Amalgamated Bank Increases Stake in Everest Group, Ltd. (NYSE:EG)

Amalgamated Bank grew its position in Everest Group, Ltd. (NYSE:EG) by 19.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,129 shares of the company’s stock after buying an additional 2,328 shares during the period. Amalgamated Bank’s holdings in Everest Group were worth $5,383,000 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 stake in shares of Everest Group during the second quarter valued at $27,000. Heritage Wealth Advisors purchased a new stake in shares of Everest Group during the 4th quarter valued at about $30,000. FinTrust Capital Advisors LLC bought a new stake in shares of Everest Group in the fourth quarter worth approximately $33,000. Massmutual Trust Co. FSB ADV purchased a new position in shares of Everest Group during the first quarter valued at approximately $33,000. Finally, Hollencrest Capital Management lifted its position 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 purchasing an additional 115 shares during the period. Institutional investors own 92.64% of the company’s stock.

Everest Group Price Performance

EG stock opened at $387.50 on Friday. 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 company’s fifty day moving average price is $381.70 and its 200-day moving average price is $379.89. Everest Group, Ltd. has a one year low of $343.76 and a one year high of $417.92. The company has a market capitalization of $16.77 billion, a PE ratio of 5.76, a price-to-earnings-growth ratio of 2.71 and a beta of 0.62.

Everest Group (NYSE:EG) last released 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). The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.32 billion. Everest Group had a net margin of 18.36% and a return on equity of 24.09%. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period last year, the company earned $15.21 EPS. On average, equities analysts anticipate that Everest Group, Ltd. will post 61.66 EPS for the current fiscal year.

Everest Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

EG has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on Everest Group from $392.00 to $393.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Keefe, Bruyette & Woods lowered their price objective on shares of Everest Group from $454.00 to $438.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. TD Cowen cut their target price on shares of Everest Group from $419.00 to $405.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Bank of America increased their price target on shares of Everest Group from $470.00 to $493.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $403.00 price objective on shares of Everest Group in a research report on Friday, August 30th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.