James Allan Williamson, the Executive Vice President and Chief Operating Officer of Everest Group, Ltd. (NYSE:EG), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Williamson sold 200 common shares on November 14 for a total of $74,000, with each share priced at $370. This transaction was executed in the open market. Following the sale, Williamson retains ownership of 15,009 shares in the company.
In other recent news, Everest Group reported significant developments in its financial performance and strategic decisions. The company announced an expansion to its share repurchase program, with an additional 10 million shares approved for buyback, and declared a dividend of $2.00 per common share. BMO Capital Markets adjusted its price target on Everest Group shares from $383.00 to $372.00, maintaining its Market Perform rating. The adjustment was based on several factors, including investor sentiment and reserve analysis.
In its third-quarter earnings call, Everest Group reported a strong annualized total shareholder return of 19.4% and an operating return on equity of 18.7% year-to-date. The company's gross written premiums stood at $4.4 billion, marking a 1% increase, and shareholders' equity reached $15.3 billion, a 19.1% increase from year-end 2023. Everest Group is also in the process of selling its EverSports and Entertainment Insurance business.
These recent developments reflect Everest Group's commitment to returning value to its shareholders and its strategy of disciplined underwriting. BMO Capital Markets continues to monitor the company's financial health and strategic decisions, and Everest Group anticipates firm pricing conditions for property and specialty lines in the upcoming January renewals.
InvestingPro Insights
To provide additional context to James Allan Williamson's recent sale of Everest Group, Ltd. (NYSE:EG) shares, let's examine some key financial metrics and insights from InvestingPro.
As of the latest data, Everest Group boasts a market capitalization of $16.0 billion, indicating its significant presence in the insurance industry. The company's P/E ratio stands at 5.83, suggesting that it may be undervalued compared to its peers. This low earnings multiple is further emphasized by an InvestingPro Tip, which notes that Everest Group is "Trading at a low P/E ratio relative to near-term earnings growth."
Everest Group has demonstrated a commitment to shareholder returns, with an InvestingPro Tip highlighting that the company "Has raised its dividend for 3 consecutive years." The current dividend yield is 2.15%, with the most recent ex-dividend date being September 16, 2024. This consistent dividend growth may be attractive to income-focused investors.
The company's financial performance appears solid, with revenue growth of 16.15% over the last twelve months as of Q3 2024, reaching $16.44 billion. Additionally, Everest Group maintains a healthy gross profit margin of 17.52% and an operating income margin of 16.99% for the same period.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for Everest Group, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.