Principal Financial Group Inc. Has $59.46 Million Stake in Essent Group Ltd. (NYSE:ESNT)

Principal Financial Group Inc. reduced its position in Essent Group Ltd. (NYSE:ESNT - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,030,215 shares of the financial services provider's stock after selling 36,389 shares during the quarter. Principal Financial Group Inc. owned approximately 0.99% of Essent Group worth $59,464,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. AdvisorNet Financial Inc purchased a new stake in Essent Group in the 1st quarter worth approximately $25,000. Picton Mahoney Asset Management lifted its position in Essent Group by 68.8% during the fourth quarter. Picton Mahoney Asset Management now owns 584 shares of the financial services provider's stock worth $32,000 after buying an additional 238 shares during the period. UMB Bank n.a. boosted its stake in Essent Group by 330.6% in the 1st quarter. UMB Bank n.a. now owns 1,098 shares of the financial services provider's stock worth $63,000 after buying an additional 843 shares during the last quarter. Fifth Third Bancorp boosted its stake in Essent Group by 20.2% in the 1st quarter. Fifth Third Bancorp now owns 1,114 shares of the financial services provider's stock worth $64,000 after buying an additional 187 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Essent Group by 53.3% in the 4th quarter. US Bancorp DE now owns 1,125 shares of the financial services provider's stock worth $61,000 after buying an additional 391 shares during the last quarter. 93.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ESNT shares. Keefe, Bruyette & Woods downgraded Essent Group from an "outperform" rating to a "market perform" rating and raised their price target for the stock from $65.00 to $67.00 in a report on Monday. The Goldman Sachs Group reissued a "neutral" rating on shares of Essent Group in a report on Friday, May 9th. Barclays raised their price target on Essent Group from $58.00 to $59.00 and gave the stock an "equal weight" rating in a report on Tuesday. JPMorgan Chase & Co. raised Essent Group from a "neutral" rating to an "overweight" rating and set a $60.00 target price on the stock in a research note on Tuesday, April 8th. Finally, BTIG Research reaffirmed a "buy" rating on shares of Essent Group in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $63.71.

Essent Group Stock Down 1.4%

Essent Group stock traded down $0.80 during mid-day trading on Wednesday, hitting $58.75. 316,718 shares of the company's stock traded hands, compared to its average volume of 744,299. The firm has a 50 day moving average price of $58.94 and a 200 day moving average price of $57.10. The company has a market cap of $5.96 billion, a PE ratio of 8.60, a price-to-earnings-growth ratio of 3.46 and a beta of 0.81. Essent Group Ltd. has a one year low of $51.61 and a one year high of $65.33.

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

Essent Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 30th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend was Friday, May 30th. Essent Group's dividend payout ratio is presently 18.16%.

Insider Transactions at Essent Group

In related news, CFO David B. Weinstock sold 2,500 shares of Essent Group stock in a transaction 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 transaction, the chief financial officer directly owned 27,365 shares in the company, valued at $1,608,788.35. The trade was a 8.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Mary Lourdes Gibbons sold 1,999 shares of Essent Group stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $60.00, for a total value of $119,940.00. Following the transaction, the senior vice president owned 251,023 shares in the company, valued at $15,061,380. This represents a 0.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,740 shares of company stock valued at $581,386. Corporate insiders own 2.90% of the company's stock.

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.