Norges Bank Takes $202.27 Million Position in Everest Group, Ltd. (NYSE:EG)

Norges Bank acquired a new stake in Everest Group, Ltd. (NYSE:EG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 572,067 shares of the company’s stock, valued at approximately $202,271,000. Norges Bank owned approximately 1.32% of Everest Group at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. New York State Common Retirement Fund acquired a new stake in shares of Everest Group in the fourth quarter valued at $13,273,000. Victory Capital Management Inc. acquired a new stake in shares of Everest Group in the fourth quarter valued at $40,865,000. Avidian Wealth Solutions LLC acquired a new stake in shares of Everest Group in the fourth quarter valued at $836,000. Everence Capital Management Inc. acquired a new stake in shares of Everest Group in the fourth quarter valued at $1,004,000. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Everest Group in the fourth quarter valued at $904,000. 92.64% of the stock is owned by institutional investors and hedge funds.

Everest Group Stock Up 1.3 %

Shares of NYSE EG opened at $399.44 on Thursday. The company has a market capitalization of $17.36 billion, a price-to-earnings ratio of 5.94, a price-to-earnings-growth ratio of 3.46 and a beta of 0.57. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.38 and a quick ratio of 0.38. The business has a 50-day moving average of $379.39 and a two-hundred day moving average of $377.66. Everest Group, Ltd. has a 1 year low of $331.08 and a 1 year high of $417.92.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Monday, April 29th. The company reported $16.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $15.98 by $0.34. The company had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.05 billion. Everest Group had a return on equity of 24.86% and a net margin of 18.69%. Everest Group’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the business earned $11.31 EPS. On average, analysts forecast that Everest Group, Ltd. will post 61.65 earnings per share for the current fiscal year.

Everest Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 29th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.00%. This is an increase from Everest Group’s previous quarterly dividend of $1.75. The ex-dividend date is Wednesday, May 29th. Everest Group’s payout ratio is 10.40%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Citigroup lowered Everest Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $452.00 to $375.00 in a report on Monday, February 12th. Morgan Stanley decreased their target price on Everest Group from $466.00 to $450.00 and set an “overweight” rating for the company in a report on Monday, April 15th. Wells Fargo & Company decreased their target price on Everest Group from $402.00 to $397.00 and set an “equal weight” rating for the company in a report on Thursday, April 11th. Finally, Keefe, Bruyette & Woods lifted their target price on Everest Group from $445.00 to $457.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Everest Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $432.11.

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.