Essent Group (NYSE:ESNT) Coverage Initiated at Goldman Sachs Group

Goldman Sachs Group assumed coverage on shares of Essent Group (NYSE:ESNT) in a report released on Monday, The Fly reports. The brokerage issued a buy rating and a $46.00 target price on the financial services provider’s stock.

A number of other equities analysts have also recently weighed in on ESNT. S&P Equity Research cut their price target on Essent Group from $56.00 to $48.00 and set a reduce rating for the company in a report on Monday, June 1st. Keefe, Bruyette & Woods lowered Essent Group from an outperform rating to a market perform rating and set a $40.00 target price for the company. in a research note on Tuesday, June 9th. Susquehanna Bancshares dropped their target price on Essent Group from $56.00 to $48.00 and set a positive rating for the company in a research note on Monday, June 1st. Compass Point upped their target price on Essent Group from $33.50 to $46.00 and gave the company a buy rating in a research note on Tuesday, May 26th. Finally, Zacks Investment Research upgraded Essent Group from a sell rating to a hold rating in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $47.75.

NYSE ESNT opened at $35.14 on Monday. Essent Group has a fifty-two week low of $17.52 and a fifty-two week high of $55.84. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 7.59 and a beta of 1.42. The business has a fifty day moving average of $36.55 and a 200-day moving average of $32.96.

Essent Group (NYSE:ESNT) last released its quarterly earnings results on Friday, August 7th. The financial services provider reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.01. Essent Group had a return on equity of 14.53% and a net margin of 49.62%. The company had revenue of $236.08 million during the quarter, compared to analysts’ expectations of $227.31 million. During the same period in the previous year, the firm posted $1.39 earnings per share. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, analysts forecast that Essent Group will post 3.3 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Monday, August 31st were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend was Friday, August 28th. Essent Group’s payout ratio is 11.31%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Essent Group by 10.3% in the second quarter. Vanguard Group Inc. now owns 10,228,672 shares of the financial services provider’s stock worth $370,993,000 after buying an additional 958,615 shares during the period. FMR LLC boosted its position in shares of Essent Group by 18.8% in the second quarter. FMR LLC now owns 9,924,430 shares of the financial services provider’s stock worth $359,959,000 after buying an additional 1,571,000 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Essent Group by 167.5% in the second quarter. Goldman Sachs Group Inc. now owns 4,889,746 shares of the financial services provider’s stock valued at $177,351,000 after purchasing an additional 3,061,873 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Essent Group by 25.9% in the first quarter. Alliancebernstein L.P. now owns 4,718,880 shares of the financial services provider’s stock valued at $124,295,000 after purchasing an additional 969,359 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Essent Group by 56.6% in the second quarter. Bank of New York Mellon Corp now owns 2,451,011 shares of the financial services provider’s stock valued at $88,897,000 after purchasing an additional 886,025 shares during the last quarter. 93.33% of the stock is owned by institutional investors.

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. The company also provides information technology maintenance and development services; customer support-related services; and contract underwriting services.

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The Fly

Analyst Recommendations for Essent Group (NYSE:ESNT)

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