Wellington Management Group LLP Buys New Stake 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 acquired a new position in Essent Group Ltd. (NYSE:ESNT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 711,788 shares of the financial services provider's stock, valued at approximately $41,084,000. Wellington Management Group LLP owned approximately 0.69% of Essent Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. AdvisorNet Financial Inc purchased a new position in shares of Essent Group during the 1st quarter worth about $25,000. Summit Securities Group LLC purchased a new position in shares of Essent Group during the 1st quarter worth about $46,000. UMB Bank n.a. boosted its stake in shares of Essent Group by 330.6% during the 1st quarter. UMB Bank n.a. now owns 1,098 shares of the financial services provider's stock worth $63,000 after purchasing an additional 843 shares during the period. Fifth Third Bancorp boosted its stake 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 purchasing an additional 187 shares during the period. Finally, State of Wyoming boosted its stake in shares of Essent Group by 102.0% during the 4th quarter. State of Wyoming now owns 1,687 shares of the financial services provider's stock worth $92,000 after purchasing an additional 852 shares during the period. 93.00% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Essent Group

In other news, Director William Spiegel sold 6,451 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $62.74, for a total value of $404,735.74. Following the completion of the sale, the director owned 26,252 shares of the company's stock, valued at approximately $1,647,050.48. This represents a 19.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David B. Weinstock sold 2,500 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $58.79, for a total transaction 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 $1,608,788.35. The trade was a 8.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,950 shares of company stock valued at $919,651. Company insiders own 2.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on ESNT shares. Barclays lifted their price target 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. JPMorgan Chase & Co. set a $60.00 price objective on shares of Essent Group in a report on Friday, August 8th. Keefe, Bruyette & Woods lowered shares of Essent Group from an "outperform" rating to a "market perform" rating in a report on Friday, August 8th. The Goldman Sachs Group set a $60.00 price objective on shares of Essent Group and gave the company a "neutral" rating in a report on Friday, August 8th. Finally, DOWLING & PARTN lowered shares of Essent Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 12th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Essent Group currently has a consensus rating of "Moderate Buy" and an average price target of $63.67.

Essent Group Trading Up 0.0%

ESNT traded up $0.03 on Friday, reaching $62.63. 60,281 shares of the company traded hands, compared to its average volume of 735,194. Essent Group Ltd. has a one year low of $51.61 and a one year high of $65.33. The firm has a fifty day simple moving average of $59.40 and a two-hundred day simple moving average of $57.73. The company has a market cap of $6.17 billion, a P/E ratio of 9.14, a price-to-earnings-growth ratio of 2.75 and a beta of 0.82. 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 announced 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. Essent Group had a net margin of 56.36% and a return on equity of 12.66%. The firm had revenue of $319.14 million during the quarter, compared to analysts' expectations of $317.46 million. During the same quarter in the prior year, the company earned $1.91 EPS. The company's revenue was up 2.0% compared to the same quarter last year. As a group, equities research analysts expect that Essent Group Ltd. will post 6.88 earnings per share for the current year.

Essent Group Announces Dividend

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

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.