased a new stake in Everest Group in the fourth quarter worth approximately $30,000. FinTrust Capital Advisors LLC purchased a new stake in Everest Group in the fourth quarter worth approximately $33,000. Massmutual Trust Co. FSB ADV purchased a new stake in Everest Group in the first quarter worth approximately $33,000. Finally, Hollencrest Capital Management boosted its stake in Everest Group by 575.0% in the first quarter. Hollencrest Capital Management now owns 135 shares of the company’s stock worth $54,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Everest Group Price Performance

EG opened at $387.54 on Wednesday. The stock has a fifty day simple moving average of $381.21 and a two-hundred day simple moving average of $379.63. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. The company has a market cap of $16.77 billion, a price-to-earnings ratio of 5.76, a price-to-earnings-growth ratio of 2.64 and a beta of 0.62. Everest Group, Ltd. has a 12-month low of $343.76 and a 12-month high of $417.92.

Everest Group (NYSE:EG) last posted its quarterly earnings data 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 firm had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.32 billion. Everest Group had a return on equity of 24.09% and a net margin of 18.36%. Everest Group’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter last year, the company posted $15.21 EPS. Research analysts predict that Everest Group, Ltd. will post 61.66 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be issued a dividend of $2.00 per share. The ex-dividend date is Monday, September 16th. This represents a $8.00 annualized dividend and a dividend yield of 2.06%. Everest Group’s payout ratio is presently 11.89%.

Wall Street Analysts Forecast Growth

EG has been the subject of several research reports. Wells Fargo & Company upped their target price on Everest Group from $392.00 to $393.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. 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. Bank of America increased 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. Morgan Stanley decreased their target price on Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Finally, BMO Capital Markets restated a “market perform” rating and set a $403.00 target price on shares of Everest Group in a report on Friday, August 30th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $438.09.

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.