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Everest Group, Ltd. (EG), headquartered in Hamilton, Bermuda, is a leading provider of reinsurance and insurance products worldwide. With a market cap of $16.59 billion, it offers a comprehensive range of property and casualty reinsurance, specialty lines, and direct insurance products through brokers and agents across the United States, Europe, and other regions. Formerly known as Everest Re Group, Ltd., the company rebranded in July 2023. Everest Group will announce its fiscal Q2 earnings results after the market closes on Wednesday, Jul. 31.
Ahead of the event, analysts expect EG to report a profit of $17.12 per share, up 12.6% from $15.21 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
EG's adjusted earnings of $16.32 per share for the last reported quarter surpassed the consensus estimate by 2.1%. Strong underwriting performance aided its results. Revenues increased year over year but missed estimates.
For fiscal 2024, analysts expect EG to report EPS of $61.49, down 7.4% from $66.39 in fiscal 2023.
EG stock is up 12.1% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 18.1% gains and the Financial Select Sector SPDR Fund’s (XLF) 14.4% returns over the same time frame.
On Apr. 29, EG reported its Q1 results with a revenue of $4.13 billion, missing the consensus estimate by 1.6%. EG shares saw a marginal decline the following day.
The consensus opinion on EG stock is optimistic, with an overall “Moderate Buy” rating. Out of 11 analysts covering the stock, four advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, five recommends a “Hold,” and one suggests a “Strong Sell.” EG's average analyst price target is $428.30, indicating a potential upside of 8.1% from the 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.
