Sat Sep 07 11:50:49 UTC 2024: ## Rhumbline Advisers Reduces Everest Group Stake, While Other Institutional Investors Adjust Holdings

**New York, NY (September 7, 2024) -** Rhumbline Advisers, a prominent investment firm, reduced its stake in Everest Group, Ltd. (NYSE: EG) by 1.5% during the second quarter, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 80,335 shares of the company, representing a 0.18% stake valued at $30,609,000.

This move comes amid a mixed bag of investment activity by other institutional investors. While Rhumbline sold shares, CIBC Asset Management Inc. increased its position in Everest Group by 0.9%, now owning 5,849 shares valued at $2,229,000. Elevated Capital Advisors LLC boosted its position by 14.2%, owning 1,951 shares worth $743,000. Equitable Trust Co. expanded its stake by a significant 61.1%, now holding 14,281 shares valued at $5,441,000. New entrants included Van ECK Associates Corp, which acquired a new stake worth $151,000, and Cutter & CO Brokerage Inc., which lifted its position by 5.1%, now holding 1,001 shares worth $381,000.

Overall, institutional investors and hedge funds collectively own 92.64% of Everest Group’s stock.

The company’s stock opened at $383.61 on Friday, with a 52-week low of $343.76 and a high of $417.92. The stock has a market capitalization of $16.67 billion, a price-to-earnings ratio of 5.70, a PEG ratio of 2.56, and a beta of 0.62.

Everest Group also announced a quarterly dividend of $2.00 per share, payable on September 27th to investors of record on September 16th. This represents an annualized dividend of $8.00 and a yield of 2.09%.

Analysts continue to express varied opinions on the company. Morgan Stanley lowered its target price to $445.00 but maintained an “overweight” rating. Wells Fargo & Company raised its target price to $393.00 and gave the stock an “equal weight” rating. Bank of America lifted its price target to $493.00 and gave the stock a “buy” rating. However, Keefe, Bruyette & Woods reduced its target price to $438.00 while maintaining an “outperform” rating. Barclays initiated coverage on Everest Group with an “overweight” rating and a $527.00 price objective. Overall, the company currently has a consensus rating of “Moderate Buy” and an average target price of $439.00.

Everest Group, Ltd. provides reinsurance and insurance products globally through its two segments, Insurance and Reinsurance.

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