Everest Group (NYSE:EG) Price Target Raised to $423.00

Everest Group (NYSE:EG) had its target price increased by UBS Group from $395.00 to $423.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research firms have also recently commented on EG. Mizuho cut their target price on shares of Everest Group from $416.00 to $398.00 and set a “neutral” rating for the company in a research note on Wednesday, October 7th. Cantor Fitzgerald raised their price target on shares of Everest Group from $390.00 to $419.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank Of Canada raised their price target on shares of Everest Group from $455.00 to $475.00 and gave the company an “outperform” rating in a research note on Friday, October 30th. Wells Fargo & Company boosted their price objective on Everest Group from $396.00 to $428.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Atlantic Securities set a $484.00 price target on Everest Group in a research report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $426.27.

Everest Group Stock Up 2.5%

Everest Group stock opened at $420.93 on Monday. The business’s 50-day moving average price is $381.07 and its 200 day moving average price is $354.58. The company has a quick ratio of 0.35, a current ratio of 0.36 and a debt-to-equity ratio of 0.25. The firm has a market cap of $15.59 billion, a price-to-earnings ratio of 8.90, a price-to-earnings-growth ratio of 0.57 and a beta of 0.23. Everest Group has a 52 week low of $304.55 and a 52 week high of $421.52.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $7.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.38 by ($1.76). Everest Group had a net margin of 11.70% and a return on equity of 13.71%. The company had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.81 billion. During the same period in the previous year, the firm posted $7.54 earnings per share. The company’s revenue was down 14.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Everest Group will post 52.80 earnings per share for the current year.

Everest Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Wednesday, September 9th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 9th. Everest Group’s dividend payout ratio (DPR) is presently 16.91%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of EG. Lido Advisors LLC raised its stake in shares of Everest Group by 24.3% in the 3rd quarter. Lido Advisors LLC now owns 2,233 shares of the company’s stock valued at $816,000 after acquiring an additional 436 shares during the period. M&G PLC lifted its holdings in shares of Everest Group by 2.5% in the 3rd quarter. M&G PLC now owns 56,917 shares of the company’s stock worth $20,775,000 after acquiring an additional 1,407 shares during the last quarter. AlphaCore Capital LLC acquired a new position in shares of Everest Group in the 3rd quarter worth approximately $217,000. Leuthold Group LLC boosted its position in shares of Everest Group by 877.8% during the 3rd quarter. Leuthold Group LLC now owns 25,990 shares of the company’s stock worth $9,491,000 after purchasing an additional 23,332 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Everest Group by 30.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,379 shares of the company’s stock worth $877,000 after purchasing an additional 557 shares during the period. Institutional investors and hedge funds own 92.64% of the company’s stock.

Key Everest Group News

Here are the key news stories impacting Everest Group this week:

• Positive Sentiment: Keefe, Bruyette & Woods raised its price target to $450 from $407 and maintained an “outperform” rating, implying further upside from the cited share price. Separate reports also noted higher price targets from Wells Fargo and Cantor Fitzgerald, and a positive appreciation outlook from UBS. Keefe, Bruyette & Woods rating information Wells Fargo price target report Cantor Fitzgerald price target report UBS outlook report
• Neutral Sentiment: Several law firms issued investor notices about the same lawsuit and lead-plaintiff deadline; the notices do not describe separate cases. The proposed class period is February 8, 2024, through October 27, 2025, with a December 28, 2026 deadline to seek lead-plaintiff status. Investor notice
• Negative Sentiment: The securities lawsuit alleges Everest Group and its executives made false or misleading statements. The claims are allegations, but the litigation could create legal costs and uncertainty for investors. Class action investor alert

About Everest Group

Everest Group, Ltd. is a global insurance and reinsurance company that provides property and casualty coverage to businesses, institutions, and other insurers. Its operations focus on assuming and managing risks through reinsurance, as well as offering insurance products in selected specialty and commercial markets.

The company’s reinsurance business supports insurers across lines such as property, casualty, specialty, and other risks. Through its insurance platform, Everest provides coverage for commercial customers and specialty exposures, including property, casualty, professional liability, and other products that may vary by market.