Everest Group, Ltd. (NYSE:EG) Sees Large Drop in Short Interest

Everest Group, Ltd. (NYSE:EG) was the target of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 1,050,000 shares, a decline of 17.3% from the September 15th total of 1,270,000 shares. Based on an average daily trading volume, of 362,300 shares, the short-interest ratio is presently 2.9 days. Currently, 3.2% of the shares of the company are short sold.

Everest Group Stock Up 0.0 %

EG opened at $393.96 on Monday. Everest Group has a fifty-two week low of $343.76 and a fifty-two week high of $417.92. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.38 and a quick ratio of 0.38. The company’s 50-day moving average is $382.90 and its 200 day moving average is $380.53. The firm has a market capitalization of $17.12 billion, a P/E ratio of 5.85, a PEG ratio of 2.70 and a beta of 0.61.

Everest Group (NYSE:EG) last announced its earnings results on Wednesday, July 31st. The company reported $16.85 earnings per share (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 for the quarter, compared to analysts’ expectations of $4.32 billion. During the same period in the prior year, the business earned $15.21 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts expect that Everest Group will post 61.78 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Monday, September 16th were paid a $2.00 dividend. The ex-dividend date was Monday, September 16th. This represents a $8.00 annualized dividend and a dividend yield of 2.03%. Everest Group’s payout ratio is 11.89%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Morgan Stanley reduced their price target on Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. BMO Capital Markets restated a “market perform” rating and issued a $403.00 price target on shares of Everest Group in a research note on Friday, August 30th. Bank of America lowered their price target on shares of Everest Group from $496.00 to $485.00 and set a “buy” rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods cut their price objective on shares of Everest Group from $454.00 to $438.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Barclays started coverage on shares of Everest Group in a report on Wednesday, September 4th. They set an “overweight” rating and a $527.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $439.27.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of EG. Vanguard Group Inc. bought a new stake in Everest Group during the fourth quarter valued at $1,886,055,000. Wellington Management Group LLP bought a new stake in shares of Everest Group during the 4th quarter valued at about $751,457,000. Boston Partners increased its position in shares of Everest Group by 29.1% in the first quarter. Boston Partners now owns 1,197,457 shares of the company’s stock worth $475,750,000 after purchasing an additional 269,665 shares during the last quarter. AQR Capital Management LLC raised its stake in Everest Group by 1.8% in the second quarter. AQR Capital Management LLC now owns 1,032,479 shares of the company’s stock valued at $393,395,000 after purchasing an additional 17,885 shares in the last quarter. Finally, Champlain Investment Partners LLC lifted its position in Everest Group by 5.3% during the first quarter. Champlain Investment Partners LLC now owns 906,100 shares of the company’s stock valued at $360,175,000 after purchasing an additional 45,705 shares during the last quarter. 92.64% of the stock is owned by institutional investors.

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.