Essent Group (ESNT) Rating Increased to Buy at Deutsche Bank

Deutsche Bank upgraded shares of Essent Group (NYSE:ESNT) from a hold rating to a buy rating in a report published on Monday, January 8th, MarketBeat reports. They currently have $61.00 target price on the financial services provider’s stock, up from their prior target price of $49.00.

A number of other research firms also recently issued reports on ESNT. BTIG Research boosted their price target on Essent Group from $49.00 to $54.00 and gave the company a buy rating in a research report on Wednesday, December 20th. Royal Bank of Canada started coverage on Essent Group in a research report on Wednesday, December 20th. They set an outperform rating and a $54.00 price target for the company. Zacks Investment Research raised Essent Group from a hold rating to a buy rating and set a $51.00 target price for the company in a research report on Monday, December 25th. ValuEngine downgraded Essent Group from a strong-buy rating to a buy rating in a research report on Friday, December 1st. Finally, Wells Fargo & Co began coverage on Essent Group in a report on Tuesday, November 28th. They issued an outperform rating and a $52.00 price target for the company. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $49.40.

Essent Group (NYSE ESNT) opened at $48.36 on Monday. Essent Group has a 1-year low of $32.41 and a 1-year high of $49.00. The stock has a market capitalization of $4,714.01, a price-to-earnings ratio of 16.17, a P/E/G ratio of 1.22 and a beta of 1.15.

Essent Group (NYSE:ESNT) last released its quarterly earnings results on Thursday, November 9th. The financial services provider reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.07. Essent Group had a return on equity of 18.55% and a net margin of 51.64%. The company had revenue of $150.20 million during the quarter, compared to analysts’ expectations of $143.79 million. During the same period in the previous year, the firm posted $0.65 earnings per share. The business’s revenue for the quarter was up 23.9% compared to the same quarter last year. research analysts predict that Essent Group will post 3.07 EPS for the current fiscal year.

In other Essent Group news, Director Andrew Turnbull sold 10,000 shares of the stock in a transaction on Friday, December 1st. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the transaction, the director now directly owns 45,409 shares of the company’s stock, valued at approximately $2,043,405. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Glanville sold 3,000 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $44.88, for a total value of $134,640.00. The disclosure for this sale can be found here. Insiders have sold a total of 33,813 shares of company stock worth $1,536,029 over the last quarter. Insiders own 18.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Essent Group by 9.1% during the 2nd quarter. Vanguard Group Inc. now owns 7,826,998 shares of the financial services provider’s stock worth $290,695,000 after acquiring an additional 655,163 shares in the last quarter. Victory Capital Management Inc. lifted its holdings 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 valued at $95,226,000 after purchasing an additional 860,300 shares in the last quarter. Capital World Investors lifted its holdings in shares of Essent Group by 25.1% in the second quarter. Capital World Investors now owns 1,419,000 shares of the financial services provider’s stock valued at $52,702,000 after purchasing an additional 285,000 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Essent Group by 11.5% in the third quarter. Macquarie Group Ltd. now owns 1,340,407 shares of the financial services provider’s stock valued at $54,286,000 after purchasing an additional 137,846 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of Essent Group by 2.1% in the third quarter. Boston Partners now owns 1,267,201 shares of the financial services provider’s stock valued at $51,322,000 after purchasing an additional 26,242 shares in the last quarter. 85.83% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Essent Group (NYSE:ESNT)

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