Essent Group (NYSE:ESNT) Reaches New 52-Week High at $64.98

Essent Group Ltd. (NYSE:ESNT) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $64.98 and last traded at $64.81, with a volume of 168450 shares traded. The stock had previously closed at $63.49.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Essent Group from $62.00 to $63.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Royal Bank of Canada upped their price objective on shares of Essent Group from $61.00 to $67.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. BTIG Research lifted their target price on Essent Group from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Barclays boosted their target price on Essent Group from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, UBS Group raised their price target on Essent Group from $57.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 22nd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Essent Group currently has a consensus rating of “Moderate Buy” and an average target price of $64.33.

Essent Group Price Performance

The company has a market capitalization of $6.85 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 1.53 and a beta of 1.12. The firm has a 50-day moving average price of $61.43 and a two-hundred day moving average price of $57.77.

Essent Group (NYSE:ESNT) last released its quarterly earnings results on Friday, August 2nd. The financial services provider reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.23. Essent Group had a return on equity of 14.40% and a net margin of 61.31%. The firm had revenue of $272.90 million during the quarter, compared to the consensus estimate of $308.33 million. During the same quarter in the prior year, the firm posted $1.61 EPS. The business’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts predict that Essent Group Ltd. will post 7.02 EPS for the current year.

Essent Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 30th were paid a $0.28 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 1.74%. Essent Group’s payout ratio is currently 16.94%.

Insiders Place Their Bets

In other news, Director Roy James Kasmar sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $58.81, for a total value of $294,050.00. Following the completion of the transaction, the director now owns 27,140 shares in the company, valued at approximately $1,596,103.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Vijay Bhasin sold 11,188 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.14, for a total value of $672,846.32. Following the completion of the sale, the senior vice president now owns 199,359 shares of the company’s stock, valued at approximately $11,989,450.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Roy James Kasmar sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $58.81, for a total transaction of $294,050.00. Following the completion of the transaction, the director now directly owns 27,140 shares of the company’s stock, valued at $1,596,103.40. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ESNT. Advisors Asset Management Inc. bought a new position in shares of Essent Group during the 1st quarter worth approximately $32,000. Headlands Technologies LLC bought a new position in Essent Group during the second quarter worth about $47,000. Quarry LP boosted its holdings in Essent Group by 167.1% in the 2nd quarter. Quarry LP now owns 836 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 523 shares during the period. GAMMA Investing LLC grew its position in shares of Essent Group by 49.7% during the 2nd quarter. GAMMA Investing LLC now owns 1,187 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 394 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of Essent Group during the 2nd quarter worth approximately $176,000. Institutional investors own 93.00% of the company’s stock.

Essent Group Company Profile

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.