Essent Group Ltd. (ESNT) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS
Essent Group Ltd. (NYSE:ESNT) posted its quarterly earnings results on Friday. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.09, Bloomberg Earnings reports. The business had revenue of $137.61 million for the quarter, compared to analysts’ expectations of $131.99 million. Essent Group had a return on equity of 18.16% and a net margin of 49.91%. The firm’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 earnings per share.
Essent Group (NYSE:ESNT) traded up 4.27% during trading on Friday, reaching $40.02. The company’s stock had a trading volume of 1,415,844 shares. Essent Group has a 52-week low of $23.38 and a 52-week high of $40.12. The firm has a 50 day moving average price of $37.71 and a 200-day moving average price of $36.37. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 15.33 and a beta of 1.14.
In related news, CFO Lawrence E. Mcalee, Jr. sold 2,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $38.01, for a total transaction of $76,020.00. Following the sale, the chief financial officer now owns 279,285 shares in the company, valued at approximately $10,615,622.85. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Lawrence E. Mcalee, Jr. sold 7,000 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $36.99, for a total value of $258,930.00. Following the sale, the chief financial officer now owns 279,285 shares in the company, valued at approximately $10,330,752.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,600 shares of company stock worth $669,410. 18.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of ESNT. Wells Fargo & Company MN increased its position in Essent Group by 27.7% in the first quarter. Wells Fargo & Company MN now owns 739,280 shares of the financial services provider’s stock worth $26,740,000 after buying an additional 160,551 shares during the period. Old Mutual Global Investors UK Ltd. increased its position in Essent Group by 22.8% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 442,726 shares of the financial services provider’s stock worth $16,013,000 after buying an additional 82,186 shares during the period. Breton Hill Capital Ltd. purchased a new position in Essent Group during the first quarter worth $1,026,000. IFC Holdings Incorporated FL increased its position in Essent Group by 34.6% in the first quarter. IFC Holdings Incorporated FL now owns 17,403 shares of the financial services provider’s stock worth $630,000 after buying an additional 4,475 shares during the period. Finally, Nationwide Fund Advisors increased its position in Essent Group by 31.0% in the first quarter. Nationwide Fund Advisors now owns 142,902 shares of the financial services provider’s stock worth $5,169,000 after buying an additional 33,816 shares during the period. 86.11% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on ESNT shares. J P Morgan Chase & Co cut Essent Group from an “overweight” rating to a “neutral” rating and set a $39.00 price target on the stock. in a report on Friday, April 21st. Zacks Investment Research cut Essent Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. Bank of America Corporation upgraded Essent Group from an “underperform” rating to a “buy” rating and raised their price target for the company from $38.00 to $43.00 in a report on Tuesday, May 9th. Barclays PLC raised their price target on Essent Group from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, May 15th. Finally, ValuEngine upgraded Essent Group from a “buy” rating to a “strong-buy” rating in a report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $38.86.
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Essent Group Company Profile
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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