Comerica Bank increased its stake in Essent Group Ltd. (NYSE: ESNT – Get Rating) 2.0% in Q1, according to the company in its latest 13F filing with the Securities and Exchange Commission. The company held 51,751 shares of the financial services provider after purchasing an additional 991 shares during the period. Comerica Bank’s holdings in Essent Group were worth $2,269,000 when it last filed with the SEC.
Several other institutional investors and hedge funds have also recently changed their ESNT holdings. The New York State Teachers’ Retirement System increased its position in Essent Group stock by 24.3% in the fourth quarter. The New York State Teachers’ Retirement System now owns 119,072 shares of the financial services provider worth $5,421,000 after purchasing an additional 23,292 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Essent Group in Q4 for a value of approximately $17,915,000. New Jersey State Joint Pension Fund D increased its position in Essent Group shares by 7.8% in the fourth quarter. New Jersey State Joint Pension Fund D now owns 61,932 shares of the financial services provider worth $2,820,000 after purchasing an additional 4,497 shares during the period. Peregrine Capital Management LLC increased its position in Essent Group shares by 4.7% in the fourth quarter. Peregrine Capital Management LLC now owns 373,009 shares of the financial services provider worth $16,983,000 after purchasing an additional 16,599 shares during the period. Finally, Yousif Capital Management LLC bought a new position in Essent Group stock in Q4 worth approximately $2,643,000. 92.72% of the shares are held by hedge funds and other institutional investors.
Insider trading at Essent Group
In other news, Director Douglas J. Pauls sold 2,400 shares of Essent Group in a trade that took place on Thursday, May 26. The shares were sold at an average price of $41.75, for a total value of $100,200.00. Following the completion of the sale, the administrator now directly owns 26,630 shares of the company, valued at $1,111,802.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Insiders of the company own 2.90% of the shares of the company.
Wall Street analysts predict growth
Several brokerages have recently released reports on ESNT. BTIG Research lowered its price target on Essent Group shares from $58.00 to $55.00 in a Tuesday, April 12 research note. Goldman Sachs Group lowered its price target on Essent Group shares from $55.00 to $47.00 and set a “buy” rating for the company in a Monday, April 4 research note. StockNews.com began covering Essent Group shares in a research note on Thursday, March 31. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. upgraded Essent Group shares from a “neutral” rating to an “overweight” rating and set a price target of $47.00 for the company in a Monday research note. April 11. One research analyst gave the stock a hold rating and five gave the company’s stock a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “moderate buy” and an average target price of $54.17.
Performance of Essent Group shares
NYSE: ESNT opened at $39.90 on Friday. The company has a market capitalization of $4.29 billion, a P/E ratio of 5.38, a P/E/G ratio of 0.54 and a beta of 1.19. Essent Group Ltd. has a fifty-two week minimum of $35.53 and a fifty-two week maximum of $50.17. The company has a 50-day simple moving average of $39.98 and a two-hundred-day simple moving average of $42.20.
Essent Group (NYSE:ESNT – Get Rating) last released quarterly earnings data on Friday, May 6. The financial services provider reported earnings per share of $2.52 for the quarter, beating consensus analyst estimates of $1.62 by $0.90. Essent Group achieved a net margin of 78.25% and a return on equity of 19.64%. The company posted revenue of $264.60 million in the quarter, compared to analyst estimates of $240.09 million. During the same period last year, the company achieved EPS of $1.21. Essent Group’s turnover increased by 8.1% compared to the same quarter last year. On average, equity research analysts predict that Essent Group Ltd. will post an EPS of 7.49 for the current year.
Essent Group increases its dividend
The company also recently declared a quarterly dividend, which was paid on Friday, June 10. Shareholders of record on Wednesday, June 1 received a dividend of $0.21. The ex-dividend date was Tuesday, May 31. This is a positive change from Essent Group’s previous quarterly dividend of $0.20. This represents a dividend of $0.84 on an annualized basis and a dividend yield of 2.11%. Essent Group’s payout ratio is currently 11.32%.
Essent Group Profile
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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 loan insurance products include master policy, group policy and master policy. The company also provides information technology maintenance and development services; customer support services; underwriting consultancy; and contract underwriting services.
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