Essent Group Ltd. (ESNT) Downgraded to Hold at Deutsche Bank AG
Deutsche Bank AG cut shares of Essent Group Ltd. (NYSE:ESNT) from a buy rating to a hold rating in a report released on Friday morning. Deutsche Bank AG currently has $49.00 target price on the financial services provider’s stock.
A number of other equities research analysts also recently weighed in on ESNT. Zacks Investment Research raised Essent Group from a hold rating to a buy rating and set a $44.00 price target for the company in a research note on Monday, July 10th. BidaskClub downgraded Essent Group from a buy rating to a hold rating in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods set a $43.00 price target on Essent Group and gave the stock a hold rating in a research note on Monday, August 7th. Finally, Barclays PLC raised their price target on Essent Group from $43.00 to $45.00 and gave the stock an overweight rating in a research note on Monday, August 7th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Essent Group has a consensus rating of Buy and a consensus target price of $44.88.
Shares of Essent Group (NYSE:ESNT) traded down $2.04 during midday trading on Friday, reaching $40.47. The company’s stock had a trading volume of 2,386,563 shares, compared to its average volume of 872,554. Essent Group has a 12-month low of $25.84 and a 12-month high of $45.10. The firm has a market cap of $3,983.18, a price-to-earnings ratio of 14.35, a PEG ratio of 1.34 and a beta of 1.15.
Essent Group (NYSE:ESNT) last announced its quarterly earnings data on Friday, August 4th. The financial services provider reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.09. Essent Group had a return on equity of 18.77% and a net margin of 50.92%. The firm had revenue of $137.61 million during the quarter, compared to analyst estimates of $131.99 million. During the same period last year, the company posted $0.57 EPS. The business’s quarterly revenue was up 27.2% compared to the same quarter last year. sell-side analysts expect that Essent Group will post 3.02 earnings per share for the current fiscal year.
In related news, CFO Lawrence E. Mcalee, Jr. sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $45.01, for a total value of $315,070.00. Following the transaction, the chief financial officer now directly owns 265,167 shares of the company’s stock, valued at approximately $11,935,166.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Mary Lourdes Gibbons sold 5,209 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $45.02, for a total value of $234,509.18. Following the completion of the transaction, the senior vice president now directly owns 252,857 shares in the company, valued at $11,383,622.14. The disclosure for this sale can be found here. Insiders sold a total of 28,645 shares of company stock worth $1,222,519 over the last three months. 18.10% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of ESNT. Fortaleza Asset Management Inc. bought a new position in shares of Essent Group in the 3rd quarter valued at approximately $112,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Essent Group by 10.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,145 shares of the financial services provider’s stock worth $117,000 after buying an additional 288 shares during the period. Dixon Hubard Feinour & Brown Inc. VA bought a new position in Essent Group in the 2nd quarter worth approximately $201,000. Campbell & CO Investment Adviser LLC bought a new position in Essent Group in the 2nd quarter worth approximately $206,000. Finally, Teacher Retirement System of Texas bought a new position in Essent Group in the 2nd quarter worth approximately $208,000. 81.55% of the stock is currently owned by institutional investors and hedge funds.
About Essent Group
Essent Group Ltd. is a private mortgage insurance company. The Company is engaged in offering private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Its products and services include mortgage insurance, contract underwriting, and Bermuda-based insurance and reinsurance.
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