Essent Group (NYSE:ESNT) Issues Earnings Results

by · The Markets Daily

Essent Group (NYSE:ESNT – Get Free Report) announced its earnings results on Friday. The financial services provider reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.05), Briefing.com reports. Essent Group had a return on equity of 14.40% and a net margin of 61.31%. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $316.80 million. During the same period in the prior year, the firm posted $1.66 earnings per share. The company’s revenue was up 969.2% on a year-over-year basis.

Essent Group Stock Performance

Essent Group stock traded down $6.24 during mid-day trading on Friday, reaching $53.77. The company’s stock had a trading volume of 1,943,694 shares, compared to its average volume of 502,223. The business’s 50 day simple moving average is $62.94 and its 200 day simple moving average is $59.25. Essent Group has a 12 month low of $47.37 and a 12 month high of $65.33. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 7.78, a price-to-earnings-growth ratio of 1.51 and a beta of 1.12.

Essent Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Monday, December 2nd will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.08%. The ex-dividend date is Monday, December 2nd. Essent Group’s payout ratio is 16.21%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ESNT. JPMorgan Chase & Co. raised their price objective on Essent Group from $63.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. BTIG Research increased their target price on Essent Group from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Keefe, Bruyette & Woods raised shares of Essent Group from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $65.00 to $70.00 in a research note on Monday, August 5th. Royal Bank of Canada upped their price target on shares of Essent Group from $61.00 to $67.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, Barclays raised their price objective on shares of Essent Group from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Read Our Latest Research Report on ESNT

Insider Activity

In related news, CFO David B. Weinstock sold 2,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $63.59, for a total transaction of $127,180.00. Following the completion of the transaction, the chief financial officer now directly owns 25,416 shares of the company’s stock, valued at approximately $1,616,203.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO David B. Weinstock sold 2,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $63.59, for a total transaction of $127,180.00. Following the transaction, the chief financial officer now directly owns 25,416 shares in the company, valued at $1,616,203.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roy James Kasmar sold 5,000 shares of Essent Group stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $58.81, for a total value of $294,050.00. Following the transaction, the director now owns 27,140 shares of the company’s stock, valued at $1,596,103.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Essent Group Company Profile

(Get Free Report)

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.

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