ProShare Advisors LLC Lowers Stake in Everest Group, Ltd. $EG

ProShare Advisors LLC reduced its holdings in shares of Everest Group, Ltd. (NYSE:EG) by 2.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,844 shares of the company’s stock after selling 251 shares during the quarter. ProShare Advisors LLC’s holdings in Everest Group were worth $3,345,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its stake in Everest Group by 25.3% in the second quarter. Exchange Traded Concepts LLC now owns 3,647 shares of the company’s stock valued at $1,239,000 after acquiring an additional 737 shares during the last quarter. Brandywine Global Investment Management LLC lifted its stake in shares of Everest Group by 109.5% in the 1st quarter. Brandywine Global Investment Management LLC now owns 26,030 shares of the company’s stock valued at $9,457,000 after purchasing an additional 13,607 shares during the period. Korea Investment CORP boosted its position in shares of Everest Group by 130.4% in the 1st quarter. Korea Investment CORP now owns 62,093 shares of the company’s stock worth $22,560,000 after purchasing an additional 35,145 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in Everest Group by 95.8% in the first quarter. Panagora Asset Management Inc. now owns 7,415 shares of the company’s stock valued at $2,694,000 after purchasing an additional 3,628 shares during the last quarter. Finally, Interval Partners LP acquired a new position in Everest Group in the first quarter valued at about $5,185,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Everest Group Trading Down 0.4%

EG opened at $326.11 on Friday. The stock has a market capitalization of $13.69 billion, a P/E ratio of 24.84, a P/E/G ratio of 0.25 and a beta of 0.47. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 12 month low of $302.44 and a 12 month high of $392.78. The firm’s fifty day simple moving average is $339.11 and its 200 day simple moving average is $339.28.

Everest Group (NYSE:EG) last released its quarterly earnings results on Monday, October 27th. The company reported $7.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $13.39 by ($5.85). The firm had revenue of $4.32 billion during the quarter, compared to analyst estimates of $3.86 billion. Everest Group had a net margin of 3.12% and a return on equity of 3.81%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business earned $11.80 EPS. As a group, research analysts anticipate that Everest Group, Ltd. will post 47.93 EPS for the current fiscal year.

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Wednesday, November 26th will be paid a $2.00 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $8.00 annualized dividend and a yield of 2.5%. Everest Group’s payout ratio is presently 60.93%.

Insider Buying and Selling

In other news, Director William F. Galtney, Jr. purchased 11,385 shares of Everest Group stock in a transaction on Wednesday, October 29th. The stock was purchased at an average price of $307.38 per share, with a total value of $3,499,521.30. Following the transaction, the director directly owned 45,491 shares in the company, valued at $13,983,023.58. The trade was a 33.38% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Allan Levine purchased 3,100 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were acquired at an average cost of $306.08 per share, with a total value of $948,848.00. Following the completion of the purchase, the director directly owned 4,153 shares in the company, valued at approximately $1,271,150.24. This represents a 294.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on EG shares. Raymond James Financial restated an “outperform” rating and set a $350.00 target price on shares of Everest Group in a research report on Monday, November 3rd. Citigroup began coverage on shares of Everest Group in a report on Wednesday, August 13th. They set a “neutral” rating and a $362.00 price objective for the company. Evercore ISI increased their target price on shares of Everest Group from $380.00 to $384.00 and gave the stock an “in-line” rating in a report on Wednesday, October 1st. Cowen reissued a “hold” rating on shares of Everest Group in a report on Tuesday, October 7th. Finally, Cantor Fitzgerald raised Everest Group to a “hold” rating in a research note on Wednesday, August 13th. Five analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, Everest Group currently has a consensus rating of “Hold” and a consensus price target of $372.36.

Everest Group Company 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.