Assetmark Inc. Grows Position in Essent Group Ltd. $ESNT

Key Points

• Assetmark Inc. increased its Essent Group stake by 20.7% in the first quarter, adding 15,882 shares and bringing its holdings to 92,731 shares worth about $5.4 million.
• Essent Group reported stronger-than-expected quarterly results, posting EPS of $1.82 versus the $1.68 estimate and revenue of $336.07 million versus expectations of $297.56 million.
• The company continues to return cash to shareholders with a quarterly dividend of $0.35 per share, or $1.40 annualized, for a yield of about 2.1%.

Assetmark Inc. raised its stake in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 20.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 92,731 shares of the financial services provider's stock after purchasing an additional 15,882 shares during the period. Assetmark Inc. owned 0.10% of Essent Group worth $5,419,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ESNT. Sivia Capital Partners LLC bought a new position in shares of Essent Group during the 2nd quarter valued at approximately $346,000. M&T Bank Corp bought a new stake in Essent Group during the 2nd quarter worth approximately $239,000. EverSource Wealth Advisors LLC raised its stake in Essent Group by 160.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,080 shares of the financial services provider's stock worth $126,000 after acquiring an additional 1,280 shares during the period. Baird Financial Group Inc. purchased a new position in Essent Group during the second quarter valued at approximately $211,000. Finally, Jump Financial LLC purchased a new position in Essent Group during the second quarter valued at approximately $224,000. Hedge funds and other institutional investors own 93.00% of the company's stock.

Essent Group Price Performance

NYSE:ESNT opened at $65.42 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $6.03 billion, a P/E ratio of 9.32, a P/E/G ratio of 1.84 and a beta of 0.76. Essent Group Ltd. has a 12 month low of $55.34 and a 12 month high of $67.46. The business's 50-day moving average is $61.23 and its 200 day moving average is $61.24.

Essent Group (NYSE:ESNT - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The financial services provider reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.14. The business had revenue of $336.07 million during the quarter, compared to analysts' expectations of $297.56 million. Essent Group had a return on equity of 12.01% and a net margin of 53.64%.The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.69 EPS. On average, equities research analysts forecast that Essent Group Ltd. will post 7.24 earnings per share for the current fiscal year.

Essent Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Monday, June 1st were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, June 1st. Essent Group's payout ratio is currently 19.94%.

Insider Buying and Selling

In related news, SVP Mary Lourdes Gibbons sold 4,250 shares of the company's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $65.01, for a total transaction of $276,292.50. Following the sale, the senior vice president owned 233,336 shares of the company's stock, valued at $15,169,173.36. This represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mark Casale sold 29,329 shares of the stock in a transaction on Tuesday, July 7th. The shares were 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 of the company's stock, valued at $142,733,745.05. This trade represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 57,151 shares of company stock worth $3,717,718. Insiders own 3.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ESNT shares. JPMorgan Chase & Co. increased their price objective on shares of Essent Group from $65.00 to $72.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Barclays lifted their target price on shares of Essent Group from $61.00 to $62.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. Weiss Ratings raised shares of Essent Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, June 23rd. Roth Capital reiterated a "buy" rating and issued a $65.00 price target on shares of Essent Group in a research note on Wednesday, June 3rd. Finally, Royal Bank Of Canada assumed coverage on Essent Group in a report on Friday, May 22nd. They set a "sector perform" rating and a $68.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Essent Group has an average rating of "Hold" and an average target price of $67.71.

About Essent Group

Essent Group Ltd. NYSE: ESNT is a publicly traded insurance holding company specializing in private mortgage insurance and mortgage reinsurance solutions. Through its primary subsidiary, Essent Guaranty, the company provides credit protection to mortgage lenders, helping mitigate the risk of borrower default on residential mortgage loans. Essent's insurance policies enable lenders to offer low-down-payment programs, supporting homebuyers in achieving homeownership with reduced upfront equity requirements.

Beyond traditional mortgage insurance, Essent offers a suite of risk management and analytics services designed to help financial institutions monitor and manage mortgage portfolios.

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