Skandinaviska Enskilda Banken AB publ Reduces Stock Position in Everest Group, Ltd. (NYSE:EG)

Skandinaviska Enskilda Banken AB publ trimmed its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 69.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,853 shares of the company’s stock after selling 29,599 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Everest Group were worth $4,897,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. purchased a new stake in Everest Group during the fourth quarter valued at approximately $228,000. Avantax Advisory Services Inc. bought a new position in Everest Group during the fourth quarter valued at $247,000. Quadrant Capital Group LLC purchased a new stake in shares of Everest Group in the fourth quarter valued at $72,000. PNC Financial Services Group Inc. bought a new stake in shares of Everest Group in the 4th quarter worth about $1,438,000. Finally, UBS Group AG purchased a new position in shares of Everest Group during the 4th quarter worth about $30,014,000. Institutional investors own 92.64% of the company’s stock.

Everest Group Price Performance

Shares of EG stock opened at $387.50 on Monday. The stock’s 50-day moving average is $381.70 and its 200 day moving average is $380.05. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. Everest Group, Ltd. has a 1-year low of $343.76 and a 1-year high of $417.92. The company has a market cap of $16.77 billion, a P/E ratio of 5.76, a PEG ratio of 2.71 and a beta of 0.62.

Everest Group (NYSE:EG) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $16.85 earnings per share for the quarter, missing analysts’ consensus estimates of $16.97 by ($0.12). Everest Group had a return on equity of 24.09% and a net margin of 18.36%. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.32 billion. During the same period in the previous year, the business earned $15.21 EPS. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts predict 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. Stockholders 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 dividend yield of 2.06%. The ex-dividend date is Monday, September 16th. Everest Group’s dividend payout ratio (DPR) is presently 11.89%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective 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. Keefe, Bruyette & Woods decreased their price target 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. BMO Capital Markets reaffirmed a “market perform” rating and issued a $403.00 price objective on shares of Everest Group in a research report on Friday, August 30th. Bank of America lifted their price target on shares of Everest Group from $470.00 to $493.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, Morgan Stanley dropped their price objective on Everest Group from $450.00 to $445.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $438.09.

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.