Wellington Management Group LLP Invests $41.08 Million in Essent Group Ltd. $ESNT

Key Points

• Wellington Management Group LLP invested approximately $41.08 million in Essent Group Ltd. by purchasing 711,788 shares, representing about 0.69% of the company's stock.
• Essent Group increased its quarterly EPS to $1.93, exceeding analysts' expectations, with a quarterly revenue of $319.14 million, up 2.0% year-over-year.
• The company announced a quarterly dividend of $0.31, with a payout ratio of 18.10%, scheduled for payment on September 10th to shareholders recorded on August 29th.

Wellington Management Group LLP bought a new position in Essent Group Ltd. (NYSE:ESNT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 711,788 shares of the financial services provider's stock, valued at approximately $41,084,000. Wellington Management Group LLP owned 0.69% of Essent Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Fifth Third Bancorp grew its position in shares of Essent Group by 20.2% during 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 in the last quarter. State of Alaska Department of Revenue grew its position in shares of Essent Group by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 39,301 shares of the financial services provider's stock worth $2,268,000 after buying an additional 190 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Essent Group by 5.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,721 shares of the financial services provider's stock worth $215,000 after buying an additional 200 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in shares of Essent Group by 3.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 6,988 shares of the financial services provider's stock worth $380,000 after buying an additional 242 shares in the last quarter. Finally, Forum Financial Management LP grew its position in shares of Essent Group by 8.1% during the 4th quarter. Forum Financial Management LP now owns 3,912 shares of the financial services provider's stock worth $213,000 after buying an additional 294 shares in the last quarter. Hedge funds and other institutional investors own 93.00% of the company's stock.

Essent Group Stock Down 0.3%

ESNT stock traded down $0.19 during trading on Friday, reaching $62.73. 439,441 shares of the company traded hands, compared to its average volume of 603,043. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 9.16, a price-to-earnings-growth ratio of 2.72 and a beta of 0.82. The business has a 50 day simple moving average of $59.47 and a 200 day simple moving average of $57.77. Essent Group Ltd. has a 12 month low of $51.61 and a 12 month 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 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $319.14 million during the quarter, compared to the consensus estimate of $317.46 million. Essent Group had a return on equity of 12.66% and a net margin of 56.36%.The company's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned $1.91 earnings per share. On average, equities research analysts anticipate that Essent Group Ltd. will post 6.88 earnings per share for the current fiscal year.

Essent Group Dividend Announcement

The firm 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. This represents a $1.24 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 29th. Essent Group's dividend payout ratio (DPR) is currently 18.10%.

Analyst Ratings Changes

A number of research firms have recently issued reports on ESNT. Keefe, Bruyette & Woods downgraded Essent Group from an "outperform" rating to a "market perform" rating in a research report on Friday, August 8th. Barclays increased their price target on Essent Group from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada reissued an "outperform" rating on shares of Essent Group in a research report on Friday, August 8th. Compass Point reissued a "buy" rating on shares of Essent Group in a research report on Friday, August 8th. Finally, DOWLING & PARTN downgraded Essent Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Essent Group has a consensus rating of "Moderate Buy" and an average price target of $63.67.

Insiders Place Their Bets

In other Essent Group news, SVP Mary Lourdes Gibbons sold 3,760 shares of the firm's stock in a transaction dated 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 approximately $15,315,426. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David B. Weinstock sold 2,500 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $58.79, for a total value of $146,975.00. Following the completion of the sale, the chief financial officer directly owned 27,365 shares of the company's stock, valued at approximately $1,608,788.35. This represents a 8.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,950 shares of company stock valued at $919,651. 2.90% of the stock is currently owned by corporate insiders.

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.