Essent Group (NYSE:ESNT) CEO Sells $3,486,395.78 in Stock

Essent Group Ltd. (NYSE:ESNT) CEO Mark Casale sold 49,042 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $71.09, for a total value of $3,486,395.78. Following the completion of the transaction, the chief executive officer directly owned 1,989,851 shares in the company, valued at $141,458,507.59. This represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Mark Casale also recently made the following trade(s):

• On Thursday, September 3rd, Mark Casale sold 798 shares of Essent Group stock. The stock was sold at an average price of $70.01, for a total value of $55,867.98.
• On Wednesday, August 19th, Mark Casale sold 21,607 shares of Essent Group stock. The stock was sold at an average price of $70.07, for a total value of $1,514,002.49.
• On Tuesday, August 18th, Mark Casale sold 20,246 shares of Essent Group stock. The stock was sold at an average price of $70.18, for a total value of $1,420,864.28.

Essent Group Stock Performance

NYSE ESNT traded up $2.18 during trading hours on Monday, reaching $65.59. The stock had a trading volume of 1,060,103 shares, compared to its average volume of 752,098. The stock has a fifty day moving average of $65.58 and a 200 day moving average of $63.09. The stock has a market cap of $5.89 billion, a P/E ratio of 8.96, a price-to-earnings-growth ratio of 1.59 and a beta of 0.71. Essent Group Ltd. has a 52-week low of $55.34 and a 52-week high of $71.84. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.18 and a current ratio of 0.83.

Essent Group (NYSE:ESNT) last issued its quarterly earnings results on Friday, November 6th. The financial services provider reported $1.82 earnings per share for the quarter, missing the consensus estimate of $1.85 by ($0.03). Essent Group had a return on equity of 11.99% and a net margin of 49.08%. The business had revenue of $374.18 million during the quarter, compared to analyst estimates of $344.17 million. During the same quarter last year, the company posted $1.67 EPS. Sell-side analysts predict that Essent Group Ltd. will post 7.58 earnings per share for the current year.

Essent Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Tuesday, December 1st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, December 1st. Essent Group’s dividend payout ratio is 19.13%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Allworth Financial LP acquired a new stake in Essent Group during the second quarter valued at $31,000. Root Financial Partners LLC purchased a new position in Essent Group in the third quarter valued at $43,000. Versant Capital Management Inc raised its position in shares of Essent Group by 790.6% in the second quarter. Versant Capital Management Inc now owns 757 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 672 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Essent Group in the second quarter worth about $55,000. Finally, Farther Finance Advisors LLC raised its position in shares of Essent Group by 82.3% in the third quarter. Farther Finance Advisors LLC now owns 981 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 443 shares during the period. 93.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Essent Group from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. BTIG Research initiated coverage on shares of Essent Group in a research report on Tuesday, September 22nd. They set a “hold” rating for the company. Barclays lowered their price target on shares of Essent Group from $66.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday. Royal Bank Of Canada increased their price target on Essent Group from $68.00 to $75.00 and gave the stock a “sector perform” rating in a research report on Monday, August 10th. Finally, Bank of America downgraded Essent Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $78.00 to $68.00 in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Essent Group currently has a consensus rating of “Hold” and an average price target of $70.62.

About Essent Group

Essent Group is a Bermuda-based provider of mortgage insurance and reinsurance, operating primarily in the United States. Its services help mortgage lenders manage the credit risk associated with residential home loans.

Through its U.S. mortgage insurance subsidiary, Essent Guaranty, the company provides private mortgage insurance for eligible borrowers who make smaller down payments on conventional mortgages. The coverage can help lenders reduce potential losses if a borrower defaults.