Cooke & Bieler LP Sells 162,243 Shares of Essent Group Ltd. $ESNT

Key Points

• Cooke & Bieler LP reduced its Essent Group stake by 9.8%, selling 162,243 shares in the third quarter and retaining 1.49 million shares worth approximately $86.2 million. Institutional investors collectively own 93% of the company.
• Essent Group reported quarterly EPS of $2.08 on $362.7 million in revenue, with a 51.45% net margin. Analysts expect full-year EPS of $7.58, while the stock carries a consensus “Hold” rating and an average price target of $71.14.
• The company declared a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 2.2% yield. Insiders sold 70,146 shares worth about $4.9 million over the past three months, primarily under pre-arranged trading plans.

Cooke & Bieler LP lowered its holdings in Essent Group Ltd. (NYSE:ESNT - Free Report) by 9.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,487,879 shares of the financial services provider's stock after selling 162,243 shares during the quarter. Cooke & Bieler LP owned 1.66% of Essent Group worth $86,163,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its position in Essent Group by 7.9% during the third quarter. GAMMA Investing LLC now owns 3,314 shares of the financial services provider's stock worth $192,000 after purchasing an additional 243 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Essent Group by 5.6% in the 1st quarter. Empowered Funds LLC now owns 5,071 shares of the financial services provider's stock worth $296,000 after buying an additional 270 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Essent Group by 1.6% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 19,586 shares of the financial services provider's stock worth $1,145,000 after buying an additional 300 shares in the last quarter. GHP Investment Advisors Inc. grew its stake in Essent Group by 0.7% in the 1st quarter. GHP Investment Advisors Inc. now owns 49,403 shares of the financial services provider's stock valued at $2,887,000 after acquiring an additional 323 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its stake in Essent Group by 11.6% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,614 shares of the financial services provider's stock valued at $211,000 after acquiring an additional 377 shares during the last quarter. Hedge funds and other institutional investors own 93.00% of the company's stock.

Essent Group Stock Down 2.6%

ESNT opened at $64.12 on Thursday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.09. The firm has a market cap of $5.76 billion, a P/E ratio of 8.94, a PEG ratio of 1.65 and a beta of 0.76. Essent Group Ltd. has a 52 week low of $55.34 and a 52 week high of $70.37. The business's fifty day simple moving average is $66.11 and its 200 day simple moving average is $63.66.

Essent Group (NYSE:ESNT - Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter. The company had revenue of $362.69 million for the quarter. Essent Group had a net margin of 51.45% and a return on equity of 11.91%. As a group, equities research analysts anticipate that Essent Group Ltd. will post 7.58 EPS for the current fiscal year.

Essent Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 31st were issued a $0.35 dividend. The ex-dividend date was Monday, August 31st. This represents a $1.40 annualized dividend and a yield of 2.2%. Essent Group's payout ratio is 19.53%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Essent Group from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Roth Capital upped their price target on shares of Essent Group from $65.00 to $80.00 and gave the company a "buy" rating in a report on Monday, August 10th. Royal Bank Of Canada increased their price target on shares of Essent Group from $68.00 to $75.00 and gave the company a "sector perform" rating in a research report on Monday, August 10th. Barclays raised their price objective on shares of Essent Group from $65.00 to $66.00 and gave the stock an "equal weight" rating in a research note on Monday, October 5th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Essent Group in a research note on Friday, September 18th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Essent Group presently has a consensus rating of "Hold" and an average target price of $71.14.

Insider Activity

In other news, CFO David Weinstock sold 5,500 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $68.54, for a total transaction of $376,970.00. Following the transaction, the chief financial officer directly owned 29,994 shares in the company, valued at $2,055,788.76. This represents a 15.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mark Casale sold 21,607 shares of the firm'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 in the company, valued at $142,921,148.37. This represents a 1.05% 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. Insiders sold a total of 70,146 shares of company stock valued at $4,900,365 in the last three months. Company insiders own 3.60% of the company's stock.

Essent Group Company Profile

Essent Group Ltd. NYSE: ESNT is a Bermuda-based holding company that provides private mortgage insurance and related risk-management services in the United States. Through its operating subsidiaries, the company helps protect mortgage lenders and investors against losses when borrowers default on residential mortgage loans.

Its principal business is mortgage insurance for low-down-payment conventional residential mortgages, enabling qualified borrowers to obtain home financing with less than a 20% down payment.

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