Koch Industries Inc. Purchases New Position in Essent Group Ltd. (ESNT)
Koch Industries Inc. purchased a new position in shares of Essent Group Ltd. (NYSE:ESNT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 405,657 shares of the financial services provider’s stock, valued at approximately $395,000. Koch Industries Inc. owned about 0.43% of Essent Group as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its stake in shares of Essent Group by 2.6% in the 1st quarter. Sei Investments Co. now owns 2,909 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 74 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Essent Group by 14.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,924 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 360 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 valued at $117,000 after purchasing an additional 288 shares during the last quarter. US Bancorp DE grew its stake in shares of Essent Group by 4.6% in the 1st quarter. US Bancorp DE now owns 4,946 shares of the financial services provider’s stock valued at $179,000 after purchasing an additional 218 shares during the last quarter. Finally, Dixon Hubard Feinour & Brown Inc. VA purchased a new position in shares of Essent Group in the 2nd quarter valued at approximately $201,000. Hedge funds and other institutional investors own 81.40% of the company’s stock.
Several brokerages have weighed in on ESNT. Deutsche Bank AG lifted their target price on Essent Group from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, August 8th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $44.00 target price on shares of Essent Group in a research note on Thursday. Barclays PLC lifted their target price on Essent Group from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, August 7th. Zacks Investment Research downgraded Essent Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, Compass Point reiterated a “buy” rating and issued a $50.00 target price (up from $38.00) on shares of Essent Group in a research note on Wednesday, October 11th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $44.75.
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Essent Group Ltd. (NYSE ESNT) traded up 1.25% during mid-day trading on Monday, hitting $42.12. The stock had a trading volume of 323,412 shares. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of 14.99 and a beta of 1.14. The company has a 50-day moving average of $39.18 and a 200-day moving average of $37.86. Essent Group Ltd. has a 12-month low of $25.84 and a 12-month high of $42.16.
Essent Group (NYSE:ESNT) last posted its earnings results on Friday, August 4th. The financial services provider reported $0.77 EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $137.61 million during the quarter, compared to analyst estimates of $131.99 million. During the same period in the prior year, the company earned $0.57 earnings per share. The business’s revenue was up 27.2% compared to the same quarter last year. On average, analysts anticipate that Essent Group Ltd. will post $3.05 earnings per share for the current fiscal year.
In related news, CFO Lawrence E. Mcalee, Jr. sold 3,118 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $40.00, for a total value of $124,720.00. Following the completion of the transaction, the chief financial officer now directly owns 272,167 shares of the company’s stock, valued at approximately $10,886,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP David B. Weinstock sold 2,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $38.91, for a total value of $77,820.00. Following the completion of the transaction, the vice president now directly owns 28,785 shares of the company’s stock, valued at $1,120,024.35. The disclosure for this sale can be found here. Insiders sold a total of 16,711 shares of company stock valued at $668,597 over the last three months. Corporate insiders own 18.10% of the company’s stock.
Essent Group Company Profile
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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