Bayforest Capital Ltd Has $1.10 Million Holdings in Essent Group Ltd. $ESNT

Key Points

• Bayforest Capital Ltd increased its stake in Essent Group Ltd. by 75.2%, acquiring a total of 18,096 shares valued at approximately $1.10 million as of the end of the second quarter.
• Several hedge funds have adjusted their positions in Essent Group, with institutional investors now holding 93.00% of the stock, indicating strong institutional interest.
• Essent Group recently announced a quarterly dividend of $0.31, representing an annualized yield of 2.1%, alongside reporting better-than-expected earnings of $1.93 per share.

Bayforest Capital Ltd boosted its holdings in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 75.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,096 shares of the financial services provider's stock after buying an additional 7,768 shares during the quarter. Essent Group makes up approximately 0.5% of Bayforest Capital Ltd's investment portfolio, making the stock its 24th largest position. Bayforest Capital Ltd's holdings in Essent Group were worth $1,099,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in Essent Group during the 1st quarter worth $46,000. Fifth Third Bancorp boosted its holdings in Essent Group by 20.2% in the 1st quarter. Fifth Third Bancorp now owns 1,114 shares of the financial services provider's stock valued at $64,000 after purchasing an additional 187 shares during the period. Headlands Technologies LLC acquired a new position in shares of Essent Group during the 1st quarter worth approximately $99,000. Covestor Ltd increased its holdings in shares of Essent Group by 32.9% during the first quarter. Covestor Ltd now owns 1,717 shares of the financial services provider's stock worth $99,000 after purchasing an additional 425 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Essent Group by 66.2% during the first quarter. GAMMA Investing LLC now owns 1,953 shares of the financial services provider's stock worth $113,000 after purchasing an additional 778 shares during the period. 93.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ESNT. Barclays increased their price target on Essent Group from $59.00 to $66.00 and gave the stock a "cautious" rating in a research report on Monday, October 6th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Essent Group in a research note on Friday, August 8th. Compass Point restated a "buy" rating on shares of Essent Group in a research report on Friday, August 8th. Keefe, Bruyette & Woods downgraded shares of Essent Group from an "outperform" rating to a "market perform" rating in a research report on Friday, August 8th. Finally, The Goldman Sachs Group set a $60.00 target price on Essent Group and gave the company a "neutral" rating in a report on Friday, August 8th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Essent Group has a consensus rating of "Hold" and an average price target of $65.67.

Essent Group Stock Performance

Shares of Essent Group stock opened at $59.29 on Tuesday. Essent Group Ltd. has a fifty-two week low of $51.61 and a fifty-two week high of $65.90. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market capitalization of $5.84 billion, a P/E ratio of 8.66, a P/E/G ratio of 2.56 and a beta of 0.88. The company's 50 day moving average price is $62.34 and its two-hundred day moving average price is $59.20.

Essent Group (NYSE:ESNT - Get Free Report) last issued its earnings results on Friday, August 8th. The financial services provider reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.25. Essent Group had a net margin of 56.36% and a return on equity of 12.66%. The firm had revenue of $319.14 million for the quarter, compared to analyst estimates of $317.46 million. During the same quarter last year, the business posted $1.91 earnings per share. The company's quarterly revenue was up 2.0% on a year-over-year basis. On average, equities analysts forecast that Essent Group Ltd. will post 6.88 earnings per share for the current fiscal year.

Essent Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 29th were given a $0.31 dividend. The ex-dividend date was Friday, August 29th. This represents a $1.24 dividend on an annualized basis and a yield of 2.1%. Essent Group's dividend payout ratio (DPR) is currently 18.10%.

Insider Buying and Selling at Essent Group

In other news, SVP Mary Lourdes Gibbons sold 4,000 shares of Essent Group stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $65.00, for a total transaction of $260,000.00. Following the transaction, the senior vice president owned 243,023 shares in the company, valued at approximately $15,796,495. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William Spiegel sold 6,451 shares of Essent Group stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $62.74, for a total transaction of $404,735.74. Following the transaction, the director owned 26,252 shares in the company, valued at approximately $1,647,050.48. This trade represents a 19.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,190 shares of company stock worth $1,802,316 in the last three months. 3.40% of the stock is currently owned by company insiders.

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.

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