Morgan Stanley Cuts Everest Group (NYSE:EG) Price Target to $445.00

Everest Group (NYSE:EG) had its target price reduced by research analysts at Morgan Stanley from $450.00 to $445.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 18.60% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company cut their target price on Everest Group from $402.00 to $397.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 11th. Keefe, Bruyette & Woods increased their target price on Everest Group from $445.00 to $457.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $431.56.

Everest Group Stock Performance

Shares of EG stock traded up $2.40 during trading hours on Wednesday, reaching $375.20. The stock had a trading volume of 84,363 shares, compared to its average volume of 326,228. The firm has a 50-day simple moving average of $380.04 and a 200-day simple moving average of $375.32. The firm has a market capitalization of $16.31 billion, a PE ratio of 5.58, a price-to-earnings-growth ratio of 3.26 and a beta of 0.63. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.38 and a quick ratio of 0.38. Everest Group has a twelve month low of $343.36 and a twelve month high of $417.92.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Monday, April 29th. The company reported $16.32 EPS for the quarter, beating the consensus estimate of $15.98 by $0.34. Everest Group had a return on equity of 24.86% and a net margin of 18.69%. The company had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.05 billion. During the same quarter last year, the company posted $11.31 earnings per share. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, equities analysts forecast that Everest Group will post 61.78 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of EG. Intech Investment Management LLC purchased a new position in shares of Everest Group in the fourth quarter valued at approximately $18,995,000. Dai ichi Life Insurance Company Ltd purchased a new stake in shares of Everest Group in the 4th quarter valued at about $1,271,000. Tower Research Capital LLC TRC purchased a new stake in Everest Group during the 4th quarter valued at approximately $2,372,000. Corient Private Wealth LLC purchased a new stake in Everest Group during the 4th quarter valued at approximately $7,139,000. Finally, Perpetual Ltd increased its position in Everest Group by 92.0% during the 1st quarter. Perpetual Ltd now owns 4,724 shares of the company’s stock worth $1,878,000 after purchasing an additional 2,264 shares during the period. 92.64% of the stock is owned by institutional investors and hedge funds.

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.