Essent Group (ESNT) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Essent Group (NYSE:ESNT) announced its quarterly earnings results on Friday. The financial services provider reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.06, MarketWatch Earnings reports. The company had revenue of $185.00 million during the quarter, compared to analysts’ expectations of $181.40 million. Essent Group had a return on equity of 19.37% and a net margin of 71.08%. Essent Group’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share.

Shares of ESNT opened at $39.84 on Friday. Essent Group has a 12 month low of $32.73 and a 12 month high of $50.08. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 10.65, a price-to-earnings-growth ratio of 0.91 and a beta of 1.30.

In other Essent Group news, SVP Jeff Cashmer sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 17th. The stock was sold at an average price of $40.06, for a total value of $1,001,500.00. Following the sale, the senior vice president now directly owns 143,395 shares of the company’s stock, valued at $5,744,403.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP David B. Weinstock sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $45.51, for a total value of $91,020.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,468 shares of company stock worth $3,941,196. 3.00% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of ESNT. FMR LLC boosted its stake in shares of Essent Group by 25.3% in the third quarter. FMR LLC now owns 8,638,849 shares of the financial services provider’s stock worth $382,269,000 after acquiring an additional 1,744,715 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Essent Group by 2.9% in the third quarter. BlackRock Inc. now owns 7,482,244 shares of the financial services provider’s stock worth $331,089,000 after acquiring an additional 214,025 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Essent Group by 18.6% in the third quarter. Alliancebernstein L.P. now owns 2,946,507 shares of the financial services provider’s stock worth $130,383,000 after acquiring an additional 461,486 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of Essent Group by 8.7% in the second quarter. Macquarie Group Ltd. now owns 1,423,708 shares of the financial services provider’s stock worth $50,997,000 after acquiring an additional 114,438 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Essent Group by 43.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,289,183 shares of the financial services provider’s stock worth $46,180,000 after acquiring an additional 387,615 shares during the last quarter. 89.38% of the stock is currently owned by institutional investors.

ESNT has been the subject of several recent research reports. Zacks Investment Research upgraded Essent Group from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Wednesday, July 25th. JPMorgan Chase & Co. reduced their price target on Essent Group from $51.00 to $40.00 and set a “$38.36” rating for the company in a research report on Monday, July 23rd. ValuEngine cut Essent Group from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. MKM Partners reduced their price target on Essent Group to $40.00 and set a “neutral” rating for the company in a research report on Monday, August 6th. Finally, Susquehanna Bancshares lifted their price target on Essent Group from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $50.25.

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Essent Group Company Profile

Essent Group Ltd., through its subsidiaries, provides private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. The company also provides information technology maintenance and development services; customer support-related services; and contract underwriting services.

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Earnings History for Essent Group (NYSE:ESNT)

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