Bank of America Corp DE Sells 114,207 Shares of Essent Group Ltd. $ESNT

Key Points

• Bank of America reduced its Essent Group stake by 20.2%, selling 114,207 shares and retaining 452,198 shares valued at approximately $26.4 million. Institutional investors collectively own 93% of the company.
• Essent reported $2.08 in quarterly EPS on $362.69 million in revenue, with a 51.45% net margin. Analysts expect $7.42 in full-year EPS, while the stock recently traded near its 52-week high at $69.53.
• The company declared a quarterly dividend of $0.35 per share, or $1.40 annualized, representing a 2.0% yield. Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $71.86.

Bank of America Corp DE decreased its holdings in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 452,198 shares of the financial services provider's stock after selling 114,207 shares during the quarter. Bank of America Corp DE owned 0.49% of Essent Group worth $26,426,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Essent Group during the 4th quarter valued at approximately $155,516,000. AQR Capital Management LLC lifted its stake in Essent Group by 78.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,517,859 shares of the financial services provider's stock valued at $92,180,000 after purchasing an additional 669,577 shares during the last quarter. William Blair Investment Management LLC bought a new position in Essent Group in the 4th quarter valued at approximately $27,983,000. Wellington Management Group LLP boosted its position in Essent Group by 45.2% in the third quarter. Wellington Management Group LLP now owns 1,198,447 shares of the financial services provider's stock valued at $76,173,000 after buying an additional 372,881 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Essent Group by 152.3% during the second quarter. Qube Research & Technologies Ltd now owns 455,819 shares of the financial services provider's stock worth $27,682,000 after buying an additional 275,149 shares during the last quarter. Institutional investors own 93.00% of the company's stock.

Insider Buying and Selling

In related news, CEO Mark Casale sold 29,329 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $65.35, for a total value of $1,916,650.15. Following the transaction, the chief executive officer owned 2,184,143 shares in the company, valued at $142,733,745.05. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Vijay Bhasin sold 483 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $70.00, for a total transaction of $33,810.00. Following the sale, the senior vice president directly owned 198,449 shares in the company, valued at $13,891,430. This trade represents a 0.24% 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. Insiders sold 40,320 shares of company stock valued at $2,625,422 over the last quarter. Insiders own 3.60% of the company's stock.

Essent Group Price Performance

Essent Group stock opened at $69.53 on Monday. The stock's 50 day moving average is $63.96 and its 200 day moving average is $61.81. 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 $6.25 billion, a P/E ratio of 9.70, a P/E/G ratio of 1.79 and a beta of 0.76. Essent Group Ltd. has a one year low of $55.34 and a one year high of $70.00.

Essent Group (NYSE:ESNT - Get Free Report) last released its earnings results on Tuesday, June 30th. The financial services provider reported $2.08 earnings per share for the quarter. The business had revenue of $362.69 million during the quarter. Essent Group had a net margin of 51.45% and a return on equity of 11.91%. As a group, research analysts expect that Essent Group Ltd. will post 7.42 EPS for the current year.

Essent Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 31st will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Monday, August 31st. Essent Group's dividend payout ratio (DPR) is currently 19.53%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada upped their price target on shares of Essent Group from $68.00 to $75.00 and gave the stock a "sector perform" rating in a report on Monday, August 10th. Roth Capital boosted their price objective on Essent Group from $65.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods increased their target price on Essent Group from $74.00 to $78.00 and gave the company an "outperform" rating in a research report on Monday, August 10th. Barclays lifted their price target on Essent Group from $62.00 to $65.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. Finally, Weiss Ratings upgraded Essent Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, June 23rd. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Essent Group currently has an average rating of "Hold" and a consensus price target of $71.86.

Essent Group Company Profile

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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