Everest Group (NYSE:EG) Downgraded to “Market Perform” Rating by BMO Capital Markets

Everest Group (NYSE:EG) was downgraded by BMO Capital Markets from an “outperform” rating to a “market perform” rating in a report issued on Thursday,Briefing.com Automated Import reports. They presently have a $375.00 price target on the stock, down from their previous price target of $453.00. BMO Capital Markets’ target price indicates a potential upside of 6.52% from the company’s previous close.

EG has been the subject of a number of other research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Everest Group from $420.00 to $434.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Wells Fargo & Company cut their price objective on shares of Everest Group from $390.00 to $380.00 and set an “equal weight” rating for the company in a report on Tuesday, January 14th. Bank of America cut their price objective on shares of Everest Group from $496.00 to $485.00 and set a “buy” rating for the company in a report on Thursday, October 10th. UBS Group raised shares of Everest Group to a “hold” rating in a report on Wednesday, October 9th. Finally, Barclays cut their price objective on shares of Everest Group from $499.00 to $461.00 and set an “overweight” rating for the company in a report on Tuesday. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $422.56.

Everest Group Stock Performance

Shares of EG stock opened at $352.06 on Thursday. The company has a market capitalization of $15.13 billion, a price-to-earnings ratio of 5.51, a PEG ratio of 2.47 and a beta of 0.65. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.40 and a current ratio of 0.40. The company has a 50-day simple moving average of $366.84 and a 200 day simple moving average of $375.87. Everest Group has a 52 week low of $343.76 and a 52 week high of $407.30.

Insider Activity

In related news, Director William F. Galtney, Jr. acquired 2,870 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $348.64 per share, for a total transaction of $1,000,596.80. Following the transaction, the director now directly owns 32,822 shares in the company, valued at $11,443,062.08. This trade represents a 9.58 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mike Karmilowicz sold 269 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were 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 owns 12,726 shares of the company’s stock, valued at approximately $4,434,756.48. This trade represents a 2.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Everest Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in EG. Mizuho Securities USA LLC increased its position in Everest Group by 12,263.1% in the 3rd quarter. Mizuho Securities USA LLC now owns 415,400 shares of the company’s stock valued at $162,766,000 after acquiring an additional 412,040 shares during the period. World Investment Advisors LLC bought a new stake in shares of Everest Group in the 3rd quarter valued at $120,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Everest Group by 442.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 308,155 shares of the company’s stock valued at $120,744,000 after purchasing an additional 251,337 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Everest Group by 39.7% in the 3rd quarter. Assetmark Inc. now owns 409,989 shares of the company’s stock valued at $160,646,000 after purchasing an additional 116,559 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Everest Group by 21.5% in the 3rd quarter. FMR LLC now owns 410,861 shares of the company’s stock valued at $160,988,000 after purchasing an additional 72,822 shares during the last quarter. 92.64% of the stock is currently owned by institutional investors and hedge funds.

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.