BTIG Research Begins Coverage on Essent Group (NYSE:ESNT)

Key Points

• BTIG Research initiated coverage of Essent Group with a “neutral” rating. The broader analyst consensus is also “Hold,” with three Buy ratings and six Hold ratings and an average price target of $71.86.
• Essent shares rose 0.7% to $66.95, while the company reported quarterly EPS of $2.08 on revenue of $362.69 million. Analysts expect full-year EPS of approximately $7.60.
• Insiders sold shares recently, including the CEO and CFO, with total insider sales reaching nearly $7.5 million over the past 90 days; institutional investors own approximately 93% of the stock.

Stock analysts at BTIG Research began coverage on shares of Essent Group (NYSE:ESNT - Get Free Report) in a note issued to investors on Tuesday. The firm set a "neutral" rating on the financial services provider's stock.

A number of other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods raised their target price on Essent Group from $74.00 to $78.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. Wall Street Zen raised Essent Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Barclays raised their price objective on shares of Essent Group from $62.00 to $65.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Weiss Ratings restated a "buy (b)" rating on shares of Essent Group in a research note on Friday. Finally, Roth Capital increased their price objective on shares of Essent Group from $65.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $71.86.

Essent Group Trading Up 0.7%

Shares of ESNT stock traded up $0.48 during trading hours on Tuesday, reaching $66.95. The company had a trading volume of 20,243 shares, compared to its average volume of 726,096. Essent Group has a 1-year low of $55.34 and a 1-year high of $70.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 9.34, a P/E/G ratio of 1.69 and a beta of 0.76. The company has a 50 day moving average of $67.63 and a 200 day moving average of $62.95.

Essent Group (NYSE:ESNT - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The financial services provider reported $2.08 EPS for the quarter. The business had revenue of $362.69 million during the quarter. Essent Group had a return on equity of 11.91% and a net margin of 51.45%. On average, equities research analysts anticipate that Essent Group will post 7.6 EPS for the current year.

Insider Buying and Selling

In other news, CEO Mark Casale sold 29,329 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $65.35, for a total transaction of $1,916,650.15. Following the transaction, the chief executive officer owned 2,184,143 shares in the company, valued at approximately $142,733,745.05. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David Weinstock sold 5,500 shares of Essent Group stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $63.51, for a total value of $349,305.00. Following the sale, the chief financial officer directly owned 35,494 shares of the company's stock, valued at approximately $2,254,223.94. The trade was a 13.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 109,983 shares of company stock valued at $7,491,977 in the last ninety days. 3.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Essent Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESNT. Allworth Financial LP acquired a new position in shares of Essent Group during the second quarter worth $31,000. IFP Advisors Inc raised its position in shares of Essent Group by 97.1% in the 4th quarter. IFP Advisors Inc now owns 676 shares of the financial services provider's stock worth $44,000 after acquiring an additional 333 shares in the last quarter. Versant Capital Management Inc lifted its stake in Essent Group by 790.6% in the second quarter. Versant Capital Management Inc now owns 757 shares of the financial services provider's stock valued at $49,000 after buying an additional 672 shares during the period. Root Financial Partners LLC increased its stake in shares of Essent Group by 111.8% in the 1st quarter. Root Financial Partners LLC now owns 879 shares of the financial services provider's stock valued at $51,000 after acquiring an additional 464 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Essent Group during the second quarter valued at about $55,000. 93.00% of the stock is currently owned by institutional investors.

About Essent Group

Essent Group Ltd. NYSE: ESNT is a Bermuda-based holding company that provides private mortgage insurance and related risk-management services for the U.S. residential housing market. Through its operating subsidiaries, the company helps mortgage lenders manage the credit risk associated with low-down-payment home loans.

Essent's principal business is mortgage insurance, which protects lenders and other mortgage investors against losses if a borrower defaults. Its products are generally used with conventional residential mortgages that have loan-to-value ratios above the levels traditionally eligible for uninsured financing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.