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Everest Group, Ltd. (EG), headquartered in Hamilton, Bermuda, is a major player in insurance and reinsurance solutions with a market cap of $16.84 billion. Competing with major firms like AXIS Capital Holdings Limited (AXS), Everest offers a broad range of property and casualty insurance, specialty insurance, and reinsurance services across various industries worldwide.
Companies valued at $10 billion or more are classified as "large-cap" stocks and Everest Group is a prime example of this, underscoring its substantial scale, financial strength, and influence within the global insurance and reinsurance markets.
EG shares are trading 7.5% below their 52-week high of $417.92, which they hit on Nov. 24, 2023. However, the stock has gained 2.5% over the past three months, underperforming the SPDR S&P Insurance ETF’s (KIE) 12.4% gain over the same time frame.
In the longer term, EG is up 9.4% on a YTD basis. However, the shares have declined 1.3% over the past 52 weeks. The KIE has gained 25.4% in 2024 and 30.7% over the past year.
EG has been trading above its 50-day and 200-day moving averages since mid-September, which indicates its bullish trend.
EG shares surged marginally following its Q2 earnings release on Jul. 31. Its adjusted EPS of $16.85 exceeded Wall Street expectations of $16.97. The company’s revenue was $4.23 billion, missing the Wall Street forecasts of $4.38 billion.
Highlighting the contrast in performance, rival AXS has underperformed EG and KIE, with a 41.5% gain on a YTD basis.
Despite EG's recent underperformance compared to its sector, analysts are moderately bullish about its prospects. The stock has a consensus rating of "Moderate Buy" from 13 analysts in coverage. The mean price target is $429.75, suggesting an 11.1% premium to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
