Northern Trust Corp Sells 30,837 Shares of Essent Group Ltd. $ESNT

Key Points

• Northern Trust Corp has decreased its stake in Essent Group Ltd. by 2.1%, owning 1,429,599 shares valued at approximately $82.5 million as of its latest SEC filing.
• Essent Group recently reported a quarterly earnings per share (EPS) of $1.93, surpassing analysts' expectations, with revenue showing a 2% year-on-year increase.
• The company announced a quarterly dividend of $0.31 per share, translating to an annualized payout of $1.24, resulting in a dividend yield of 1.9%.

Northern Trust Corp trimmed its holdings in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 2.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,429,599 shares of the financial services provider's stock after selling 30,837 shares during the period. Northern Trust Corp owned about 1.38% of Essent Group worth $82,516,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its holdings in shares of Essent Group by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 5,399,228 shares of the financial services provider's stock valued at $311,638,000 after acquiring an additional 230,553 shares during the period. Polar Capital Holdings Plc lifted its holdings in shares of Essent Group by 14.9% in the fourth quarter. Polar Capital Holdings Plc now owns 2,700,000 shares of the financial services provider's stock valued at $146,988,000 after purchasing an additional 350,000 shares in the last quarter. Ameriprise Financial Inc. raised its position in Essent Group by 29.3% during the fourth quarter. Ameriprise Financial Inc. now owns 1,966,171 shares of the financial services provider's stock valued at $107,038,000 after buying an additional 445,012 shares during the period. Victory Capital Management Inc. boosted its position in Essent Group by 1,272.6% during the 1st quarter. Victory Capital Management Inc. now owns 970,969 shares of the financial services provider's stock worth $56,044,000 after acquiring an additional 900,229 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Essent Group by 64.5% in the 4th quarter. Bank of America Corp DE now owns 721,457 shares of the financial services provider's stock valued at $39,276,000 after purchasing an additional 282,895 shares during the period. Institutional investors own 93.00% of the company's stock.

Essent Group Stock Performance

Shares of NYSE:ESNT traded down $0.70 during midday trading on Thursday, hitting $62.91. The company's stock had a trading volume of 438,618 shares, compared to its average volume of 739,227. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 2.73 and a beta of 0.82. The stock's 50 day simple moving average is $59.32 and its 200 day simple moving average is $57.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.24 and a current ratio of 1.24. Essent Group Ltd. has a fifty-two week low of $51.61 and a fifty-two week high of $65.33.

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

Essent Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 29th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.24 dividend on an annualized basis and a yield of 2.0%. Essent Group's dividend payout ratio is 18.10%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ESNT. The Goldman Sachs Group set a $60.00 target price on shares of Essent Group and gave the stock a "neutral" rating in a research report on Friday, August 8th. DOWLING & PARTN lowered shares of Essent Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Compass Point restated a "buy" rating on shares of Essent Group in a research note on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of Essent Group in a report on Friday, August 8th. Finally, BTIG Research reiterated a "buy" rating on shares of Essent Group in a report on Friday, May 9th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Essent Group has an average rating of "Moderate Buy" and a consensus price target of $63.67.

Insiders Place Their Bets

In related news, 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 directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Mary Lourdes Gibbons sold 3,760 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $62.00, for a total value of $233,120.00. Following the completion of the sale, the senior vice president owned 247,023 shares of the company's stock, valued at $15,315,426. This represents a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,950 shares of company stock worth $919,651 in the last ninety days. 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.