Essent Group Ltd. (NYSE:ESNT) Cut to “Sell” at BidaskClub
BidaskClub downgraded shares of Essent Group Ltd. (NYSE:ESNT) from a hold rating to a sell rating in a research report released on Tuesday morning.
A number of other analysts also recently issued reports on ESNT. J P Morgan Chase & Co downgraded shares of Essent Group from an overweight rating to a neutral rating and set a $39.00 price objective for the company. in a report on Friday, April 21st. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $40.00 price objective on shares of Essent Group in a report on Friday, April 28th. Barclays PLC lifted their price objective on shares of Essent Group from $40.00 to $43.00 and gave the stock an overweight rating in a report on Monday, May 8th. Bank of America Corporation raised shares of Essent Group from an underperform rating to a buy rating and lifted their price objective for the stock from $38.00 to $43.00 in a report on Tuesday, May 9th. Finally, Zacks Investment Research downgraded shares of Essent Group from a buy rating to a hold rating in a report on Wednesday, May 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $38.86.
Shares of Essent Group (ESNT) traded up 4.27% on Tuesday, reaching $40.02. 1,412,504 shares of the company’s stock traded hands. The firm has a market cap of $3.74 billion, a P/E ratio of 15.33 and a beta of 1.14. The company’s 50-day moving average price is $37.71 and its 200 day moving average price is $36.37. Essent Group has a one year low of $23.38 and a one year high of $40.12.
Essent Group (NYSE:ESNT) last posted its quarterly earnings data on Friday, August 4th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. Essent Group had a net margin of 49.91% and a return on equity of 18.16%. The company had revenue of $137.61 million during the quarter, compared to the consensus estimate of $131.99 million. During the same period in the previous year, the firm posted $0.57 EPS. The firm’s revenue was up 27.2% compared to the same quarter last year. On average, equities analysts forecast that Essent Group will post $2.94 EPS for the current fiscal year.
In related news, CFO Lawrence E. Mcalee, Jr. sold 7,000 shares of Essent Group stock in a transaction on Friday, June 30th. The shares were sold at an average price of $36.99, for a total value of $258,930.00. Following the transaction, the chief financial officer now owns 279,285 shares in the company, valued at approximately $10,330,752.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Lawrence E. Mcalee, Jr. sold 2,000 shares of Essent Group stock in a transaction on Friday, July 7th. The stock was sold at an average price of $39.02, for a total transaction of $78,040.00. Following the completion of the transaction, the chief financial officer now owns 275,285 shares in the company, valued at approximately $10,741,620.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,600 shares of company stock worth $669,410. 18.10% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP acquired a new position in shares of Essent Group during the fourth quarter worth approximately $10,106,000. Norges Bank acquired a new position in shares of Essent Group during the fourth quarter worth approximately $21,161,000. Teachers Advisors LLC boosted its position in shares of Essent Group by 6.4% in the fourth quarter. Teachers Advisors LLC now owns 778,569 shares of the financial services provider’s stock worth $25,202,000 after buying an additional 46,966 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Essent Group by 26.0% in the fourth quarter. Macquarie Group Ltd. now owns 853,200 shares of the financial services provider’s stock worth $27,618,000 after buying an additional 176,142 shares during the last quarter. Finally, Peregrine Capital Management LLC boosted its position in shares of Essent Group by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 887,404 shares of the financial services provider’s stock worth $31,512,000 after buying an additional 61,010 shares during the last quarter. Institutional investors own 86.11% of the company’s stock.
About Essent Group
Essent Group Ltd. is a private mortgage insurance company. The Company is engaged in offering private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Its products and services include mortgage insurance, contract underwriting, and Bermuda-based insurance and reinsurance.
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