Texas Permanent School Fund Corp Decreases Stock Position in Everest Group, Ltd. (NYSE:EG)

Texas Permanent School Fund Corp trimmed its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 19.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,186 shares of the company’s stock after selling 1,788 shares during the period. Texas Permanent School Fund Corp’s holdings in Everest Group were worth $2,738,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of EG. Mount Lucas Management LP boosted its holdings in shares of Everest Group by 3.4% during the 2nd quarter. Mount Lucas Management LP now owns 12,286 shares of the company’s stock valued at $4,681,000 after acquiring an additional 404 shares during the last quarter. LSV Asset Management boosted its holdings in Everest Group by 1.9% in the second quarter. LSV Asset Management now owns 476,433 shares of the company’s stock worth $181,531,000 after purchasing an additional 8,654 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Everest Group in the 2nd quarter worth approximately $601,000. Illinois Municipal Retirement Fund raised its stake in Everest Group by 23.4% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 29,920 shares of the company’s stock valued at $11,400,000 after buying an additional 5,682 shares during the last quarter. Finally, General American Investors Co. Inc. lifted its holdings in shares of Everest Group by 4.2% during the 2nd quarter. General American Investors Co. Inc. now owns 134,686 shares of the company’s stock valued at $51,318,000 after buying an additional 5,490 shares during the period. Institutional investors own 92.64% of the company’s stock.

Everest Group Stock Up 2.3 %

EG opened at $389.43 on Tuesday. The stock has a market cap 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. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.38 and a current ratio of 0.38. The firm’s fifty day moving average is $380.58 and its 200 day moving average is $379.36. Everest Group, Ltd. has a fifty-two week low of $343.76 and a fifty-two week high of $417.92.

Everest Group (NYSE:EG) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $16.85 EPS for the quarter, missing the consensus estimate of $16.97 by ($0.12). Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.32 billion. During the same quarter in the previous year, the firm earned $15.21 earnings per share. Everest Group’s revenue was up 15.8% on a year-over-year basis. On average, sell-side analysts forecast that Everest Group, Ltd. will post 61.66 earnings per share for the current fiscal year.

Everest Group Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on EG. BMO Capital Markets reaffirmed a “market perform” rating and issued a $403.00 price objective on shares of Everest Group in a report on Friday, August 30th. Barclays initiated coverage on Everest Group in a research note on Wednesday, September 4th. They set an “overweight” rating and a $527.00 price target for the company. TD Cowen lowered their price objective on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Keefe, Bruyette & Woods cut their target price on shares of Everest Group from $454.00 to $438.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, Wells Fargo & Company increased their price target on shares of Everest Group from $392.00 to $393.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $438.09.

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.