BidaskClub upgraded shares of Essent Group Ltd. (NYSE:ESNT) from a hold rating to a buy rating in a research note issued to investors on Wednesday, October 18th.
Other research analysts have also issued research reports about the company. BTIG Research raised Essent Group from a neutral rating to a buy rating and set a $44.00 target price for the company in a research report on Tuesday, September 12th. Zacks Investment Research raised Essent Group from a hold rating to a buy rating and set a $41.00 target price for the company in a research report on Friday, September 8th. Barclays PLC reissued a buy rating on shares of Essent Group in a research report on Wednesday, August 9th. Deutsche Bank AG increased their target price on Essent Group from $42.00 to $48.00 and gave the stock a buy rating in a research report on Tuesday, August 8th. Finally, Compass Point reissued a buy rating and issued a $50.00 target price (up previously from $38.00) on shares of Essent Group in a research report on Wednesday, October 11th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $44.88.
Shares of Essent Group (NYSE:ESNT) opened at 43.73 on Wednesday. Essent Group has a 1-year low of $25.84 and a 1-year high of $45.10. The company’s 50-day moving average price is $40.35 and its 200 day moving average price is $38.27. The firm has a market cap of $4.09 billion, a PE ratio of 15.56 and a beta of 1.14.
Essent Group (NYSE:ESNT) last released its quarterly earnings results on Friday, August 4th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.09. Essent Group had a return on equity of 18.77% and a net margin of 50.92%. The business had revenue of $137.61 million during the quarter, compared to analyst estimates of $131.99 million. During the same quarter in the prior year, the company posted $0.57 EPS. Essent Group’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, analysts predict that Essent Group will post $3.04 EPS for the current year.
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In other Essent Group news, VP David B. Weinstock sold 2,000 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $38.95, for a total transaction of $77,900.00. Following the sale, the vice president now directly owns 30,785 shares in the company, valued at approximately $1,199,075.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Mary Lourdes Gibbons sold 4,600 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $40.01, for a total value of $184,046.00. Following the sale, the senior vice president now owns 267,502 shares in the company, valued at $10,702,755.02. The disclosure for this sale can be found here. Insiders sold a total of 36,363 shares of company stock worth $1,531,285 in the last 90 days. 18.10% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in ESNT. BlackRock Inc. boosted its stake in shares of Essent Group by 6,828.8% in the 1st quarter. BlackRock Inc. now owns 5,844,752 shares of the financial services provider’s stock worth $211,403,000 after buying an additional 5,760,398 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Essent Group by 9.1% in the 2nd quarter. Vanguard Group Inc. now owns 7,826,998 shares of the financial services provider’s stock worth $290,695,000 after buying an additional 655,163 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Essent Group by 18.7% in the 2nd quarter. Alliancebernstein L.P. now owns 3,755,887 shares of the financial services provider’s stock worth $139,494,000 after buying an additional 592,824 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Essent Group in the 2nd quarter worth $19,348,000. Finally, Koch Industries Inc. purchased a new position in shares of Essent Group in the 2nd quarter worth $395,000. Hedge funds and other institutional investors own 81.02% of the company’s stock.
About Essent Group
Essent Group Ltd. is a private mortgage insurance company. The Company is engaged in offering private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Its products and services include mortgage insurance, contract underwriting, and Bermuda-based insurance and reinsurance.
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