Wedge Capital Management L L P NC Takes Position in Everest Group, Ltd. (NYSE:EG)

Wedge Capital Management L L P NC bought a new stake in Everest Group, Ltd. (NYSE:EG) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,038 shares of the company’s stock, valued at approximately $2,135,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Everest Group in the fourth quarter valued at $39,992,000. Zweig DiMenna Associates LLC acquired a new stake in Everest Group in the fourth quarter worth about $35,503,000. Allspring Global Investments Holdings LLC acquired a new stake in Everest Group in the fourth quarter worth about $31,810,000. Strs Ohio bought a new position in shares of Everest Group during the 4th quarter valued at about $23,980,000. Finally, New York State Teachers Retirement System bought a new position in shares of Everest Group during the 4th quarter valued at about $19,854,000. 92.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EG has been the topic of several research reports. TD Cowen initiated coverage on Everest Group in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $421.00 target price on the stock. Keefe, Bruyette & Woods boosted their target price on Everest Group from $445.00 to $457.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Citigroup lowered Everest Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $452.00 to $375.00 in a report on Monday, February 12th. Wells Fargo & Company decreased their target price on Everest Group from $402.00 to $397.00 and set an “equal weight” rating on the stock in a report on Thursday, April 11th. Finally, Morgan Stanley decreased their target price on Everest Group from $466.00 to $450.00 and set an “overweight” rating on the stock in a report on Monday, April 15th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $432.11.

Everest Group Stock Performance

NYSE:EG opened at $365.55 on Thursday. The stock has a fifty day moving average price of $376.20 and a 200-day moving average price of $379.91. The company has a market cap of $19.47 billion, a price-to-earnings ratio of 6.12, a PEG ratio of 3.26 and a beta of 0.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.37 and a current ratio of 0.37. Everest Group, Ltd. has a fifty-two week low of $331.08 and a fifty-two week high of $417.92.

Everest Group (NYSE:EG) last announced its quarterly earnings data on Wednesday, February 7th. The company reported $25.18 earnings per share for the quarter, topping the consensus estimate of $14.63 by $10.55. Everest Group had a return on equity of 25.05% and a net margin of 17.26%. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.85 billion. During the same period in the prior year, the company earned $12.21 EPS. Everest Group’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, equities analysts anticipate that Everest Group, Ltd. will post 61.21 EPS for the current fiscal year.

Everest Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 27th. Investors of record on Tuesday, March 19th were given a dividend of $1.75 per share. The ex-dividend date was Monday, March 18th. This represents a $7.00 annualized dividend and a dividend yield of 1.91%. Everest Group’s dividend payout ratio is currently 11.72%.

Insider Buying and Selling

In other Everest Group news, CEO Mike Karmilowicz acquired 285 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was acquired at an average cost of $352.39 per share, for a total transaction of $100,431.15. Following the transaction, the chief executive officer now directly owns 10,586 shares in the company, valued at $3,730,400.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Roger M. Singer bought 500 shares of the stock in a transaction on Monday, February 12th. The stock was acquired at an average price of $357.21 per share, with a total value of $178,605.00. Following the acquisition, the director now directly owns 16,920 shares in the company, valued at $6,043,993.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mike Karmilowicz bought 285 shares of the stock in a transaction on Friday, February 9th. The stock was purchased at an average cost of $352.39 per share, with a total value of $100,431.15. Following the acquisition, the chief executive officer now owns 10,586 shares in the company, valued at $3,730,400.54. The disclosure for this purchase can be found here. Insiders acquired a total of 2,485 shares of company stock worth $874,786 in the last ninety days. 1.20% of the stock is owned by insiders.

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.