Short Interest in Essent Group Ltd. (NYSE:ESNT) Grows By 31.4%

Essent Group Ltd. (NYSE:ESNT) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 1,800,000 shares, a growth of 31.4% from the February 28th total of 1,370,000 shares. Based on an average trading volume of 827,800 shares, the days-to-cover ratio is currently 2.2 days. Currently, 1.8% of the company’s shares are sold short.

Essent Group Stock Up 0.7 %

ESNT stock traded up $0.38 during trading on Monday, hitting $57.73. 758,541 shares of the company’s stock traded hands, compared to its average volume of 614,325. The business has a fifty day simple moving average of $56.93 and a two-hundred day simple moving average of $57.88. The firm has a market capitalization of $5.99 billion, a P/E ratio of 8.44, a PEG ratio of 2.70 and a beta of 1.09. Essent Group has a 1 year low of $52.22 and a 1 year high of $65.34.

Essent Group (NYSE:ESNT) last released its quarterly earnings results on Friday, February 14th. The financial services provider reported $1.58 EPS for the quarter, missing the consensus estimate of $1.67 by ($0.09). Essent Group had a return on equity of 13.35% and a net margin of 58.69%. The company had revenue of $315.00 million during the quarter, compared to the consensus estimate of $313.88 million. During the same period in the previous year, the firm posted $1.64 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that Essent Group will post 6.88 EPS for the current fiscal year.

Essent Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 14th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.15%. This is a positive change from Essent Group’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, March 14th. Essent Group’s dividend payout ratio is presently 18.13%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ESNT. Keefe, Bruyette & Woods lowered their target price on shares of Essent Group from $72.00 to $71.00 and set an “outperform” rating for the company in a research note on Tuesday, February 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Essent Group in a report on Tuesday, February 18th. Barclays downgraded shares of Essent Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $69.00 to $58.00 in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Essent Group from $67.00 to $60.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.57.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ESNT. Barclays PLC boosted its stake in Essent Group by 154.7% in the third quarter. Barclays PLC now owns 208,927 shares of the financial services provider’s stock valued at $13,431,000 after acquiring an additional 126,899 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Essent Group by 1.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,570,532 shares of the financial services provider’s stock valued at $85,500,000 after purchasing an additional 19,387 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Essent Group by 10.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,021,343 shares of the financial services provider’s stock worth $65,662,000 after purchasing an additional 99,604 shares in the last quarter. State Street Corp grew its stake in Essent Group by 1.4% during the 3rd quarter. State Street Corp now owns 4,206,325 shares of the financial services provider’s stock worth $270,425,000 after buying an additional 59,750 shares during the last quarter. Finally, Citigroup Inc. increased its position in Essent Group by 81.9% during the 3rd quarter. Citigroup Inc. now owns 100,253 shares of the financial services provider’s stock valued at $6,445,000 after buying an additional 45,126 shares in the last quarter. Hedge funds and other institutional investors own 93.00% of the company’s stock.

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.