Essent Group (ESNT) Issues Earnings Results

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Essent Group (NYSE:ESNT) posted its earnings results on Friday. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.04, MarketWatch Earnings reports. Essent Group had a net margin of 71.08% and a return on equity of 19.37%. The firm had revenue of $185.00 million during the quarter, compared to analysts’ expectations of $181.40 million. During the same period in the previous year, the company earned $0.82 earnings per share. The company’s revenue was up 23.2% compared to the same quarter last year.

Shares of Essent Group stock opened at $39.84 on Friday. Essent Group has a 1-year low of $32.73 and a 1-year high of $50.08. The firm has a market capitalization of $4.01 billion, a PE ratio of 10.52, a PEG ratio of 0.90 and a beta of 1.30.

A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Essent Group from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Thursday, October 25th. Susquehanna Bancshares boosted their price objective on shares of Essent Group from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. MKM Partners reduced their price objective on shares of Essent Group to $40.00 and set a “neutral” rating for the company in a research note on Monday, August 6th. JPMorgan Chase & Co. reduced their price objective on shares of Essent Group from $51.00 to $40.00 and set a “$38.36” rating for the company in a research note on Monday, July 23rd. Finally, ValuEngine cut shares of Essent Group from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. Essent Group has a consensus rating of “Buy” and a consensus price target of $50.25.

In related news, VP David B. Weinstock sold 2,000 shares of the company’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $45.51, for a total transaction of $91,020.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Vijay Bhasin sold 27,869 shares of the company’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $44.64, for a total transaction of $1,244,072.16. Following the transaction, the senior vice president now owns 278,515 shares of the company’s stock, valued at $12,432,909.60. The disclosure for this sale can be found here. Insiders sold 90,468 shares of company stock valued at $3,941,196 over the last 90 days. 3.00% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Northern Trust Corp raised its stake in Essent Group by 23.7% during the 2nd quarter. Northern Trust Corp now owns 1,237,402 shares of the financial services provider’s stock valued at $44,324,000 after purchasing an additional 237,141 shares during the last quarter. Sentinel Trust Co. LBA acquired a new position in Essent Group during the 2nd quarter valued at $648,000. Swiss National Bank raised its stake in Essent Group by 5.5% during the 2nd quarter. Swiss National Bank now owns 153,700 shares of the financial services provider’s stock valued at $5,506,000 after purchasing an additional 8,000 shares during the last quarter. Rehmann Capital Advisory Group acquired a new position in Essent Group during the 2nd quarter valued at $202,000. Finally, Moody Aldrich Partners LLC raised its stake in Essent Group by 10.1% during the 2nd quarter. Moody Aldrich Partners LLC now owns 80,261 shares of the financial services provider’s stock valued at $2,875,000 after purchasing an additional 7,373 shares during the last quarter. Hedge funds and other institutional investors own 89.38% of the company’s stock.

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About Essent Group

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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