Zacks Investment Research upgraded shares of Essent Group Ltd. (NYSE:ESNT) from a hold rating to a buy rating in a research note issued to investors on Monday. The brokerage currently has $45.00 target price on the financial services provider’s stock.
According to Zacks, “Essent Group Ltd., through its subsidiaries, operates as a private mortgage insurance company. It serves originators of residential mortgage loans, such as regulated depository institutions, mortgage banks, credit unions, and other lenders. Essent Group Ltd. is based in Hamilton, Bermuda. “
A number of other research firms also recently issued reports on ESNT. Deutsche Bank AG boosted their price target on Essent Group from $42.00 to $48.00 and gave the company a buy rating in a research report on Tuesday, August 8th. Keefe, Bruyette & Woods set a $43.00 price target on Essent Group and gave the company a hold rating in a research report on Monday, August 7th. Barclays PLC boosted their price target on Essent Group from $43.00 to $45.00 and gave the company an overweight rating in a research report on Monday, August 7th. BidaskClub raised Essent Group from a sell rating to a hold rating in a research report on Saturday, September 16th. Finally, BTIG Research raised Essent Group from a neutral rating to a buy rating and set a $44.00 price target for the company in a research report on Tuesday, September 12th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $44.75.
Essent Group (NYSE:ESNT) traded up 1.222% during trading on Monday, reaching $41.015. The company had a trading volume of 105,005 shares. Essent Group has a 12 month low of $25.84 and a 12 month high of $41.44. The firm’s 50 day moving average is $39.09 and its 200-day moving average is $37.79. The company has a market capitalization of $3.83 billion, a P/E ratio of 14.596 and a beta of 1.14.
Essent Group (NYSE:ESNT) last announced its quarterly earnings data on Friday, August 4th. The financial services provider reported $0.77 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.09. The business had revenue of $137.61 million during the quarter, compared to the consensus estimate of $131.99 million. Essent Group had a return on equity of 18.77% and a net margin of 50.92%. The business’s revenue for the quarter was up 27.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 earnings per share. On average, equities analysts expect that Essent Group will post $3.04 earnings per share for the current year.
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In other Essent Group news, VP David B. Weinstock sold 2,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $38.91, for a total transaction of $77,820.00. Following the transaction, the vice president now owns 28,785 shares in the company, valued at $1,120,024.35. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Lawrence E. Mcalee, Jr. sold 3,118 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $40.00, for a total value of $124,720.00. Following the transaction, the chief financial officer now owns 272,167 shares in the company, valued at approximately $10,886,680. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,918 shares of company stock worth $832,670. 18.10% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. US Bancorp DE lifted its stake in shares of Essent Group by 4.6% in the first quarter. US Bancorp DE now owns 4,946 shares of the financial services provider’s stock worth $179,000 after acquiring an additional 218 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of Essent Group by 14.0% in the first quarter. BNP Paribas Arbitrage SA now owns 2,924 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 360 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Essent Group by 2.6% in the first quarter. Sei Investments Co. now owns 2,909 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 74 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Essent Group by 24.6% in the first quarter. Ameriprise Financial Inc. now owns 335,544 shares of the financial services provider’s stock worth $12,137,000 after acquiring an additional 66,231 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Essent Group by 15.3% in the first quarter. Parametric Portfolio Associates LLC now owns 87,226 shares of the financial services provider’s stock worth $3,155,000 after acquiring an additional 11,576 shares in the last quarter. Institutional investors own 81.40% of the company’s stock.
Essent Group Company Profile
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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