Oppenheimer & Co. Inc. Cuts Stake in Everest Group, Ltd. (NYSE:EG)

Oppenheimer & Co. Inc. cut its position in Everest Group, Ltd. (NYSE:EG) by 2.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 6,181 shares of the company’s stock after selling 175 shares during the period. Oppenheimer & Co. Inc.’s holdings in Everest Group were worth $2,355,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EG. American National Bank purchased a new position in Everest Group in the second quarter worth about $27,000. Massmutual Trust Co. FSB ADV bought a new position in shares of Everest Group in the 1st quarter worth approximately $33,000. Heritage Wealth Advisors purchased a new position in shares of Everest Group in the fourth quarter worth approximately $30,000. FinTrust Capital Advisors LLC bought a new stake in Everest Group during the fourth quarter valued at approximately $33,000. Finally, Hollencrest Capital Management increased its holdings in Everest Group by 575.0% during the first quarter. Hollencrest Capital Management now owns 135 shares of the company’s stock valued at $54,000 after buying an additional 115 shares during the last quarter. Institutional investors own 92.64% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on EG shares. Morgan Stanley lowered 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. Wells Fargo & Company raised their target price on shares of Everest Group from $392.00 to $393.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. Bank of America boosted their price target on shares of Everest Group from $470.00 to $493.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. TD Cowen cut their price objective on Everest Group from $419.00 to $405.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Finally, Barclays assumed coverage on Everest Group in a research report on Wednesday, September 4th. They issued an “overweight” rating and a $527.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $438.09.

Everest Group Trading Up 2.3 %

Everest Group stock opened at $389.43 on Tuesday. Everest Group, Ltd. has a 52 week low of $343.76 and a 52 week high of $417.92. The stock has a 50-day moving average price of $380.58 and a 200 day moving average price of $379.36. 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 company has a market capitalization of $16.85 billion, a price-to-earnings ratio of 5.79, a price-to-earnings-growth ratio of 2.64 and a beta of 0.62.

Everest Group (NYSE:EG) last announced 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 return on equity of 24.09% and a net margin of 18.36%. The company had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.32 billion. During the same period in the prior year, the business posted $15.21 earnings per share. Everest Group’s revenue for the quarter was up 15.8% on a year-over-year basis. Sell-side analysts anticipate that Everest Group, Ltd. will post 61.66 EPS for the current year.

Everest Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Monday, September 16th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Monday, September 16th. Everest Group’s dividend payout ratio (DPR) is presently 11.89%.

Everest Group 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.