What You Need to Know Ahead of Everest Group's Earnings Release

Headquartered in Hamilton, Bermuda, Everest Group, Ltd. (EG)  is a leading provider of insurance and reinsurance products worldwide. With a market cap of $16.9 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. Everest Group will announce its fiscal Q3 earnings results after the market closes on Thursday, Oct. 31.

Ahead of the event, analysts expect EG to report a profit of $11.52 per share, down 18.5% from $14.14 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in three of the last four quarters while missing one quarter. 

For fiscal 2024, analysts expect EG to report EPS of $61.79, down 6.9% from $66.39 in fiscal 2023. 

EG stock is up 9.2% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 22.5% gains and the Financial Select Sector SPDR Fund’s (XLF) 26.3% returns over the same time frame.

On Oct. 10, Everest Group shares rose over 1% as insurance stocks rallied, following the weakening of Hurricane Milton to a Category 3 storm before making landfall in Florida, reducing the potential for severe damage.

Additionally, EG shares surged marginally following its Q2 earnings release on Jul. 31. While it surpassed its bottom line expectations, it missed its topline forecast. 

The consensus opinion on EG stock is fairly optimistic, with an overall “Moderate Buy” rating. Out of 14 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, six recommend a “Hold,” and one suggests a “Strong Sell.” 

EG's average analyst price target is $436.54, indicating a potential upside of 13.1% from the current levels.

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On the date of publication, Kritika Sarmah 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.