Essent Group (ESNT) Posts Earnings Results, Beats Estimates By $0.16 EPS
Essent Group (NYSE:ESNT) issued its quarterly earnings results on Friday. The financial services provider reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.16, MarketWatch Earnings reports. The company had revenue of $193.10 million for the quarter, compared to the consensus estimate of $189.76 million. Essent Group had a net margin of 72.96% and a return on equity of 20.18%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.79 EPS.
Shares of Essent Group stock opened at $41.46 on Friday. Essent Group has a 52-week low of $31.08 and a 52-week high of $47.95. The stock has a market capitalization of $4.02 billion, a P/E ratio of 13.37, a PEG ratio of 0.80 and a beta of 1.40.
A number of brokerages recently weighed in on ESNT. ValuEngine raised shares of Essent Group from a “sell” rating to a “hold” rating in a report on Friday. Barclays boosted their price target on shares of Essent Group from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Monday, November 12th. Zacks Investment Research downgraded shares of Essent Group from a “buy” rating to a “hold” rating in a report on Wednesday, January 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Essent Group from $42.50 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, October 24th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Essent Group has an average rating of “Buy” and an average price target of $50.18.
Several institutional investors and hedge funds have recently made changes to their positions in ESNT. FMR LLC increased its position in shares of Essent Group by 25.3% during the third quarter. FMR LLC now owns 8,638,849 shares of the financial services provider’s stock valued at $382,269,000 after buying an additional 1,744,715 shares during the period. Capital Research Global Investors increased its position in shares of Essent Group by 9.1% during the third quarter. Capital Research Global Investors now owns 9,140,010 shares of the financial services provider’s stock valued at $404,445,000 after buying an additional 759,064 shares during the period. Schroder Investment Management Group bought a new stake in shares of Essent Group during the third quarter valued at about $30,050,000. Rothschild & Co. Asset Management US Inc. bought a new stake in shares of Essent Group during the third quarter valued at about $25,106,000. Finally, Bank of New York Mellon Corp increased its position in shares of Essent Group by 121.6% during the third quarter. Bank of New York Mellon Corp now owns 993,489 shares of the financial services provider’s stock valued at $43,963,000 after buying an additional 545,077 shares during the period. Hedge funds and other institutional investors own 91.23% of the company’s stock.
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. The company also provides information technology maintenance and development services; customer support-related services; and contract underwriting services.
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