Essent Group (NYSE:ESNT) Stock Price Expected to Rise, Barclays Analyst Says

Essent Group (NYSE:ESNT - Get Free Report) had its price target lifted by research analysts at Barclays from $58.00 to $59.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Barclays's price target suggests a potential upside of 5.44% from the stock's current price.

Several other brokerages have also commented on ESNT. BTIG Research reissued a "buy" rating on shares of Essent Group in a report on Friday, May 9th. Royal Bank Of Canada reissued an "outperform" rating on shares of Essent Group in a research note on Friday, May 9th. Compass Point set a $69.00 price objective on shares of Essent Group and gave the stock a "buy" rating in a research report on Friday, May 23rd. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Essent Group in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. upgraded shares of Essent Group from a "neutral" rating to an "overweight" rating and set a $60.00 target price on the stock in a research report on Tuesday, April 8th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $63.71.

Essent Group Price Performance

ESNT stock traded down $0.81 during midday trading on Tuesday, hitting $55.96. 1,261,657 shares of the stock traded hands, compared to its average volume of 672,393. Essent Group has a 1-year low of $51.61 and a 1-year high of $65.34. The stock's fifty day simple moving average is $58.92 and its 200-day simple moving average is $57.15. The firm has a market cap of $5.67 billion, a P/E ratio of 8.19, a PEG ratio of 3.28 and a beta of 0.81.

Essent Group (NYSE:ESNT - Get Free Report) last posted its earnings results on Friday, May 9th. The financial services provider reported $1.69 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.03. Essent Group had a return on equity of 12.98% and a net margin of 57.29%. The firm had revenue of $317.56 million for the quarter, compared to analysts' expectations of $311.18 million. During the same period last year, the firm earned $1.70 EPS. The company's quarterly revenue was up 6.4% on a year-over-year basis. On average, research analysts predict that Essent Group will post 6.88 earnings per share for the current year.

Insider Transactions at Essent Group

In other Essent Group news, Director Douglas J. Pauls sold 3,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $59.80, for a total value of $179,400.00. Following the completion of the sale, the director owned 27,165 shares in the company, valued at approximately $1,624,467. This represents a 9.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Mary Lourdes Gibbons sold 1,999 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $60.00, for a total transaction of $119,940.00. Following the completion of the transaction, the senior vice president directly owned 251,023 shares in the company, valued at $15,061,380. This trade represents a 0.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,740 shares of company stock valued at $581,386 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Essent Group

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Essent Group during the fourth quarter worth approximately $69,364,000. Victory Capital Management Inc. increased its stake in shares of Essent Group by 1,272.6% in the 1st quarter. Victory Capital Management Inc. now owns 970,969 shares of the financial services provider's stock worth $56,044,000 after acquiring an additional 900,229 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Essent Group during the 1st quarter worth $41,084,000. Cooke & Bieler LP boosted its stake in Essent Group by 45.9% during the fourth quarter. Cooke & Bieler LP now owns 2,228,925 shares of the financial services provider's stock worth $121,343,000 after buying an additional 700,730 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Essent Group during the first quarter valued at about $34,060,000. 93.00% of the stock is currently 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.