Squarepoint Ops LLC Sells 114,791 Shares of Essent Group Ltd. $ESNT

Key Points

• Squarepoint Ops LLC cut its Essent Group stake by 76.7%, selling 114,791 shares and retaining 34,893 shares valued at approximately $2.24 million. Institutional investors collectively own about 93% of ESNT.
• Essent Group reported quarterly earnings of $2.08 per share on $362.69 million in revenue, while analysts expect full-year EPS of $7.60. The company also pays a quarterly dividend of $0.35 per share, equating to a 2.0% yield.
• ESNT shares traded near their 52-week high at $68.76, but analysts remain cautious: the stock has a consensus “Hold” rating and an average price target of $71.86.

Squarepoint Ops LLC decreased its position in shares of Essent Group Ltd. (NYSE:ESNT - Free Report) by 76.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 34,893 shares of the financial services provider's stock after selling 114,791 shares during the period. Squarepoint Ops LLC's holdings in Essent Group were worth $2,243,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ESNT. BlackRock Inc. purchased a new stake in shares of Essent Group in the 2nd quarter worth about $798,836,000. California State Teachers Retirement System increased its stake in shares of Essent Group by 5,609.6% in the 2nd quarter. California State Teachers Retirement System now owns 6,597,378 shares of the financial services provider's stock worth $424,079,000 after acquiring an additional 6,481,829 shares in the last quarter. Norges Bank purchased a new position in Essent Group during the 4th quarter valued at about $155,516,000. Renaissancere Holdings Ltd. purchased a new position in Essent Group during the 2nd quarter valued at about $107,114,521. Finally, Deutsche Bank AG purchased a new position in Essent Group during the 2nd quarter valued at about $43,068,000. Hedge funds and other institutional investors own 93.00% of the company's stock.

Insider Activity

In related news, Director Douglas Pauls sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $69.70, for a total transaction of $174,250.00. Following the completion of the sale, the director owned 30,154 shares of the company's stock, valued at $2,101,733.80. This trade represents a 7.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roy Kasmar sold 4,837 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $68.71, for a total transaction of $332,350.27. Following the completion of the transaction, the director owned 21,361 shares of the company's stock, valued at approximately $1,467,714.31. The trade was a 18.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 104,483 shares of company stock worth $7,115,007. Corporate insiders own 3.60% of the company's stock.

Essent Group Stock Performance

Shares of Essent Group stock opened at $68.76 on Tuesday. Essent Group Ltd. has a 1 year low of $55.34 and a 1 year high of $70.37. The firm's 50-day moving average is $67.33 and its 200 day moving average is $62.71. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 9.59, a PEG ratio of 1.71 and a beta of 0.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.18 and a quick ratio of 1.18.

Essent Group (NYSE:ESNT - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The financial services provider reported $2.08 earnings per share for the quarter. The business had revenue of $362.69 million during the quarter. Essent Group had a net margin of 51.45% and a return on equity of 11.91%. Sell-side analysts anticipate that Essent Group Ltd. will post 7.6 EPS for the current fiscal year.

Essent Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Monday, August 31st were issued a dividend of $0.35 per share. The ex-dividend date was Monday, August 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.0%. Essent Group's dividend payout ratio is presently 19.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ESNT shares. Barclays upped their price objective on shares of Essent Group from $62.00 to $65.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Roth Capital boosted their price target on Essent Group from $65.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Royal Bank Of Canada boosted their price target on Essent Group from $68.00 to $75.00 and gave the stock a "sector perform" rating in a research report on Monday, August 10th. Weiss Ratings upgraded Essent Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. raised their price objective on Essent Group from $65.00 to $72.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Essent Group has a consensus rating of "Hold" and a consensus price target of $71.86.

About Essent Group

Essent Group Ltd. NYSE: ESNT is a Bermuda-based holding company that provides private mortgage insurance and related risk-management services for the U.S. residential housing market. Through its operating subsidiaries, the company helps mortgage lenders manage the credit risk associated with low-down-payment home loans.

Essent's principal business is mortgage insurance, which protects lenders and other mortgage investors against losses if a borrower defaults. Its products are generally used with conventional residential mortgages that have loan-to-value ratios above the levels traditionally eligible for uninsured financing.

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