Essent Group (NYSE:ESNT) Releases Earnings Results, Misses Estimates By $0.05 EPS

Essent Group (NYSE:ESNT) posted its earnings results on Friday. The financial services provider reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.05), Briefing.com reports. Essent Group had a return on equity of 14.40% and a net margin of 61.31%. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $316.80 million. During the same period last year, the company posted $1.66 EPS. The firm’s revenue for the quarter was up 969.2% compared to the same quarter last year.

Essent Group Price Performance

Shares of ESNT stock traded down $6.24 on Friday, hitting $53.77. 1,943,694 shares of the stock traded hands, compared to its average volume of 502,223. The company’s fifty day moving average is $62.94 and its 200 day moving average is $59.25. Essent Group has a 1-year low of $47.37 and a 1-year high of $65.33. The company has a market capitalization of $5.71 billion, a PE ratio of 7.78, a PEG ratio of 1.51 and a beta of 1.12.

Essent Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Monday, December 2nd will be given a $0.28 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.12 annualized dividend and a dividend yield of 2.08%. Essent Group’s payout ratio is 16.21%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Essent Group from $63.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Keefe, Bruyette & Woods upgraded Essent Group from a “market perform” rating to an “outperform” rating and raised their target price for the company from $65.00 to $70.00 in a report on Monday, August 5th. BTIG Research boosted their price target on Essent Group from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Royal Bank of Canada increased their price objective on shares of Essent Group from $61.00 to $67.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Finally, Barclays upped their target price on shares of Essent Group from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Insiders Place Their Bets

In other news, Director Roy James Kasmar sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $58.81, for a total value of $294,050.00. Following the transaction, the director now directly owns 27,140 shares in the company, valued at approximately $1,596,103.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Roy James Kasmar sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $58.81, for a total transaction of $294,050.00. Following the sale, the director now directly owns 27,140 shares in the company, valued at approximately $1,596,103.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David B. Weinstock sold 2,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $63.59, for a total value of $127,180.00. Following the completion of the sale, the chief financial officer now directly owns 25,416 shares in the company, valued at $1,616,203.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

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. 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.