StockNews.com Initiates Coverage on Essent Group (NYSE:ESNT)

StockNews.com assumed coverage on shares of Essent Group (NYSE:ESNT – Get Rating) in a research note published on Thursday. The firm issued a hold rating on the financial services provider’s stock.

Other analysts have also issued research reports about the company. Barclays lowered Essent Group from an overweight rating to an equal weight rating and cut their price target for the company from $54.00 to $43.00 in a report on Friday, January 6th. Roth Capital reaffirmed a buy rating on shares of Essent Group in a research note on Monday, February 13th. Royal Bank of Canada upped their price objective on Essent Group from $46.00 to $49.00 and gave the stock an outperform rating in a research note on Monday, February 13th. The Goldman Sachs Group lowered Essent Group from a buy rating to a neutral rating and set a $44.00 price objective for the company. in a research note on Thursday, January 5th. Finally, JPMorgan Chase & Co. dropped their price objective on Essent Group from $53.00 to $50.00 in a research note on Tuesday, January 10th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Essent Group has a consensus rating of Moderate Buy and a consensus target price of $46.20.

Essent Group Stock Performance

Essent Group stock opened at $36.78 on Thursday. The stock has a fifty day moving average of $41.80 and a 200 day moving average of $39.41. Essent Group has a one year low of $34.27 and a one year high of $45.01. The stock has a market cap of $3.98 billion, a PE ratio of 4.77, a price-to-earnings-growth ratio of 0.63 and a beta of 1.19.

Essent Group (NYSE:ESNT – Get Rating) last released its quarterly earnings results on Friday, February 10th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.59 by ($0.22). Essent Group had a net margin of 83.07% and a return on equity of 19.28%. The company had revenue of $230.00 million for the quarter, compared to the consensus estimate of $245.56 million. During the same period in the prior year, the firm posted $1.64 EPS. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, sell-side analysts predict that Essent Group will post 6.12 EPS for the current fiscal year.

Essent Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 20th. Investors of record on Friday, March 10th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, March 9th. This is a positive change from Essent Group’s previous quarterly dividend of $0.23. This represents a $1.00 dividend on an annualized basis and a yield of 2.72%. Essent Group’s dividend payout ratio is presently 12.97%.

Insider Activity at Essent Group

In related news, SVP Mary Lourdes Gibbons sold 1,072 shares of the stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $45.00, for a total transaction of $48,240.00. Following the completion of the transaction, the senior vice president now directly owns 247,293 shares of the company’s stock, valued at $11,128,185. The sale was disclosed in a filing with the SEC, which is available through this link. In other Essent Group news, SVP Mary Lourdes Gibbons sold 1,072 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $45.00, for a total transaction of $48,240.00. Following the sale, the senior vice president now directly owns 247,293 shares in the company, valued at $11,128,185. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Douglas J. Pauls sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $43.49, for a total value of $108,725.00. Following the sale, the director now owns 26,575 shares in the company, valued at $1,155,746.75. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Essent Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its position in Essent Group by 43.2% during the third quarter. EverSource Wealth Advisors LLC now owns 1,832 shares of the financial services provider’s stock valued at $64,000 after purchasing an additional 553 shares during the period. Lazard Asset Management LLC raised its position in Essent Group by 43.9% during the first quarter. Lazard Asset Management LLC now owns 1,668 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 509 shares during the period. Sit Investment Associates Inc. purchased a new stake in shares of Essent Group in the second quarter worth approximately $112,000. Van ECK Associates Corp raised its holdings in shares of Essent Group by 9.9% in the third quarter. Van ECK Associates Corp now owns 3,281 shares of the financial services provider’s stock worth $114,000 after buying an additional 295 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Essent Group in the fourth quarter worth approximately $137,000. 92.07% of the stock is currently owned by hedge funds and other institutional investors.

About Essent Group

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Essent Group Ltd. is a holding company, which engages in the provision of banking services. It offers mortgage insurance, reinsurance, and risk management products. The company was founded by Mark A. Casale on July 1, 2008 and is headquartered in Hamilton, Bermuda.