Essent Group (NYSE:ESNT) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Essent Group (NYSE:ESNTGet Free Report) announced its earnings results on Friday. The financial services provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.05, MarketWatch Earnings reports. The company had revenue of $297.30 million during the quarter, compared to analyst estimates of $286.18 million. Essent Group had a return on equity of 14.33% and a net margin of 64.11%. The firm’s quarterly revenue was up 29.3% compared to the same quarter last year. During the same period last year, the company posted $1.37 earnings per share.

Essent Group Stock Performance

Shares of Essent Group stock opened at $51.75 on Friday. The business’s 50 day simple moving average is $52.84 and its 200 day simple moving average is $50.39. Essent Group has a 52-week low of $36.53 and a 52-week high of $56.45. The firm has a market cap of $5.52 billion, a PE ratio of 7.96, a P/E/G ratio of 0.78 and a beta of 1.06.

Essent Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 22nd. Investors of record on Wednesday, March 13th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Tuesday, March 12th. This is a positive change from Essent Group’s previous quarterly dividend of $0.25. Essent Group’s dividend payout ratio (DPR) is currently 15.38%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ESNT shares. Barclays started coverage on Essent Group in a report on Wednesday, November 15th. They issued an “overweight” rating and a $60.00 price target on the stock. StockNews.com cut Essent Group from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Finally, UBS Group began coverage on Essent Group in a report on Wednesday, December 6th. They set a “neutral” rating and a $54.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.38.

View Our Latest Research Report on Essent Group

Insider Activity at Essent Group

In related news, SVP Mary Lourdes Gibbons sold 5,000 shares of Essent Group stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $55.00, for a total value of $275,000.00. Following the sale, the senior vice president now owns 247,969 shares of the company’s stock, valued at approximately $13,638,295. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ESNT. Citigroup Inc. increased its position in shares of Essent Group by 5.2% during the 1st quarter. Citigroup Inc. now owns 70,128 shares of the financial services provider’s stock worth $2,889,000 after purchasing an additional 3,493 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Essent Group by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 40,472 shares of the financial services provider’s stock worth $1,668,000 after purchasing an additional 3,859 shares during the last quarter. BlackRock Inc. increased its position in shares of Essent Group by 0.5% during the 1st quarter. BlackRock Inc. now owns 14,995,922 shares of the financial services provider’s stock worth $617,982,000 after purchasing an additional 71,629 shares during the last quarter. Yousif Capital Management LLC increased its position in shares of Essent Group by 2.0% during the 1st quarter. Yousif Capital Management LLC now owns 59,234 shares of the financial services provider’s stock worth $2,441,000 after purchasing an additional 1,187 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Essent Group by 6.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,798,959 shares of the financial services provider’s stock worth $74,139,000 after purchasing an additional 103,375 shares during the last quarter. Institutional investors and hedge funds own 91.77% of the company’s stock.

Essent Group Company Profile

(Get Free Report)

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.

Recommended Stories

Earnings History for Essent Group (NYSE:ESNT)

Receive News & Ratings for Essent Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Essent Group and related companies with MarketBeat.com's FREE daily email newsletter.