Pacer Advisors Inc. Sells 3,723 Shares of Everest Group, Ltd. (NYSE:EG)

by · The Markets Daily

Pacer Advisors Inc. cut its holdings in shares of Everest Group, Ltd. (NYSE:EG – Free Report) by 63.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,159 shares of the company’s stock after selling 3,723 shares during the quarter. Pacer Advisors Inc.’s holdings in Everest Group were worth $784,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in EG. Vulcan Value Partners LLC increased its holdings in shares of Everest Group by 279.1% during the fourth quarter. Vulcan Value Partners LLC now owns 978,713 shares of the company’s stock worth $354,768,000 after purchasing an additional 720,572 shares during the period. Sterling Capital Management LLC boosted its position in shares of Everest Group by 11,756.0% during the 4th quarter. Sterling Capital Management LLC now owns 278,616 shares of the company’s stock worth $100,987,000 after acquiring an additional 276,266 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Everest Group by 14,518.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 190,040 shares of the company’s stock worth $68,882,000 after acquiring an additional 188,740 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Everest Group by 31,899.6% during the 1st quarter. GAMMA Investing LLC now owns 174,398 shares of the company’s stock worth $63,364,000 after acquiring an additional 173,853 shares in the last quarter. Finally, Donald Smith & CO. Inc. acquired a new stake in shares of Everest Group during the 4th quarter worth approximately $56,341,000. 92.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on EG. Jefferies Financial Group upgraded shares of Everest Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $376.00 to $415.00 in a research report on Friday, April 11th. UBS Group reduced their price target on shares of Everest Group from $372.00 to $370.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Morgan Stanley increased their price target on shares of Everest Group from $330.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Monday, May 19th. Evercore ISI reduced their price target on shares of Everest Group from $400.00 to $396.00 and set an “in-line” rating on the stock in a research report on Thursday, May 1st. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $410.00 price target (down previously from $420.00) on shares of Everest Group in a research report on Tuesday, May 6th. Six 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 company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $400.83.

Read Our Latest Stock Analysis on Everest Group

Everest Group Stock Performance

Shares of Everest Group stock opened at $335.83 on Friday. Everest Group, Ltd. has a fifty-two week low of $320.00 and a fifty-two week high of $407.30. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market capitalization of $14.28 billion, a P/E ratio of 17.83, a P/E/G ratio of 0.26 and a beta of 0.51. The company’s 50 day moving average price is $337.96 and its two-hundred day moving average price is $346.11.

Everest Group (NYSE:EG – Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $17.36 earnings per share for the quarter, beating analysts’ consensus estimates of $15.14 by $2.22. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.22 billion. Everest Group had a net margin of 4.56% and a return on equity of 5.95%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $16.85 earnings per share. On average, equities analysts forecast that Everest Group, Ltd. will post 47.93 earnings per share for the current fiscal year.

Everest Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Wednesday, May 28th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 28th. Everest Group’s payout ratio is 42.46%.

Insider Activity at Everest Group

In other Everest Group news, CEO James Allan Williamson purchased 1,000 shares of the business’s stock in a transaction dated Wednesday, June 11th. The shares were bought at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the completion of the acquisition, the chief executive officer owned 25,618 shares in the company, valued at approximately $8,658,115.46. This trade represents a 4.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company’s stock.

About Everest Group

(Free Report)

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.

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