Brokerages Set Essent Group Ltd. (NYSE:ESNT) Target Price at $26.94
Essent Group Ltd. (NYSE:ESNT) has been given an average recommendation of “Buy” by the twelve ratings firms that are currently covering the stock. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $26.94.
Several equities research analysts have commented on the stock. Barclays PLC set a $30.00 target price on shares of Essent Group and gave the company a “buy” rating in a research note on Saturday, September 17th. Compass Point upped their price target on shares of Essent Group from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Zacks Investment Research upgraded shares of Essent Group from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a report on Friday, August 5th. JPMorgan Chase & Co. upped their price target on shares of Essent Group from $26.50 to $29.00 and gave the company an “overweight” rating in a report on Friday, August 5th. Finally, Keefe, Bruyette & Woods cut shares of Essent Group from an “outperform” rating to a “market perform” rating and upped their price target for the company from $26.00 to $26.50 in a report on Friday, August 5th.
Essent Group (NYSE:ESNT) opened at 26.45 on Tuesday. Essent Group has a one year low of $16.49 and a one year high of $28.62. The company has a market cap of $2.46 billion, a P/E ratio of 13.09 and a beta of 1.09. The company has a 50-day moving average of $26.58 and a 200 day moving average of $22.78.
Essent Group (NYSE:ESNT) last issued its earnings results on Thursday, August 4th. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.04. Essent Group had a net margin of 46.40% and a return on equity of 15.98%. The firm earned $108.50 million during the quarter, compared to the consensus estimate of $105.30 million. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 28.7% on a year-over-year basis. Equities research analysts predict that Essent Group will post $2.28 EPS for the current year.
In other Essent Group news, Director Andrew Turnbull bought 36,353 shares of Essent Group stock in a transaction that occurred on Wednesday, July 6th. The stock was acquired at an average price of $21.33 per share, for a total transaction of $775,409.49. Following the completion of the acquisition, the director now owns 49,864 shares of the company’s stock, valued at approximately $1,063,599.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jeff Cashmer sold 24,000 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $26.15, for a total transaction of $627,600.00. Following the transaction, the senior vice president now owns 158,753 shares of the company’s stock, valued at approximately $4,151,390.95. The disclosure for this sale can be found here. Corporate insiders own 20.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in ESNT. Acrospire Investment Management LLC boosted its stake in shares of Essent Group by 200.0% in the second quarter. Acrospire Investment Management LLC now owns 4,800 shares of the company’s stock worth $105,000 after buying an additional 3,200 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Essent Group during the second quarter worth approximately $167,000. Teacher Retirement System of Texas boosted its stake in shares of Essent Group by 23.8% in the second quarter. Teacher Retirement System of Texas now owns 9,152 shares of the company’s stock worth $200,000 after buying an additional 1,757 shares in the last quarter. Amalgamated Bank purchased a new stake in shares of Essent Group during the second quarter worth approximately $204,000. Finally, Bridgeway Capital Management Inc. purchased a new stake in shares of Essent Group during the second quarter worth approximately $214,000. Institutional investors and hedge funds own 85.92% of the company’s stock.
About Essent Group
Essent Group Ltd. is a private mortgage insurance company. The Company is engaged in serving the United States housing finance industry. It offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. The primary mortgage insurance operations are conducted through Essent Guaranty, Inc (Essent Guaranty), a subsidiary of the company, which maintains operations centers and operates additional underwriting and service centers in Winston-Salem, North Carolina and Irvine, California.
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