Assetmark Inc. Raises Stock Position in Essent Group Ltd. (NYSE:ESNT)

Assetmark Inc. lifted its holdings in shares of Essent Group Ltd. (NYSE:ESNT) by 6.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,680 shares of the financial services provider’s stock after purchasing an additional 2,648 shares during the quarter. Assetmark Inc.’s holdings in Essent Group were worth $2,251,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ESNT. Raymond James & Associates boosted its holdings in Essent Group by 12.4% in the third quarter. Raymond James & Associates now owns 13,980 shares of the financial services provider’s stock valued at $661,000 after purchasing an additional 1,544 shares during the period. California Public Employees Retirement System grew its position in shares of Essent Group by 0.3% during the third quarter. California Public Employees Retirement System now owns 227,375 shares of the financial services provider’s stock worth $10,753,000 after buying an additional 695 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Essent Group by 30.0% during the third quarter. Victory Capital Management Inc. now owns 80,646 shares of the financial services provider’s stock worth $3,814,000 after buying an additional 18,609 shares during the period. Versor Investments LP purchased a new stake in shares of Essent Group during the third quarter worth approximately $253,000. Finally, AdvisorShares Investments LLC acquired a new stake in Essent Group in the third quarter valued at approximately $379,000. Hedge funds and other institutional investors own 93.00% of the company’s stock.

Essent Group Stock Up 0.9 %

Shares of NYSE ESNT opened at $56.19 on Friday. The business has a 50-day moving average price of $55.78 and a 200 day moving average price of $53.42. The stock has a market cap of $5.99 billion, a PE ratio of 8.50, a price-to-earnings-growth ratio of 1.23 and a beta of 1.05. Essent Group Ltd. has a 52-week low of $43.27 and a 52-week high of $59.90.

Essent Group (NYSE:ESNT) last posted its quarterly earnings data on Friday, May 3rd. The financial services provider reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.14. The business had revenue of $298.40 million during the quarter, compared to the consensus estimate of $298.69 million. Essent Group had a return on equity of 14.24% and a net margin of 61.40%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.59 earnings per share. Sell-side analysts anticipate that Essent Group Ltd. will post 6.73 earnings per share for the current year.

Essent Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.99%. Essent Group’s payout ratio is 16.94%.

Analyst Ratings Changes

A number of brokerages have commented on ESNT. UBS Group increased their price objective on shares of Essent Group from $57.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. lowered Essent Group from an “overweight” rating to a “neutral” rating and increased their target price for the company from $58.00 to $61.00 in a report on Wednesday, April 3rd. Royal Bank of Canada decreased their price target on Essent Group from $64.00 to $61.00 and set an “outperform” rating for the company in a report on Monday, May 6th. Keefe, Bruyette & Woods increased their price objective on Essent Group from $62.00 to $64.00 and gave the company a “market perform” rating in a report on Thursday, April 4th. Finally, StockNews.com cut Essent Group from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Essent Group has a consensus rating of “Hold” and a consensus price target of $59.25.

Insider Transactions at Essent Group

In related news, Director Douglas J. Pauls sold 2,500 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $56.12, for a total value of $140,300.00. Following the transaction, the director now owns 27,112 shares in the company, valued at approximately $1,521,525.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.90% 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.