Essent Group Ltd. (NYSE:ESNT) to Issue Quarterly Dividend of $0.21

Essent Group Ltd. (NYSE:ESNTGet Rating) declared a quarterly dividend on Friday, May 6th, Zacks reports. Shareholders of record on Wednesday, June 1st will be paid a dividend of 0.21 per share by the financial services provider on Friday, June 10th. This represents a $0.84 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Tuesday, May 31st. This is a boost from Essent Group’s previous quarterly dividend of $0.20.

Essent Group has a dividend payout ratio of 12.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Essent Group to earn $6.53 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 12.9%.

ESNT opened at $42.73 on Friday. The firm has a market capitalization of $4.60 billion, a P/E ratio of 5.76, a P/E/G ratio of 0.57 and a beta of 1.21. The firm’s 50 day moving average is $41.39 and its 200-day moving average is $43.55. Essent Group has a 52-week low of $39.26 and a 52-week high of $50.17.

Essent Group (NYSE:ESNTGet Rating) last posted its quarterly earnings data on Friday, May 6th. The financial services provider reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $1.06. The company had revenue of $264.60 million for the quarter, compared to analyst estimates of $240.09 million. Essent Group had a net margin of 78.25% and a return on equity of 19.64%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 earnings per share. As a group, analysts forecast that Essent Group will post 7.49 earnings per share for the current year.

In other news, Director Douglas J. Pauls sold 2,400 shares of the business’s stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $41.75, for a total transaction of $100,200.00. Following the completion of the transaction, the director now owns 26,630 shares of the company’s stock, valued at $1,111,802.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Glanville purchased 1,000 shares of Essent Group stock in a transaction dated Wednesday, March 9th. The shares were purchased at an average cost of $40.71 per share, with a total value of $40,710.00. The disclosure for this purchase can be found here. Insiders own 2.90% of the company’s stock.

A number of hedge funds have recently bought and sold shares of ESNT. Capital World Investors lifted its holdings in Essent Group by 10.2% in the first quarter. Capital World Investors now owns 8,781,249 shares of the financial services provider’s stock worth $361,875,000 after purchasing an additional 815,259 shares during the period. Vanguard Group Inc. lifted its holdings in Essent Group by 4.0% in the first quarter. Vanguard Group Inc. now owns 10,590,130 shares of the financial services provider’s stock worth $436,419,000 after purchasing an additional 411,585 shares during the period. State Street Corp raised its position in Essent Group by 7.0% in the first quarter. State Street Corp now owns 4,375,800 shares of the financial services provider’s stock worth $180,327,000 after acquiring an additional 286,764 shares in the last quarter. First Trust Advisors LP raised its position in Essent Group by 177.7% in the first quarter. First Trust Advisors LP now owns 357,747 shares of the financial services provider’s stock worth $14,742,000 after acquiring an additional 228,918 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Essent Group by 1,247.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 193,750 shares of the financial services provider’s stock worth $7,984,000 after acquiring an additional 179,370 shares in the last quarter. 92.72% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently issued reports on ESNT shares. BTIG Research dropped their price objective on shares of Essent Group from $58.00 to $55.00 in a research note on Tuesday, April 12th. StockNews.com assumed coverage on shares of Essent Group in a research note on Thursday, March 31st. They issued a “buy” rating for the company. The Goldman Sachs Group dropped their price target on shares of Essent Group from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, April 4th. Zacks Investment Research lowered shares of Essent Group from a “buy” rating to a “sell” rating in a research note on Tuesday, April 19th. Finally, JPMorgan Chase & Co. upgraded shares of Essent Group from a “neutral” rating to an “overweight” rating and set a $47.00 price target for the company in a research note on Monday, April 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $54.63.

Essent Group Company Profile (Get Rating)

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.

Further Reading

Dividend History for Essent Group (NYSE:ESNT)

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