Bayforest Capital Ltd Increases Stock Holdings in Essent Group Ltd. $ESNT

Key Points

• Bayforest Capital Ltd increased its holdings in Essent Group Ltd. by 280.5% during the first quarter, owning 10,328 shares valued at $596,000 after acquiring 7,614 additional shares.
• Insider trading activity included CFO David B. Weinstock selling 2,500 shares and Director William Spiegel selling 6,451 shares, representing ownership decreases of 8.37% and 19.73%, respectively.
• The company's stock recently experienced a price target increase from various analysts, with a consensus average rating of "Moderate Buy" and a price target of $63.67.

Bayforest Capital Ltd raised its position in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 280.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,328 shares of the financial services provider's stock after acquiring an additional 7,614 shares during the period. Bayforest Capital Ltd's holdings in Essent Group were worth $596,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc purchased a new stake in Essent Group during the first quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in Essent Group during the first quarter valued at about $46,000. UMB Bank n.a. grew 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 during the period. Fifth Third Bancorp grew its position in Essent Group by 20.2% during the first quarter. Fifth Third Bancorp now owns 1,114 shares of the financial services provider's stock valued at $64,000 after acquiring an additional 187 shares during the period. Finally, State of Wyoming lifted its stake in shares of Essent Group by 102.0% during the fourth quarter. State of Wyoming now owns 1,687 shares of the financial services provider's stock worth $92,000 after purchasing an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 93.00% of the company's stock.

Insider Buying and Selling

In other Essent Group news, CFO David B. Weinstock sold 2,500 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $58.79, for a total value of $146,975.00. Following the completion of the sale, the chief financial officer directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William Spiegel sold 6,451 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $62.74, for a total value of $404,735.74. Following the sale, the director owned 26,252 shares of the company's stock, valued at $1,647,050.48. This trade represents a 19.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,950 shares of company stock valued at $919,651 in the last three months. 3.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. DOWLING & PARTN cut Essent Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Essent Group in a research note on Friday, August 8th. Barclays boosted their price target on Essent Group from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Compass Point reiterated a "buy" rating on shares of Essent Group in a research note on Friday, August 8th. Finally, The Goldman Sachs Group set a $60.00 price target on Essent Group and gave the stock a "neutral" rating in a research note on Friday, August 8th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $63.67.

Essent Group Stock Down 1.2%

NYSE:ESNT opened at $63.09 on Wednesday. The firm has a market capitalization of $6.22 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 2.76 and a beta of 0.86. The stock has a 50 day moving average of $59.80 and a 200-day moving average of $58.10. Essent Group Ltd. has a 52 week low of $51.61 and a 52 week high of $65.33. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.09.

Essent Group (NYSE:ESNT - Get Free Report) last posted its earnings results on Friday, August 8th. The financial services provider reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The company had revenue of $319.14 million during the quarter, compared to analyst estimates of $317.46 million. Essent Group had a return on equity of 12.66% and a net margin of 56.36%.The business's revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.91 earnings per share. Analysts predict that Essent Group Ltd. will post 6.88 EPS for the current year.

Essent Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 29th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 29th. Essent Group's dividend payout ratio is 18.10%.

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.

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