Essent Group (NYSE:ESNT) Price Target Cut to $65.00 by Analysts at Barclays

Key Points

• Barclays cut its Essent Group price target to $65 from $66 and maintained an “equal weight” rating, implying about 1.3% upside from the share price at the time.
• Analyst sentiment is broadly cautious: MarketBeat’s consensus rating is “Hold,” with a $70.62 average price target.
• Essent reported quarterly EPS of $1.82, slightly below the $1.85 consensus, while revenue of $374.18 million exceeded analyst estimates of $344.17 million.

Essent Group (NYSE:ESNT - Get Free Report) had its target price reduced by investment analysts at Barclays from $66.00 to $65.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Barclays's target price would indicate a potential upside of 1.30% from the company's current price.

ESNT has been the subject of several other reports. Weiss Ratings raised Essent Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday. JPMorgan Chase & Co. reduced their target price on Essent Group from $72.00 to $66.00 and set a "neutral" rating on the stock in a report on Monday, October 12th. BTIG Research began coverage on Essent Group in a research report on Tuesday, September 22nd. They issued a "hold" rating for the company. Keefe, Bruyette & Woods lifted their target price on Essent Group from $74.00 to $78.00 and gave the stock an "outperform" rating in a research report on Monday, August 10th. Finally, Bank of America downgraded Essent Group from a "buy" rating to a "neutral" rating and lowered their price target for the company from $78.00 to $68.00 in a report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $70.62.

Essent Group Stock Up 1.2%

Shares of ESNT traded up $0.75 during midday trading on Monday, hitting $64.16. The company had a trading volume of 87,463 shares, compared to its average volume of 747,328. The company's 50 day moving average price is $65.58 and its 200 day moving average price is $63.09. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 8.76, a PEG ratio of 1.59 and a beta of 0.71. Essent Group has a 52 week low of $55.34 and a 52 week high of $71.84. The company has a quick ratio of 1.18, a current ratio of 0.83 and a debt-to-equity ratio of 0.09.

Essent Group (NYSE:ESNT - Get Free Report) last issued its earnings results on Friday, November 6th. The financial services provider reported $1.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.85 by ($0.03). Essent Group had a net margin of 49.08% and a return on equity of 11.99%. The company had revenue of $374.18 million during the quarter, compared to analyst estimates of $344.17 million. During the same quarter last year, the company posted $1.67 EPS. On average, equities research analysts predict that Essent Group will post 7.58 EPS for the current year.

Insider Buying and Selling at Essent Group

In related news, Director Roy Kasmar sold 4,837 shares of the business's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $68.71, for a total transaction of $332,350.27. Following the completion of the sale, the director owned 21,361 shares of the company's stock, valued at $1,467,714.31. This represents a 18.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Vijay Bhasin sold 14,175 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $70.00, for a total transaction of $992,250.00. Following the sale, the senior vice president owned 184,274 shares in the company, valued at approximately $12,899,180. This trade represents a 7.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 69,663 shares of company stock worth $4,866,555. 3.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Essent Group

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Essent Group during the second quarter valued at about $798,836,000. Renaissancere Holdings Ltd. bought a new position in Essent Group in the 2nd quarter valued at about $107,114,521. Deutsche Bank AG bought a new position in Essent Group in the 2nd quarter valued at about $43,068,000. Bank of New York Mellon Corp bought a new position in Essent Group in the 2nd quarter valued at about $41,041,000. Finally, Bank of America Corp DE bought a new position in Essent Group in the 2nd quarter valued at about $24,746,000. 93.00% of the stock is owned by institutional investors.

Essent Group Company Profile

Essent Group is a Bermuda-based provider of mortgage insurance and reinsurance, operating primarily in the United States. Its services help mortgage lenders manage the credit risk associated with residential home loans.

Through its U.S. mortgage insurance subsidiary, Essent Guaranty, the company provides private mortgage insurance for eligible borrowers who make smaller down payments on conventional mortgages. The coverage can help lenders reduce potential losses if a borrower defaults.

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