Essent Group Ltd. $ESNT Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC has reduced its stake in Essent Group Ltd. by 34.2%, now holding approximately 165,882 shares worth $9.58 million.
• Essent Group reported a quarterly earnings per share (EPS) of $1.93, exceeding the analysts' estimates of $1.68, along with a revenue of $319.14 million.
• The company announced a quarterly dividend of $0.31 per share, resulting in an annualized yield of 2.0%.

Voya Investment Management LLC decreased its holdings in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 34.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 165,882 shares of the financial services provider's stock after selling 86,178 shares during the period. Voya Investment Management LLC owned approximately 0.16% of Essent Group worth $9,575,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Strs Ohio acquired a new stake in shares of Essent Group during the first quarter worth about $895,000. Intech Investment Management LLC raised its holdings in Essent Group by 2.0% during the first quarter. Intech Investment Management LLC now owns 271,788 shares of the financial services provider's stock worth $15,688,000 after purchasing an additional 5,251 shares in the last quarter. Focus Partners Wealth raised its holdings in Essent Group by 1.7% during the first quarter. Focus Partners Wealth now owns 28,783 shares of the financial services provider's stock worth $1,661,000 after purchasing an additional 486 shares in the last quarter. Jane Street Group LLC raised its holdings in Essent Group by 760.5% during the first quarter. Jane Street Group LLC now owns 367,460 shares of the financial services provider's stock worth $21,210,000 after purchasing an additional 324,757 shares in the last quarter. Finally, Bayforest Capital Ltd raised its holdings in Essent Group by 280.5% during the first quarter. Bayforest Capital Ltd now owns 10,328 shares of the financial services provider's stock worth $596,000 after purchasing an additional 7,614 shares in the last quarter. Institutional investors and hedge funds own 93.00% of the company's stock.

Essent Group Stock Down 0.4%

Shares of ESNT traded down $0.24 during midday trading on Friday, hitting $65.24. The company had a trading volume of 2,326,089 shares, compared to its average volume of 518,377. The company's 50 day moving average price is $60.51 and its 200 day moving average price is $58.48. The stock has a market cap of $6.43 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 2.84 and a beta of 0.86. Essent Group Ltd. has a 52 week low of $51.61 and a 52 week high of $65.90. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

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

Essent Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 29th were issued a $0.31 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $1.24 annualized dividend and a dividend yield of 1.9%. Essent Group's payout ratio is 18.10%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Compass Point reaffirmed a "buy" rating on shares of Essent Group in a report on Friday, August 8th. DOWLING & PARTN cut shares of Essent Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 12th. The Goldman Sachs Group set a $60.00 price objective on shares of Essent Group and gave the stock a "neutral" rating in a research note on Friday, August 8th. Keefe, Bruyette & Woods cut shares of Essent Group from an "outperform" rating to a "market perform" rating in a research note on Friday, August 8th. Finally, Barclays raised their price objective on shares of Essent Group from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $63.67.

Insider Activity

In other news, CFO David B. Weinstock sold 2,500 shares of Essent Group stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $63.33, for a total value of $158,325.00. Following the completion of the transaction, the chief financial officer directly owned 24,865 shares of the company's stock, valued at approximately $1,574,700.45. The trade was a 9.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William Spiegel sold 6,451 shares of Essent Group stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $62.74, for a total transaction of $404,735.74. Following the completion of the transaction, the director directly owned 26,252 shares of the company's stock, valued at $1,647,050.48. This trade represents a 19.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,950 shares of company stock valued at $931,001. Company insiders own 2.90% of the company's stock.

Essent Group Company 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.