Vanguard Group Inc. Reduces Stock Position in Essent Group Ltd. (NYSE:ESNT)

Vanguard Group Inc. cut its stake in Essent Group Ltd. (NYSE:ESNT) by 1.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,159,073 shares of the financial services provider’s stock after selling 208,028 shares during the period. Vanguard Group Inc. owned approximately 0.12% of Essent Group worth $701,822,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its holdings in Essent Group by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,168,675 shares of the financial services provider’s stock valued at $281,382,000 after buying an additional 200,284 shares in the last quarter. Polar Capital Holdings Plc increased its stake in shares of Essent Group by 14.9% during the 4th quarter. Polar Capital Holdings Plc now owns 2,700,000 shares of the financial services provider’s stock worth $146,988,000 after purchasing an additional 350,000 shares in the last quarter. Capital International Investors increased its stake in shares of Essent Group by 10.3% during the 4th quarter. Capital International Investors now owns 2,370,484 shares of the financial services provider’s stock worth $129,049,000 after purchasing an additional 221,950 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Essent Group by 29.3% during the 4th quarter. Ameriprise Financial Inc. now owns 1,966,171 shares of the financial services provider’s stock worth $107,038,000 after purchasing an additional 445,012 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Essent Group by 43.2% during the 4th quarter. First Trust Advisors LP now owns 1,709,029 shares of the financial services provider’s stock worth $93,040,000 after purchasing an additional 515,171 shares in the last quarter. 93.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Essent Group

In related news, CFO David B. Weinstock sold 2,500 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $58.79, for a total transaction of $146,975.00. Following the sale, the chief financial officer owned 27,365 shares in the company, valued at $1,608,788.35. This represents a 8.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mary Lourdes Gibbons sold 1,999 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $60.00, for a total transaction of $119,940.00. Following the sale, the senior vice president owned 251,023 shares in the company, valued at approximately $15,061,380. This trade represents a 0.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,739 shares of company stock worth $281,795. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. BTIG Research reissued a “buy” rating on shares of Essent Group in a research note on Friday, May 9th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Essent Group in a report on Friday. The Goldman Sachs Group set a $60.00 price target on shares of Essent Group and gave the company a “neutral” rating in a report on Friday. Barclays lifted their target price on shares of Essent Group from $58.00 to $59.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Finally, Compass Point restated a “buy” rating on shares of Essent Group in a report on Friday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $63.67.

Essent Group Trading Up 1.4%

NYSE:ESNT opened at $62.02 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.32 and a current ratio of 1.24. Essent Group Ltd. has a one year low of $51.61 and a one year high of $65.33. The business’s 50-day simple moving average is $58.33 and its 200 day simple moving average is $57.38. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 8.72 and a beta of 0.82.

Essent Group (NYSE:ESNT) last released its quarterly earnings results on Friday, August 8th. The financial services provider reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. Essent Group had a return on equity of 12.66% and a net margin of 56.36%. The business had revenue of $319.14 million for the quarter, compared to analysts’ expectations of $317.46 million. During the same quarter in the previous year, the firm posted $1.91 earnings per share. The company’s revenue was up 2.0% compared to the same quarter last year. As a group, sell-side analysts predict that Essent Group Ltd. will post 6.88 earnings per share for the current fiscal year.

Essent Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, August 29th. Essent Group’s dividend payout ratio is 18.10%.

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. Its mortgage insurance products include primary, pool, and master policy. The company also provides information technology maintenance and development services; customer support-related services; underwriting consulting; and contract underwriting services, as well as risk management products and title insurance and settlement services.