Millennium Management LLC Reduces Stock Position in Everest Group, Ltd. (NYSE:EG)

Millennium Management LLC decreased its position in shares of Everest Group, Ltd. (NYSE:EG) by 46.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,039 shares of the company’s stock after selling 41,044 shares during the quarter. Millennium Management LLC owned 0.11% of Everest Group worth $18,304,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC acquired a new stake in Everest Group in the 4th quarter valued at about $2,372,000. Perpetual Ltd increased its stake in shares of Everest Group by 92.0% during the 1st quarter. Perpetual Ltd now owns 4,724 shares of the company’s stock worth $1,878,000 after purchasing an additional 2,264 shares in the last quarter. Diversified Trust Co acquired a new position in shares of Everest Group during the 1st quarter worth approximately $1,621,000. Gilman Hill Asset Management LLC purchased a new stake in Everest Group in the 1st quarter valued at approximately $2,600,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Everest Group by 163.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,772 shares of the company’s stock valued at $1,897,000 after buying an additional 2,964 shares during the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.

Everest Group Stock Up 3.4 %

Shares of EG opened at $407.04 on Friday. The firm has a market cap of $17.69 billion, a PE ratio of 6.05, a price-to-earnings-growth ratio of 2.76 and a beta of 0.61. The company’s fifty day moving average is $382.40 and its two-hundred day moving average is $380.75. Everest Group, Ltd. has a fifty-two week low of $343.76 and a fifty-two week high of $417.92. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24.

Everest Group (NYSE:EG) last issued its earnings results 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). The firm had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.32 billion. Everest Group had a net margin of 18.36% and a return on equity of 24.09%. Everest Group’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $15.21 EPS. Analysts forecast that Everest Group, Ltd. will post 61.66 earnings per share for the current year.

Everest Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Monday, September 16th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $8.00 dividend on an annualized basis and a yield of 1.97%. Everest Group’s dividend payout ratio (DPR) is 11.89%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EG. TD Cowen reduced their price objective on Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Barclays began coverage on shares of Everest Group in a report on Wednesday, September 4th. They issued an “overweight” rating and a $527.00 target price on the stock. Morgan Stanley lowered their price target on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. BMO Capital Markets reissued a “market perform” rating and set a $403.00 price objective on shares of Everest Group in a research note on Friday, August 30th. Finally, Keefe, Bruyette & Woods lowered 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 note on Thursday, August 8th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently 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.