Royal Bank of Canada Has Lowered Expectations for Essent Group (NYSE:ESNT) Stock Price

Essent Group (NYSE:ESNT) had its target price reduced by Royal Bank of Canada from $73.00 to $67.00 in a research note released on Monday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on ESNT. Keefe, Bruyette & Woods raised shares of Essent Group from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $65.00 to $70.00 in a report on Monday, August 5th. Barclays decreased their target price on Essent Group from $72.00 to $69.00 and set an “overweight” rating for the company in a research note on Monday. JPMorgan Chase & Co. reduced their price objective on shares of Essent Group from $68.00 to $67.00 and set a “neutral” rating for the company in a research report on Monday. Finally, BTIG Research upped their target price on shares of Essent Group from $61.00 to $64.00 and gave the company a “buy” rating in a report on Monday, August 5th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.83.

Essent Group Stock Down 0.2 %

Shares of ESNT traded down $0.12 during mid-day trading on Monday, hitting $53.99. 19,702 shares of the company’s stock traded hands, compared to its average volume of 504,576. The firm has a market capitalization of $5.74 billion, a P/E ratio of 7.84, a PEG ratio of 1.33 and a beta of 1.12. The business’s 50-day moving average price is $62.76 and its 200-day moving average price is $59.36. Essent Group has a 1 year low of $47.56 and a 1 year high of $65.33.

Essent Group (NYSE:ESNT) last posted its earnings results on Friday, November 1st. The financial services provider reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.08). The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $316.80 million. Essent Group had a net margin of 60.15% and a return on equity of 13.81%. The firm’s revenue was up 969.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.66 EPS. Sell-side analysts anticipate that Essent Group will post 7.02 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, December 11th. Investors of record on Monday, December 2nd will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Monday, December 2nd. Essent Group’s dividend payout ratio is currently 16.23%.

Insiders Place Their Bets

In other Essent Group news, CFO David B. Weinstock sold 2,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $63.59, for a total value 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 $1,616,203.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Essent Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Inspire Investing LLC raised its position in shares of Essent Group by 2.8% during the third quarter. Inspire Investing LLC now owns 6,418 shares of the financial services provider’s stock valued at $413,000 after buying an additional 177 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in shares of Essent Group by 0.4% during the second quarter. GHP Investment Advisors Inc. now owns 50,569 shares of the financial services provider’s stock worth $2,841,000 after purchasing an additional 203 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Essent Group by 2.9% during the first quarter. Janney Montgomery Scott LLC now owns 10,297 shares of the financial services provider’s stock worth $613,000 after buying an additional 287 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in Essent Group by 2.0% in the 3rd quarter. Los Angeles Capital Management LLC now owns 15,552 shares of the financial services provider’s stock worth $1,000,000 after acquiring an additional 298 shares in the last quarter. Finally, Provident Investment Management Inc. lifted its position in shares of Essent Group by 2.5% in the second quarter. Provident Investment Management Inc. now owns 14,060 shares of the financial services provider’s stock valued at $790,000 after acquiring an additional 345 shares in the last quarter. Hedge funds and other institutional investors own 93.00% of the company’s stock.

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.