Short Interest in Everest Group, Ltd. (NYSE:EG) Expands By 5.6%

Everest Group, Ltd. (NYSE:EG) was the target of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 816,800 shares, an increase of 5.6% from the June 30th total of 773,600 shares. Based on an average daily trading volume, of 272,900 shares, the days-to-cover ratio is presently 3.0 days. Currently, 2.5% of the company’s stock are short sold.

Everest Group Price Performance

EG traded down $24.53 during trading on Thursday, hitting $368.34. The company’s stock had a trading volume of 830,764 shares, compared to its average volume of 332,845. The firm has a market capitalization of $16.01 billion, a price-to-earnings ratio of 5.47, a P/E/G ratio of 2.01 and a beta of 0.63. The business’s fifty day simple moving average is $381.61 and its 200 day simple moving average is $377.97. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.25. Everest Group has a twelve month low of $343.36 and a twelve month high of $417.92.

Everest Group (NYSE:EG) last issued its earnings results on Wednesday, July 31st. The company reported $16.85 earnings per share for the quarter, missing the consensus estimate of $16.97 by ($0.12). Everest Group had a return on equity of 24.86% and a net margin of 18.69%. The company had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.32 billion. During the same quarter in the prior year, the firm earned $15.21 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, equities research analysts forecast that Everest Group will post 61.25 EPS for the current fiscal year.

Everest Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 29th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Wednesday, May 29th. This is a boost from Everest Group’s previous quarterly dividend of $1.75. Everest Group’s payout ratio is 11.89%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of Everest Group from $450.00 to $445.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Keefe, Bruyette & Woods decreased their price objective on shares of Everest Group from $457.00 to $454.00 and set an “outperform” rating for the company in a research report on Friday, July 12th. Bank of America lifted their price target on shares of Everest Group from $470.00 to $493.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, Wells Fargo & Company reduced their price objective on shares of Everest Group from $402.00 to $397.00 and set an “equal weight” rating for the company in a report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $437.40.

Institutional Trading of Everest Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. acquired a new position in shares of Everest Group during the 4th quarter worth $1,866,000. Global Retirement Partners LLC purchased a new position in Everest Group during the fourth quarter worth approximately $102,000. Fifth Third Bancorp purchased a new stake in Everest Group during the fourth quarter valued at about $308,000. State of Michigan Retirement System purchased a new position in shares of Everest Group in the 4th quarter worth about $4,494,000. Finally, Webster Bank N. A. acquired a new position in shares of Everest Group in the 4th quarter valued at about $177,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

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.