Barclays Lowers Everest Group (NYSE:EG) Price Target to $517.00

Everest Group (NYSE:EG) had its price objective cut by analysts at Barclays from $527.00 to $517.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 47.31% from the stock’s current price.

EG has been the topic of a number of other reports. BMO Capital Markets restated a “market perform” rating and set a $403.00 target price on shares of Everest Group in a research report on Friday, August 30th. Jefferies Financial Group raised their price objective on shares of Everest Group from $440.00 to $457.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Morgan Stanley dropped their target price on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. TD Cowen reduced their price target on Everest Group from $419.00 to $405.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods decreased their price objective on Everest Group from $454.00 to $438.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $438.36.

Everest Group Stock Performance

Everest Group stock opened at $350.97 on Thursday. The stock has a 50-day simple moving average of $386.85 and a 200 day simple moving average of $380.64. The stock has a market capitalization of $15.11 billion, a price-to-earnings ratio of 5.49, a P/E/G ratio of 2.67 and a beta of 0.61. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group has a 12-month low of $343.76 and a 12-month high of $417.92.

Everest Group (NYSE:EG) last released its quarterly earnings results on Wednesday, July 31st. The company reported $16.85 EPS for the quarter, missing the consensus estimate of $16.97 by ($0.12). Everest Group had a net margin of 16.99% and a return on equity of 23.13%. The company had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.32 billion. During the same period last year, the company earned $15.21 earnings per share. Everest Group’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, research analysts anticipate that Everest Group will post 60.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Everest Group

Several institutional investors and hedge funds have recently modified their holdings of EG. Wealth Enhancement Advisory Services LLC boosted its stake in Everest Group by 163.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,772 shares of the company’s stock worth $1,897,000 after purchasing an additional 2,964 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Everest Group by 10.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 99,215 shares of the company’s stock worth $39,438,000 after buying an additional 9,250 shares in the last quarter. Norden Group LLC acquired a new stake in Everest Group in the 1st quarter valued at approximately $222,000. First Trust Direct Indexing L.P. lifted its stake in Everest Group by 0.9% in the 1st quarter. First Trust Direct Indexing L.P. now owns 2,976 shares of the company’s stock valued at $1,183,000 after acquiring an additional 28 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in Everest Group by 156.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 1,880 shares of the company’s stock worth $748,000 after acquiring an additional 1,148 shares during the last quarter. 92.64% of the stock is currently 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.