Essent Group Ltd. (NYSE:ESNT) Shares Sold by Groesbeck Investment Management Corp NJ

Groesbeck Investment Management Corp NJ cut its stake in shares of Essent Group Ltd. (NYSE:ESNT) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,580 shares of the financial services provider’s stock after selling 600 shares during the quarter. Essent Group makes up approximately 1.4% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 24th biggest position. Groesbeck Investment Management Corp NJ’s holdings in Essent Group were worth $980,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Federated Hermes Inc. grew its position in shares of Essent Group by 12.9% during the fourth quarter. Federated Hermes Inc. now owns 15,880 shares of the financial services provider’s stock worth $838,000 after buying an additional 1,816 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Essent Group by 18.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,806 shares of the financial services provider’s stock valued at $1,256,000 after purchasing an additional 3,792 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new position in Essent Group in the fourth quarter valued at approximately $621,000. Louisiana State Employees Retirement System acquired a new position in Essent Group in the fourth quarter valued at approximately $1,582,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Essent Group by 4.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 353,218 shares of the financial services provider’s stock valued at $18,629,000 after purchasing an additional 15,116 shares in the last quarter. 93.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ESNT. StockNews.com downgraded Essent Group from a “buy” rating to a “hold” rating in a report on Monday, March 4th. JPMorgan Chase & Co. downgraded Essent Group from an “overweight” rating to a “neutral” rating and upped their price target for the company from $58.00 to $61.00 in a report on Wednesday, April 3rd. Royal Bank of Canada upped their price target on Essent Group from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, February 12th. Finally, Keefe, Bruyette & Woods upped their price target on Essent Group from $62.00 to $64.00 and gave the company a “market perform” rating in a report on Thursday, April 4th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $58.38.

Essent Group Stock Performance

NYSE ESNT traded up $0.63 on Thursday, reaching $52.96. The stock had a trading volume of 51,360 shares, compared to its average volume of 516,501. Essent Group Ltd. has a 12-month low of $40.33 and a 12-month high of $59.90. The business’s 50-day moving average price is $54.83 and its 200 day moving average price is $52.00. The stock has a market cap of $5.66 billion, a P/E ratio of 8.05, a price-to-earnings-growth ratio of 0.80 and a beta of 1.04.

Essent Group (NYSE:ESNT) last issued its quarterly earnings data on Friday, February 9th. The financial services provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.05. Essent Group had a return on equity of 14.44% and a net margin of 62.75%. The company had revenue of $297.30 million during the quarter, compared to analysts’ expectations of $286.18 million. During the same quarter in the previous year, the business earned $1.37 earnings per share. The firm’s revenue for the quarter was up 29.3% on a year-over-year basis. On average, sell-side analysts predict that Essent Group Ltd. will post 6.56 earnings per share for the current year.

Essent Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Wednesday, March 13th were given a $0.28 dividend. This is a boost from Essent Group’s previous quarterly dividend of $0.25. The ex-dividend date was Tuesday, March 12th. This represents a $1.12 annualized dividend and a yield of 2.11%. Essent Group’s dividend payout ratio is presently 17.23%.

Insiders Place Their Bets

In other Essent Group news, SVP Mary Lourdes Gibbons sold 5,000 shares of the stock in a transaction on Friday, January 19th. The stock was sold at an average price of $55.00, for a total value of $275,000.00. Following the completion of the transaction, the senior vice president now owns 247,969 shares in the company, valued at $13,638,295. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is currently owned by company insiders.

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.