Assetmark Inc. Acquires 6,928 Shares of Essent Group Ltd. (NYSE:ESNT)

Assetmark Inc. increased its holdings in shares of Essent Group Ltd. (NYSE:ESNT) by 11.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 67,676 shares of the financial services provider’s stock after acquiring an additional 6,928 shares during the quarter. Assetmark Inc. owned approximately 0.06% of Essent Group worth $3,684,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Mainstream Capital Management LLC bought a new stake in shares of Essent Group in the fourth quarter valued at $25,000. US Bancorp DE raised its stake in shares of Essent Group by 53.3% in the fourth quarter. US Bancorp DE now owns 1,125 shares of the financial services provider’s stock valued at $61,000 after buying an additional 391 shares during the period. R Squared Ltd bought a new stake in shares of Essent Group in the fourth quarter valued at $63,000. Advisors Asset Management Inc. raised its stake in shares of Essent Group by 53.9% in the third quarter. Advisors Asset Management Inc. now owns 1,362 shares of the financial services provider’s stock valued at $88,000 after buying an additional 477 shares during the period. Finally, Centaurus Financial Inc. bought a new stake in shares of Essent Group in the third quarter valued at $130,000. 93.00% of the stock is currently owned by institutional investors.

Essent Group Stock Up 1.2 %

Essent Group stock opened at $56.44 on Monday. Essent Group Ltd. has a 52 week low of $52.22 and a 52 week high of $65.34. The business has a 50-day simple moving average of $56.78 and a 200 day simple moving average of $58.68. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of 8.25, a PEG ratio of 2.70 and a beta of 1.09.

Essent Group (NYSE:ESNT) last posted its earnings results on Friday, February 14th. The financial services provider reported $1.58 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.09). Essent Group had a return on equity of 13.35% and a net margin of 58.69%. The business had revenue of $315.00 million for the quarter, compared to analysts’ expectations of $313.88 million. During the same quarter in the previous year, the firm earned $1.64 earnings per share. Essent Group’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, research analysts anticipate that Essent Group Ltd. will post 6.88 earnings per share for the current year.

Essent Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 14th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.20%. This is a boost from Essent Group’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, March 14th. Essent Group’s payout ratio is presently 18.13%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ESNT. Keefe, Bruyette & Woods lowered their target price on Essent Group from $72.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price target on shares of Essent Group in a research report on Tuesday, February 18th. Barclays cut Essent Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $69.00 to $58.00 in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. reduced their price target on Essent Group from $67.00 to $60.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $62.57.

Essent Group 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.