Essent Group (ESNT) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Essent Group (NYSE:ESNT) posted its quarterly earnings results on Friday. The financial services provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01, Morningstar.com reports. Essent Group had a net margin of 51.64% and a return on equity of 18.55%. The firm had revenue of $161.77 million for the quarter, compared to analyst estimates of $155.22 million. During the same quarter last year, the firm posted $0.68 earnings per share. Essent Group’s revenue for the quarter was up 28.0% compared to the same quarter last year.

Shares of Essent Group (NYSE:ESNT) opened at $43.92 on Friday. The stock has a market cap of $4,323.22, a P/E ratio of 11.09, a PEG ratio of 1.10 and a beta of 1.15. Essent Group has a 12 month low of $33.45 and a 12 month high of $50.08.

In other news, Director Andrew Turnbull sold 15,813 shares of Essent Group stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $45.62, for a total transaction of $721,389.06. Following the sale, the director now owns 45,409 shares in the company, valued at $2,071,558.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Glanville sold 3,000 shares of Essent Group stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $44.88, for a total transaction of $134,640.00. The disclosure for this sale can be found here. Insiders have sold 34,013 shares of company stock worth $1,546,045 in the last quarter. Insiders own 18.10% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Essent Group by 24.7% in the fourth quarter. BlackRock Inc. now owns 7,903,032 shares of the financial services provider’s stock worth $343,152,000 after buying an additional 1,562,879 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Essent Group by 57.7% in the third quarter. Victory Capital Management Inc. now owns 2,351,264 shares of the financial services provider’s stock worth $95,226,000 after buying an additional 860,300 shares during the last quarter. APG Asset Management N.V. increased its stake in shares of Essent Group by 242.5% in the fourth quarter. APG Asset Management N.V. now owns 1,144,800 shares of the financial services provider’s stock worth $41,395,000 after buying an additional 810,600 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Essent Group by 69.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,068,425 shares of the financial services provider’s stock worth $46,390,000 after buying an additional 437,425 shares during the last quarter. Finally, Koch Industries Inc. bought a new stake in shares of Essent Group in the second quarter worth $395,000. Institutional investors own 86.64% of the company’s stock.

ESNT has been the topic of several research reports. Deutsche Bank raised their price target on shares of Essent Group from $48.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research upgraded shares of Essent Group from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Monday, December 25th. ValuEngine lowered shares of Essent Group from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. Royal Bank of Canada initiated coverage on shares of Essent Group in a report on Wednesday, December 20th. They issued an “outperform” rating and a $54.00 price target on the stock. Finally, BTIG Research raised their price target on shares of Essent Group from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, December 20th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Essent Group has an average rating of “Buy” and an average price target of $51.09.

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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.

Earnings History for Essent Group (NYSE:ESNT)

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