Essent Group (NYSE:ESNT) Releases Earnings Results

Essent Group (NYSE:ESNT) announced its quarterly earnings data on Friday. The financial services provider reported $1.67 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.08), Zacks reports. Essent Group had a return on equity of 12.66% and a net margin of 56.36%.The firm had revenue of $298.41 million for the quarter, compared to analyst estimates of $316.84 million. During the same period in the previous year, the business posted $1.65 EPS. Essent Group’s revenue for the quarter was down 1.5% compared to the same quarter last year.

Essent Group Price Performance

ESNT stock traded up $0.37 during mid-day trading on Friday, hitting $61.15. The stock had a trading volume of 1,109,369 shares, compared to its average volume of 562,307. The firm has a fifty day simple moving average of $61.91 and a 200 day simple moving average of $59.90. The firm has a market capitalization of $6.03 billion, a P/E ratio of 8.90, a P/E/G ratio of 2.65 and a beta of 0.91. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.09. Essent Group has a 52 week low of $51.61 and a 52 week high of $65.90.

Essent Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Monday, December 1st. Essent Group’s dividend payout ratio (DPR) is currently 18.10%.

Analyst Ratings Changes

Several research analysts recently weighed in on ESNT shares. DOWLING & PARTN cut shares of Essent Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 12th. The Goldman Sachs Group set a $60.00 price target on shares of Essent Group and gave the stock a “neutral” rating in a research report on Friday, August 8th. Compass Point reissued a “buy” rating on shares of Essent Group in a report on Friday, August 8th. Barclays upped their price objective on shares of Essent Group from $59.00 to $66.00 and gave the company a “cautious” rating in a research report on Monday, October 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Essent Group in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Essent Group presently has an average rating of “Hold” and an average price target of $65.67.

Insider Buying and Selling

In other news, SVP Mary Lourdes Gibbons sold 4,000 shares of the business’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $65.00, for a total value of $260,000.00. Following the transaction, the senior vice president directly owned 243,023 shares of the company’s stock, valued at $15,796,495. The trade was a 1.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William Spiegel sold 6,451 shares of the company’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $62.74, for a total value of $404,735.74. Following the sale, the director owned 26,252 shares in the company, valued at approximately $1,647,050.48. The trade was a 19.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 28,190 shares of company stock valued at $1,802,316. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Essent Group

Hedge funds have recently added to or reduced their stakes in the stock. Sivia Capital Partners LLC bought a new position in Essent Group during the second quarter valued at $346,000. M&T Bank Corp purchased a new position in shares of Essent Group during the 2nd quarter valued at $239,000. EverSource Wealth Advisors LLC grew its stake in shares of Essent Group by 160.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,080 shares of the financial services provider’s stock worth $126,000 after acquiring an additional 1,280 shares during the period. Baird Financial Group Inc. purchased a new stake in Essent Group in the 2nd quarter worth about $211,000. Finally, Jump Financial LLC bought a new stake in Essent Group in the 2nd quarter valued at about $224,000. Institutional investors and hedge funds own 93.00% of the company’s stock.

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. Its mortgage insurance products include primary, pool, and master policy. The company also provides information technology maintenance and development services; customer support-related services; underwriting consulting; and contract underwriting services, as well as risk management products and title insurance and settlement services.