Essent Group (NYSE:ESNT) Rating Lowered to Equal Weight at Barclays

Essent Group (NYSE:ESNT) was downgraded by investment analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. They currently have a $58.00 price target on the financial services provider’s stock, down from their prior price target of $69.00. Barclays‘s price target would suggest a potential upside of 6.93% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group reduced their price target on shares of Essent Group from $68.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods raised their target price on shares of Essent Group from $73.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, December 10th. Royal Bank of Canada reduced their price objective on Essent Group from $73.00 to $67.00 and set an “outperform” rating for the company in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. dropped their target price on Essent Group from $67.00 to $60.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.14.

Essent Group Stock Up 1.2 %

NYSE:ESNT opened at $54.24 on Monday. The firm has a market capitalization of $5.76 billion, a P/E ratio of 7.86, a P/E/G ratio of 2.60 and a beta of 1.11. The company has a fifty day moving average of $55.55 and a 200 day moving average of $59.27. Essent Group has a 52 week low of $50.65 and a 52 week high of $65.33.

Essent Group (NYSE:ESNT) last issued its quarterly earnings data on Friday, November 1st. The financial services provider reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.08). The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $316.80 million. Essent Group had a return on equity of 13.81% and a net margin of 60.15%. Essent Group’s quarterly revenue was up 969.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.66 earnings per share. As a group, analysts anticipate that Essent Group will post 6.94 EPS for the current year.

Institutional Trading of Essent Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. boosted its holdings in Essent Group by 726.8% in the 3rd quarter. UMB Bank n.a. now owns 463 shares of the financial services provider’s stock worth $30,000 after buying an additional 407 shares during the period. Harbor Capital Advisors Inc. bought a new stake in Essent Group during the 3rd quarter valued at approximately $32,000. Quarry LP lifted its holdings in Essent Group by 167.1% in the 2nd quarter. Quarry LP now owns 836 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 523 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Essent Group during the 2nd quarter valued at approximately $47,000. Finally, Advisors Asset Management Inc. raised its position in shares of Essent Group by 53.9% during the third quarter. Advisors Asset Management Inc. now owns 1,362 shares of the financial services provider’s stock valued at $88,000 after buying an additional 477 shares during the last quarter. 93.00% of the stock is owned by hedge funds and other institutional investors.

About Essent Group

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.