Goldman Sachs Group Begins Coverage on Essent Group (NYSE:ESNT)

Goldman Sachs Group initiated coverage on shares of Essent Group (NYSE:ESNT) in a research note published on Monday morning, The Fly reports. The firm issued a buy rating and a $46.00 price objective on the financial services provider’s stock.

Several other analysts also recently commented on the stock. Credit Suisse Group increased their price objective on shares of Essent Group from $32.00 to $38.00 and gave the company a neutral rating in a research report on Wednesday, June 3rd. Zacks Investment Research raised shares of Essent Group from a sell rating to a hold rating in a research report on Monday, August 10th. S&P Equity Research cut their price objective on shares of Essent Group from $56.00 to $48.00 and set a reduce rating on the stock in a research report on Monday, June 1st. Keefe, Bruyette & Woods downgraded shares of Essent Group from an outperform rating to a market perform rating and set a $40.00 price target on the stock. in a report on Tuesday, June 9th. Finally, ValuEngine raised shares of Essent Group from a strong sell rating to a sell rating in a report on Monday, June 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $47.75.

NYSE:ESNT opened at $35.14 on Monday. The firm’s 50-day moving average price is $36.55 and its 200-day moving average price is $32.96. The company has a market capitalization of $3.95 billion, a PE ratio of 7.59 and a beta of 1.42. Essent Group has a 1-year low of $17.52 and a 1-year high of $55.84.

Essent Group (NYSE:ESNT) last released its 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. The firm had revenue of $236.08 million for the quarter, compared to the consensus estimate of $227.31 million. Essent Group had a net margin of 49.62% and a return on equity of 14.53%. The company’s revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 EPS. As a group, analysts expect that Essent Group will post 3.3 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 31st were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Friday, August 28th. Essent Group’s dividend payout ratio (DPR) is presently 11.31%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC boosted its stake in Essent Group by 43.2% during the second quarter. Nisa Investment Advisors LLC now owns 1,045 shares of the financial services provider’s stock worth $38,000 after buying an additional 315 shares during the period. Parkside Financial Bank & Trust boosted its stake in Essent Group by 27.1% during the second quarter. Parkside Financial Bank & Trust now owns 1,911 shares of the financial services provider’s stock worth $69,000 after buying an additional 408 shares during the period. PNC Financial Services Group Inc. boosted its stake in Essent Group by 83.1% during the second quarter. PNC Financial Services Group Inc. now owns 5,309 shares of the financial services provider’s stock worth $193,000 after buying an additional 2,410 shares during the period. Evanson Asset Management LLC purchased a new position in Essent Group during the second quarter worth $220,000. Finally, Paragon Capital Management Ltd purchased a new position in Essent Group during the second quarter worth $229,000. 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.

See Also: Net Asset Value

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Analyst Recommendations for Essent Group (NYSE:ESNT)

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