Everest Group (NYSE:EG) Releases Quarterly Earnings Results, Beats Expectations By $0.34 EPS

Everest Group (NYSE:EG) released its quarterly earnings results on Monday. The company reported $16.32 earnings per share for the quarter, beating analysts’ consensus estimates of $15.98 by $0.34, Briefing.com reports. The business had revenue of $4.13 billion during the quarter, compared to analyst estimates of $4.05 billion. Everest Group had a return on equity of 25.05% and a net margin of 17.26%. Everest Group’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the company posted $11.31 EPS.

Everest Group Stock Down 2.8 %

Shares of Everest Group stock traded down $10.50 during midday trading on Tuesday, reaching $358.61. 59,001 shares of the company’s stock traded hands, compared to its average volume of 364,367. The company has a market cap of $19.10 billion, a price-to-earnings ratio of 6.18, a price-to-earnings-growth ratio of 3.22 and a beta of 0.56. Everest Group has a 52 week low of $331.08 and a 52 week high of $417.92. The company’s 50 day simple moving average is $375.85 and its 200 day simple moving average is $379.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.37 and a current ratio of 0.37.

Everest Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 27th. Stockholders of record on Tuesday, March 19th were paid a dividend of $1.75 per share. The ex-dividend date was Monday, March 18th. This represents a $7.00 annualized dividend and a dividend yield of 1.95%. Everest Group’s dividend payout ratio (DPR) is 11.72%.

Wall Street Analysts Forecast Growth

EG has been the topic of several research analyst reports. Wells Fargo & Company lowered their price objective on shares of Everest Group from $402.00 to $397.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 11th. TD Cowen initiated coverage on Everest Group in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $421.00 price objective for the company. 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 research note on Wednesday, April 10th. Citigroup cut shares of Everest Group from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $452.00 to $375.00 in a report on Monday, February 12th. Finally, Morgan Stanley dropped their price objective on shares of Everest Group from $466.00 to $450.00 and set an “overweight” rating on the stock in a research note on Monday, April 15th. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $432.11.

Insider Buying and Selling

In related news, CEO Mike Karmilowicz acquired 285 shares of the stock in a transaction dated Friday, February 9th. The shares were acquired at an average price of $352.39 per share, with a total value of $100,431.15. Following the acquisition, the chief executive officer now owns 10,586 shares in the company, valued at approximately $3,730,400.54. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Mike Karmilowicz bought 285 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were purchased at an average price of $352.39 per share, for a total transaction of $100,431.15. Following the acquisition, the chief executive officer now directly owns 10,586 shares of the company’s stock, valued at approximately $3,730,400.54. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Roger M. Singer purchased 500 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were purchased at an average price of $357.21 per share, with a total value of $178,605.00. Following the completion of the acquisition, the director now directly owns 16,920 shares of the company’s stock, valued at $6,043,993.20. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 2,485 shares of company stock worth $874,786. Corporate insiders own 1.20% of the company’s stock.

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.