Synovus Financial Corp Increases Holdings in Everest Group, Ltd. (NYSE:EG)

Synovus Financial Corp increased its position in shares of Everest Group, Ltd. (NYSE:EG) by 116.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,561 shares of the company’s stock after purchasing an additional 2,453 shares during the quarter. Synovus Financial Corp’s holdings in Everest Group were worth $1,787,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. SG Americas Securities LLC raised its stake in shares of Everest Group by 284.8% during the 3rd quarter. SG Americas Securities LLC now owns 24,556 shares of the company’s stock valued at $9,622,000 after buying an additional 18,175 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Everest Group during the second quarter worth about $921,000. Brophy Wealth Management LLC purchased a new position in Everest Group during the third quarter valued at approximately $749,000. Intech Investment Management LLC lifted its holdings in Everest Group by 13.1% in the third quarter. Intech Investment Management LLC now owns 27,324 shares of the company’s stock valued at $10,706,000 after acquiring an additional 3,166 shares during the period. Finally, Mutual of America Capital Management LLC boosted its position in Everest Group by 17.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 19,962 shares of the company’s stock worth $7,822,000 after purchasing an additional 2,900 shares in the last quarter. Hedge funds and other institutional investors own 92.64% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Everest Group from $402.00 to $390.00 and set an “equal weight” rating for the company in a report on Wednesday, December 4th. Jefferies Financial Group cut shares of Everest Group from a “buy” rating to a “hold” rating and lifted their price objective for the company from $420.00 to $429.00 in a report on Tuesday, November 26th. Bank of America lowered their target price on shares of Everest Group from $496.00 to $485.00 and set a “buy” rating on the stock in a research note on Thursday, October 10th. Barclays cut their price target on Everest Group from $527.00 to $517.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Finally, UBS Group upgraded Everest Group to a “hold” rating in a research report on Wednesday, October 9th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Everest Group currently has a consensus rating of “Hold” and an average price target of $430.00.

Insider Activity

In other news, COO James Allan Williamson sold 200 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $370.00, for a total transaction of $74,000.00. Following the completion of the sale, the chief operating officer now owns 15,009 shares of the company’s stock, valued at $5,553,330. This represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mike Karmilowicz sold 269 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $348.48, for a total transaction of $93,741.12. Following the completion of the transaction, the executive vice president now directly owns 12,726 shares in the company, valued at approximately $4,434,756.48. This represents a 2.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

Everest Group Stock Up 0.1 %

EG opened at $362.81 on Monday. The company has a market cap of $15.59 billion, a PE ratio of 5.68, a price-to-earnings-growth ratio of 2.69 and a beta of 0.64. Everest Group, Ltd. has a twelve month low of $343.76 and a twelve month high of $407.30. The company has a 50-day moving average price of $376.63 and a 200 day moving average price of $379.74. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22.

Everest Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Wednesday, November 27th were issued a dividend of $2.00 per share. The ex-dividend date was Wednesday, November 27th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.21%. Everest Group’s payout ratio is currently 12.52%.

Everest Group 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.