Essent Group (NYSE:ESNT) Reaches New 52-Week High at $64.44

Shares of Essent Group Ltd. (NYSE:ESNT) reached a new 52-week high on Wednesday . The stock traded as high as $64.44 and last traded at $64.27, with a volume of 37265 shares traded. The stock had previously closed at $63.49.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ESNT shares. BTIG Research upped their price target on shares of Essent Group from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Royal Bank of Canada boosted their price target on Essent Group from $61.00 to $67.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. UBS Group raised their price objective on Essent Group from $57.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. upped their target price on Essent Group from $62.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Keefe, Bruyette & Woods raised Essent Group from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $65.00 to $70.00 in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Essent Group has an average rating of “Moderate Buy” and an average price target of $64.33.

Essent Group Trading Up 0.3 %

The firm has a 50-day moving average of $59.96 and a two-hundred day moving average of $57.04. The firm has a market capitalization of $6.79 billion, a P/E ratio of 9.61, a P/E/G ratio of 1.59 and a beta of 1.11.

Essent Group (NYSE:ESNT) last released its quarterly earnings data on Friday, August 2nd. The financial services provider reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.23. The business had revenue of $272.90 million during the quarter, compared to analysts’ expectations of $308.33 million. Essent Group had a net margin of 61.31% and a return on equity of 14.40%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.61 EPS. On average, sell-side analysts anticipate that Essent Group Ltd. will post 7.02 EPS for the current fiscal year.

Essent Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 1.76%. Essent Group’s payout ratio is presently 16.94%.

Insider Buying and Selling at Essent Group

In related news, SVP Vijay Bhasin sold 11,188 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.14, for a total value of $672,846.32. Following the completion of the transaction, the senior vice president now owns 199,359 shares in the company, valued at approximately $11,989,450.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Vijay Bhasin sold 11,188 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.14, for a total value of $672,846.32. Following the completion of the sale, the senior vice president now directly owns 199,359 shares in the company, valued at $11,989,450.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Roy James Kasmar sold 5,000 shares of Essent Group stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $58.81, for a total value of $294,050.00. Following the transaction, the director now directly owns 27,140 shares in the company, valued at $1,596,103.40. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Essent Group

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its position in shares of Essent Group by 167.1% in the 2nd quarter. Quarry LP now owns 836 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 523 shares in the last quarter. Algert Global LLC bought a new stake in Essent Group in the second quarter worth approximately $605,000. Susquehanna Fundamental Investments LLC acquired a new position in Essent Group in the second quarter valued at approximately $4,748,000. Lighthouse Investment Partners LLC bought a new position in shares of Essent Group during the 2nd quarter worth approximately $526,000. Finally, AQR Capital Management LLC grew its position in shares of Essent Group by 68.8% during the 2nd quarter. AQR Capital Management LLC now owns 436,009 shares of the financial services provider’s stock worth $24,499,000 after buying an additional 177,700 shares during the period. 93.00% of the stock is currently owned by institutional investors.

Essent Group Company Profile

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.