Essent Group (NYSE:ESNT) Hits New 52-Week High at $60.31

Essent Group Ltd. (NYSE:ESNT) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $60.31 and last traded at $60.31, with a volume of 94462 shares changing hands. The stock had previously closed at $58.72.

Wall Street Analyst Weigh In

ESNT has been the subject of several research reports. UBS Group raised their price objective on Essent Group from $57.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 22nd. Barclays boosted their price target on shares of Essent Group from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Essent Group from $62.00 to $64.00 and gave the stock a “market perform” rating in a research report on Thursday, April 4th. JPMorgan Chase & Co. increased their target price on Essent Group from $61.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Finally, Royal Bank of Canada lowered their price target on Essent Group from $64.00 to $61.00 and set an “outperform” rating on the stock in a report on Monday, May 6th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Essent Group has a consensus rating of “Hold” and an average price target of $59.88.

Essent Group Trading Up 1.9 %

The firm’s fifty day moving average price is $56.25 and its 200 day moving average price is $55.04. The firm has a market capitalization of $6.38 billion, a PE ratio of 8.88, a PEG ratio of 1.30 and a beta of 1.11.

Essent Group (NYSE:ESNT) last issued its earnings results on Friday, May 3rd. The financial services provider reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. Essent Group had a return on equity of 14.24% and a net margin of 61.40%. The firm had revenue of $298.40 million for the quarter, compared to the consensus estimate of $298.69 million. During the same quarter in the previous year, the company posted $1.59 earnings per share. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. As a group, research analysts expect that Essent Group Ltd. will post 6.67 EPS for the current year.

Essent Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 31st were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.87%. The ex-dividend date was Friday, May 31st. Essent Group’s payout ratio is presently 16.94%.

Insider Buying and Selling at Essent Group

In related news, Director Douglas J. Pauls sold 2,500 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $56.12, for a total value of $140,300.00. Following the completion of the transaction, the director now directly owns 27,112 shares of the company’s stock, valued at $1,521,525.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Essent Group during the fourth quarter valued at $60,678,000. Vanguard Group Inc. boosted its position in Essent Group by 3.8% in the first quarter. Vanguard Group Inc. now owns 11,917,819 shares of the financial services provider’s stock valued at $709,229,000 after buying an additional 440,385 shares in the last quarter. Jennison Associates LLC acquired a new position in Essent Group in the fourth quarter valued at about $20,097,000. Dimensional Fund Advisors LP grew its stake in Essent Group by 6.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,025,836 shares of the financial services provider’s stock worth $212,326,000 after buying an additional 258,246 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Essent Group by 31.2% during the fourth quarter. First Trust Advisors LP now owns 650,270 shares of the financial services provider’s stock worth $34,295,000 after buying an additional 154,591 shares in the last quarter. Institutional investors and hedge funds own 93.00% of the company’s stock.

About Essent Group

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.