IFC Holdings Incorporated FL Raises Position in Essent Group Ltd. (NYSE:ESNT)
IFC Holdings Incorporated FL raised its stake in shares of Essent Group Ltd. (NYSE:ESNT) by 30.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,719 shares of the financial services provider’s stock after buying an additional 5,316 shares during the period. IFC Holdings Incorporated FL’s holdings in Essent Group were worth $846,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in ESNT. James Investment Research Inc. acquired a new stake in shares of Essent Group during the first quarter valued at about $144,000. Evanson Asset Management LLC acquired a new stake in shares of Essent Group during the first quarter valued at about $215,000. Bank of America Corp DE increased its stake in shares of Essent Group by 8.0% in the first quarter. Bank of America Corp DE now owns 378,798 shares of the financial services provider’s stock valued at $13,701,000 after buying an additional 27,952 shares in the last quarter. Cim LLC increased its stake in shares of Essent Group by 2.9% in the first quarter. Cim LLC now owns 17,110 shares of the financial services provider’s stock valued at $619,000 after buying an additional 480 shares in the last quarter. Finally, US Bancorp DE increased its stake in shares of Essent Group by 4.6% in the first quarter. US Bancorp DE now owns 4,946 shares of the financial services provider’s stock valued at $179,000 after buying an additional 218 shares in the last quarter. 86.12% of the stock is owned by institutional investors and hedge funds.
Essent Group Ltd. (NYSE:ESNT) opened at 38.20 on Friday. The company has a market cap of $3.57 billion, a PE ratio of 13.59 and a beta of 1.14. Essent Group Ltd. has a 52-week low of $25.68 and a 52-week high of $41.44. The firm’s 50-day moving average price is $38.27 and its 200 day moving average price is $36.66.
Essent Group (NYSE:ESNT) last issued its quarterly earnings results on Friday, August 4th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.09. Essent Group had a return on equity of 18.77% and a net margin of 50.92%. The firm had revenue of $137.61 million for the quarter, compared to analysts’ expectations of $131.99 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 27.2% compared to the same quarter last year. On average, equities analysts predict that Essent Group Ltd. will post $3.08 EPS for the current fiscal year.
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ESNT has been the subject of several research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $40.00 price target on shares of Essent Group in a report on Friday, April 28th. Bank of America Corporation upgraded Essent Group from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $38.00 to $43.00 in a research report on Tuesday, May 9th. Zacks Investment Research cut Essent Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. ValuEngine upgraded Essent Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 9th. Finally, BidaskClub cut Essent Group from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Essent Group presently has a consensus rating of “Buy” and an average price target of $43.50.
In related news, SVP Mary Lourdes Gibbons sold 4,600 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $41.04, for a total transaction of $188,784.00. Following the sale, the senior vice president now owns 262,902 shares of the company’s stock, valued at approximately $10,789,498.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Lawrence E. Mcalee, Jr. sold 7,000 shares of the stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $36.99, for a total value of $258,930.00. Following the sale, the chief financial officer now directly owns 279,285 shares in the company, valued at approximately $10,330,752.15. The disclosure for this sale can be found here. Insiders have sold a total of 29,918 shares of company stock worth $1,166,960 in the last ninety days. Insiders own 18.10% of the company’s stock.
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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