Keefe, Bruyette & Woods Cuts Essent Group (NYSE:ESNT) Price Target to $72.00

Essent Group (NYSE:ESNT) had its price target decreased by Keefe, Bruyette & Woods from $75.00 to $72.00 in a report published on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

A number of other research firms have also weighed in on ESNT. Barclays lowered shares of Essent Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $69.00 to $58.00 in a research note on Monday, January 6th. JPMorgan Chase & Co. dropped their price objective on shares of Essent Group from $67.00 to $60.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Royal Bank of Canada reduced their price objective on shares of Essent Group from $73.00 to $67.00 and set an “outperform” rating for the company in a research note on Monday, November 4th. Finally, The Goldman Sachs Group dropped their target price on Essent Group from $68.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Essent Group has an average rating of “Hold” and an average price target of $62.71.

Essent Group Trading Down 1.1 %

Essent Group stock opened at $54.43 on Wednesday. The firm has a market capitalization of $5.78 billion, a PE ratio of 7.89, a price-to-earnings-growth ratio of 2.58 and a beta of 1.09. Essent Group has a 12-month low of $50.65 and a 12-month high of $65.33. The firm has a 50-day moving average price of $55.34 and a 200-day moving average price of $59.19.

Essent Group (NYSE:ESNT) last posted its quarterly earnings data on Friday, November 1st. The financial services provider reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.08). Essent Group had a net margin of 60.15% and a return on equity of 13.81%. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $316.80 million. During the same quarter in the previous year, the firm earned $1.66 EPS. Essent Group’s revenue was up 969.2% compared to the same quarter last year. As a group, sell-side analysts predict that Essent Group will post 6.94 earnings per share for the current fiscal year.

Essent Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, December 2nd. Essent Group’s dividend payout ratio (DPR) is 16.23%.

Hedge Funds Weigh In On Essent Group

Institutional investors and hedge funds have recently modified their holdings of the business. UMB Bank n.a. lifted its holdings in Essent Group by 726.8% during the third quarter. UMB Bank n.a. now owns 463 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 407 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Essent Group in the 3rd quarter worth about $32,000. Headlands Technologies LLC acquired a new stake in Essent Group in the 2nd quarter worth about $47,000. Quarry LP increased its stake in Essent Group by 167.1% during the 2nd quarter. Quarry LP now owns 836 shares of the financial services provider’s stock worth $47,000 after buying an additional 523 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Essent Group by 53.9% during the third quarter. Advisors Asset Management Inc. now owns 1,362 shares of the financial services provider’s stock valued at $88,000 after acquiring an additional 477 shares during the last quarter. Hedge funds and other institutional investors 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.