Envestnet Asset Management Inc. Grows Holdings in Essent Group Ltd. (NYSE:ESNT)

Key Points

• Envestnet Asset Management Inc. increased its stake in Essent Group Ltd. by 7.7%, owning a total of 69,879 shares worth approximately $4 million after purchasing additional shares in the first quarter.
• Essent Group has garnered attention from analysts, with a consensus price target set at $63.71 and ratings ranging from "buy" to "hold," indicating a generally positive outlook.
• The company recently declared a quarterly dividend of $0.31 per share, demonstrating its commitment to returning value to shareholders, with an annual yield of 2.19%.

Envestnet Asset Management Inc. grew its stake in Essent Group Ltd. (NYSE:ESNT - Free Report) by 7.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,879 shares of the financial services provider's stock after buying an additional 5,001 shares during the period. Envestnet Asset Management Inc. owned 0.07% of Essent Group worth $4,033,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Essent Group in the fourth quarter worth $69,364,000. First Trust Advisors LP increased its stake in shares of Essent Group by 43.2% in the fourth quarter. First Trust Advisors LP now owns 1,709,029 shares of the financial services provider's stock worth $93,040,000 after acquiring an additional 515,171 shares during the period. Walleye Capital LLC increased its stake in shares of Essent Group by 144.8% in the fourth quarter. Walleye Capital LLC now owns 846,169 shares of the financial services provider's stock worth $46,065,000 after acquiring an additional 500,494 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Essent Group by 29.3% in the fourth quarter. Ameriprise Financial Inc. now owns 1,966,171 shares of the financial services provider's stock worth $107,038,000 after acquiring an additional 445,012 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Essent Group by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,367,101 shares of the financial services provider's stock worth $673,265,000 after acquiring an additional 432,034 shares during the period. Hedge funds and other institutional investors own 93.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ESNT shares. Compass Point set a $69.00 price target on shares of Essent Group and gave the company a "buy" rating in a research report on Friday, May 23rd. BTIG Research restated a "buy" rating on shares of Essent Group in a research report on Friday, May 9th. Barclays raised their price target on shares of Essent Group from $58.00 to $59.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. upgraded shares of Essent Group from a "neutral" rating to an "overweight" rating and set a $60.00 price target on the stock in a research report on Tuesday, April 8th. Finally, The Goldman Sachs Group restated a "neutral" rating on shares of Essent Group in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $63.71.

Insider Buying and Selling at Essent Group

In related news, Director Douglas J. Pauls sold 3,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $59.80, for a total transaction of $179,400.00. Following the transaction, the director directly owned 27,165 shares in the company, valued at approximately $1,624,467. The trade was a 9.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 transaction, the chief financial officer owned 27,365 shares in the company, valued at $1,608,788.35. The trade was a 8.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,740 shares of company stock valued at $581,386 over the last ninety days. Corporate insiders own 3.40% of the company's stock.

Essent Group Trading Up 1.1%

ESNT traded up $0.64 during midday trading on Tuesday, hitting $56.73. 43,416 shares of the company traded hands, compared to its average volume of 754,949. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 8.31, a PEG ratio of 8.28 and a beta of 0.81. Essent Group Ltd. has a 52-week low of $51.61 and a 52-week high of $65.33. The business has a 50 day simple moving average of $58.33 and a two-hundred day simple moving average of $57.34.

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

Essent Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 30th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Friday, May 30th. Essent Group's payout ratio is 18.16%.

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.