Essent Group (NYSE:ESNT) Stock Gets Price Target Reduction from Barclays

Essent Group (NYSE:ESNT) had its price target lowered by Barclays from $66.00 to $65.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 1.30% from the company’s previous close.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price objective on Essent Group from $72.00 to $66.00 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Royal Bank Of Canada raised their target price on Essent Group from $68.00 to $75.00 and gave the company a “sector perform” rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods lifted their target price on Essent Group from $74.00 to $78.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Bank of America lowered Essent Group from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $78.00 to $68.00 in a report on Friday, October 30th. Finally, Roth Capital boosted their price target on shares of Essent Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Essent Group presently has an average rating of “Hold” and a consensus target price of $70.62.

Essent Group Price Performance

NYSE:ESNT traded up $0.75 during midday trading on Monday, hitting $64.16. 87,463 shares of the stock were exchanged, compared to its average volume of 747,328. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 8.76, a P/E/G ratio of 1.59 and a beta of 0.71. The company has a current ratio of 0.83, a quick ratio of 1.18 and a debt-to-equity ratio of 0.09. Essent Group has a one year low of $55.34 and a one year high of $71.84. The business has a 50-day moving average price of $65.58 and a two-hundred day moving average price of $63.09.

Essent Group (NYSE:ESNT) last issued its quarterly earnings results on Friday, November 6th. The financial services provider reported $1.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.03). The firm had revenue of $374.18 million for the quarter, compared to the consensus estimate of $344.17 million. Essent Group had a net margin of 49.08% and a return on equity of 11.99%. During the same period in the previous year, the business posted $1.67 earnings per share. Sell-side analysts predict that Essent Group will post 7.58 EPS for the current year.

Insider Transactions at Essent Group

In other news, SVP Vijay Bhasin sold 14,175 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $70.00, for a total transaction of $992,250.00. Following the completion of the sale, the senior vice president owned 184,274 shares in the company, valued at approximately $12,899,180. This represents a 7.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas J. Pauls sold 2,500 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $69.70, for a total value of $174,250.00. Following the sale, the director owned 30,154 shares of the company’s stock, valued at $2,101,733.80. This trade represents a 7.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 69,663 shares of company stock valued at $4,866,555 in the last 90 days. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Essent Group

A number of hedge funds have recently modified their holdings of ESNT. Hsbc Holdings PLC raised its position in shares of Essent Group by 796.8% during the second quarter. Hsbc Holdings PLC now owns 32,107 shares of the financial services provider’s stock worth $2,084,000 after purchasing an additional 28,527 shares during the period. Renaissancere Holdings Ltd. purchased a new stake in shares of Essent Group during the second quarter valued at $107,114,521. Legal & General Group Plc acquired a new position in shares of Essent Group in the 2nd quarter valued at $8,187,000. Summit Global Investments acquired a new position in shares of Essent Group in the 2nd quarter valued at $1,082,000. Finally, Ieq Capital LLC acquired a new position in shares of Essent Group in the 2nd quarter valued at $2,161,000. 93.00% of the stock is currently owned by institutional investors and hedge funds.

Essent Group Company Profile

Essent Group is a Bermuda-based provider of mortgage insurance and reinsurance, operating primarily in the United States. Its services help mortgage lenders manage the credit risk associated with residential home loans.

Through its U.S. mortgage insurance subsidiary, Essent Guaranty, the company provides private mortgage insurance for eligible borrowers who make smaller down payments on conventional mortgages. The coverage can help lenders reduce potential losses if a borrower defaults.