BlackRock Inc. Purchases Shares of 12,427,447 Essent Group Ltd. $ESNT

Key Points

• BlackRock acquired 12.43 million Essent Group shares worth approximately $798.8 million, making it the owner of 13.49% of ESNT. Institutional investors collectively hold about 93% of the company.
• Essent reported quarterly earnings of $2.08 per share on $362.7 million in revenue and declared a $0.35 quarterly dividend, equivalent to a 2.1% annual yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $71.86 average price target, while insiders sold 96,348 shares worth roughly $6.55 million over the past three months.

BlackRock Inc. purchased a new position in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 12,427,447 shares of the financial services provider's stock, valued at approximately $798,836,000. BlackRock Inc. owned 13.49% of Essent Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of ESNT. Caitong International Asset Management Co. Ltd purchased a new stake in Essent Group in the 3rd quarter worth approximately $25,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Essent Group in the third quarter valued at about $27,000. Los Angeles Capital Management LLC acquired a new stake in Essent Group in the 4th quarter worth about $27,000. IFP Advisors Inc increased its stake in Essent Group by 97.1% during the 4th quarter. IFP Advisors Inc now owns 676 shares of the financial services provider's stock worth $44,000 after buying an additional 333 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in Essent Group by 790.6% during the 2nd quarter. Versant Capital Management Inc now owns 757 shares of the financial services provider's stock worth $49,000 after buying an additional 672 shares in the last quarter. Hedge funds and other institutional investors own 93.00% of the company's stock.

Insider Activity

In other Essent Group news, CEO Mark Casale sold 21,607 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $70.07, for a total transaction of $1,514,002.49. Following the completion of the sale, the chief executive officer directly owned 2,039,691 shares of the company's stock, valued at $142,921,148.37. This represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO David B. Weinstock sold 5,500 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $63.51, for a total value of $349,305.00. Following the sale, the chief financial officer directly owned 35,494 shares of the company's stock, valued at $2,254,223.94. The trade was a 13.42% decrease in their ownership of the stock. 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 three months, insiders sold 96,348 shares of company stock valued at $6,552,539. Insiders own 3.60% of the company's stock.

Essent Group Price Performance

Shares of NYSE ESNT opened at $68.10 on Friday. The stock's 50-day moving average is $65.06 and its two-hundred day moving average is $62.04. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 1.71 and a beta of 0.76. Essent Group Ltd. has a 1-year low of $55.34 and a 1-year high of $70.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.18 and a quick ratio of 1.18.

Essent Group (NYSE:ESNT - Get Free Report) last issued 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 for the quarter. Essent Group had a return on equity of 11.91% and a net margin of 51.45%. Analysts forecast that Essent Group Ltd. will post 7.6 EPS for the current fiscal year.

Essent Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 31st will be paid a $0.35 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.40 dividend on an annualized basis and a yield of 2.1%. Essent Group's payout ratio is currently 19.53%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ESNT. Weiss Ratings upgraded Essent Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. boosted their price target on Essent Group from $65.00 to $72.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Royal Bank Of Canada increased their price objective on Essent Group from $68.00 to $75.00 and gave the company a "sector perform" rating in a research note on Monday, August 10th. Keefe, Bruyette & Woods raised their price objective on Essent Group from $74.00 to $78.00 and gave the company an "outperform" rating in a report on Monday, August 10th. Finally, Roth Capital lifted their target price on shares of Essent Group from $65.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $71.86.

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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