Essent Group Ltd. (NYSE:ESNT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 31.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 988,108 shares of the financial services provider's stock after selling 457,864 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.95% of Essent Group worth $57,034,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. AdvisorNet Financial Inc purchased a new stake in Essent Group in the first quarter valued at about $25,000. Picton Mahoney Asset Management raised its position in Essent Group by 68.8% during the fourth quarter. Picton Mahoney Asset Management now owns 584 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 238 shares in the last quarter. UMB Bank n.a. raised its position in Essent Group by 330.6% during the first quarter. UMB Bank n.a. now owns 1,098 shares of the financial services provider's stock valued at $63,000 after acquiring an additional 843 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Essent Group by 20.2% in the first quarter. Fifth Third Bancorp now owns 1,114 shares of the financial services provider's stock valued at $64,000 after buying an additional 187 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Essent Group by 53.3% during the fourth quarter. US Bancorp DE now owns 1,125 shares of the financial services provider's stock valued at $61,000 after purchasing an additional 391 shares in the last quarter. 93.00% of the stock is currently owned by hedge funds and other institutional investors.

Essent Group Stock Performance

ESNT stock traded up $0.19 during midday trading on Monday, reaching $56.19. 45,513 shares of the company were exchanged, compared to its average volume of 670,235. Essent Group Ltd. has a 1-year low of $51.61 and a 1-year high of $65.34. The stock's 50-day simple moving average is $58.92 and its 200 day simple moving average is $57.20. The company has a market cap of $5.70 billion, a price-to-earnings ratio of 8.22, a price-to-earnings-growth ratio of 3.23 and a beta of 0.81.

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

Essent Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 30th were paid a $0.31 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.24 annualized dividend and a yield of 2.21%. Essent Group's dividend payout ratio is currently 18.16%.

Insider Buying and Selling at Essent Group

In related news, SVP Mary Lourdes Gibbons sold 1,999 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $60.00, for a total value of $119,940.00. Following the sale, the senior vice president directly owned 251,023 shares in the company, valued at $15,061,380. The trade was a 0.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David B. Weinstock sold 2,500 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $58.79, for a total transaction of $146,975.00. Following the completion of the sale, the chief financial officer owned 27,365 shares in the company, valued at $1,608,788.35. This represents a 8.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,740 shares of company stock valued at $581,386. 3.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ESNT has been the subject of several research reports. Keefe, Bruyette & Woods cut Essent Group from an "outperform" rating to a "market perform" rating and boosted their price target for the stock from $65.00 to $67.00 in a research report on Monday, July 7th. The Goldman Sachs Group reiterated a "neutral" rating on shares of Essent Group in a report on Friday, May 9th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Essent Group in a report on Friday, May 9th. JPMorgan Chase & Co. raised Essent Group from a "neutral" rating to an "overweight" rating and set a $60.00 target price on the stock in a research note on Tuesday, April 8th. Finally, BTIG Research restated a "buy" rating on shares of Essent Group in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $63.71.

Essent Group Profile

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.