Everest Group, Ltd. (NYSE:EG) Sees Significant Growth in Short Interest

Everest Group, Ltd. (NYSE:EG) saw a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 799,200 shares, a growth of 28.4% from the January 15th total of 622,200 shares. Based on an average trading volume of 419,900 shares, the days-to-cover ratio is currently 1.9 days. Currently, 2.5% of the shares of the company are sold short.

Everest Group Stock Performance

EG traded down $2.23 on Friday, hitting $333.18. The company’s stock had a trading volume of 398,901 shares, compared to its average volume of 451,300. The company’s 50 day simple moving average is $356.03 and its 200-day simple moving average is $371.61. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.26. Everest Group has a 12 month low of $327.37 and a 12 month high of $407.30. The firm has a market cap of $14.32 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 0.22 and a beta of 0.65.

Everest Group (NYSE:EG) last announced its quarterly earnings results on Monday, February 3rd. The company reported ($18.39) earnings per share for the quarter, missing the consensus estimate of $11.64 by ($30.03). Everest Group had a net margin of 7.95% and a return on equity of 9.04%. Analysts forecast that Everest Group will post 53.11 EPS for the current year.

Wall Street Analyst Weigh In

EG has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on Everest Group from $420.00 to $434.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Jefferies Financial Group lowered shares of Everest Group from a “buy” rating to a “hold” rating and increased their price target for the company from $420.00 to $429.00 in a research report on Tuesday, November 26th. TD Cowen lowered their price objective on shares of Everest Group from $444.00 to $419.00 and set a “hold” rating on the stock in a research report on Monday, November 18th. Wells Fargo & Company reduced their target price on shares of Everest Group from $390.00 to $380.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 14th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $340.00 price target (down previously from $425.00) on shares of Everest Group in a report on Wednesday, February 5th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $416.50.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EG. SBI Securities Co. Ltd. bought a new position in shares of Everest Group in the fourth quarter valued at approximately $31,000. Eastern Bank purchased a new stake in Everest Group in the 3rd quarter worth approximately $35,000. Brooklyn Investment Group bought a new position in Everest Group in the 3rd quarter valued at $39,000. Private Trust Co. NA grew its position in shares of Everest Group by 51.7% during the 3rd quarter. Private Trust Co. NA now owns 132 shares of the company’s stock valued at $52,000 after purchasing an additional 45 shares in the last quarter. Finally, Optiver Holding B.V. bought a new position in shares of Everest Group in the fourth quarter worth $51,000. Hedge funds and other institutional investors own 92.64% 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.