Essent Group (NYSE:ESNT) CEO Sells 49,042 Shares of Stock

Key Points

• CEO Mark Casale sold 49,042 Essent Group shares at an average price of $71.09, totaling about $3.49 million; the sale was made under a pre-arranged Rule 10b5-1 plan.
• After the sale, Casale directly owned 1,989,851 shares, valued at approximately $141.5 million—a 2.41% reduction in his ownership.
• Essent reported quarterly EPS of $1.82, below the $1.85 consensus estimate, while revenue of $374.18 million exceeded estimates; it also announced a quarterly dividend of $0.35 per share.

Essent Group Ltd. (NYSE:ESNT - Get Free Report) CEO Mark Casale sold 49,042 shares of the stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $71.09, for a total transaction of $3,486,395.78. Following the completion of the sale, the chief executive officer directly owned 1,989,851 shares in the company, valued at $141,458,507.59. This trade represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Mark Casale also recently made the following trade(s):

• On Thursday, September 3rd, Mark Casale sold 798 shares of Essent Group stock. The stock was sold at an average price of $70.01, for a total transaction of $55,867.98.
• On Wednesday, August 19th, Mark Casale sold 21,607 shares of Essent Group stock. The shares were sold at an average price of $70.07, for a total value of $1,514,002.49.
• On Tuesday, August 18th, Mark Casale sold 20,246 shares of Essent Group stock. The shares were sold at an average price of $70.18, for a total value of $1,420,864.28.

Essent Group Trading Up 3.4%

Shares of NYSE ESNT traded up $2.18 during midday trading on Monday, hitting $65.59. The company's stock had a trading volume of 1,060,103 shares, compared to its average volume of 752,098. The company has a current ratio of 0.83, a quick ratio of 1.18 and a debt-to-equity ratio of 0.09. The business's 50 day moving average is $65.58 and its two-hundred day moving average is $63.09. Essent Group Ltd. has a 12-month low of $55.34 and a 12-month high of $71.84. The firm has a market cap of $5.89 billion, a P/E ratio of 8.96, a price-to-earnings-growth ratio of 1.59 and a beta of 0.71.

Essent Group (NYSE:ESNT - Get Free Report) last released its earnings results on Friday, November 6th. The financial services provider reported $1.82 earnings per share for the quarter, missing the consensus estimate of $1.85 by ($0.03). Essent Group had a return on equity of 11.99% and a net margin of 49.08%. The business had revenue of $374.18 million for the quarter, compared to the consensus estimate of $344.17 million. During the same quarter last year, the business posted $1.67 earnings per share. As a group, equities research analysts expect that Essent Group Ltd. will post 7.58 EPS for the current year.

Essent Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Tuesday, December 1st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.40 annualized dividend and a yield of 2.1%. Essent Group's dividend payout ratio is 19.13%.

Institutional Trading of Essent Group

A number of hedge funds have recently bought and sold shares of the stock. Allworth Financial LP purchased a new position in shares of Essent Group in the second quarter worth $31,000. Root Financial Partners LLC purchased a new stake in shares of Essent Group during the third quarter valued at $43,000. Versant Capital Management Inc grew its holdings in shares of Essent Group by 790.6% during the second quarter. Versant Capital Management Inc now owns 757 shares of the financial services provider's stock valued at $49,000 after buying an additional 672 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Essent Group in the 2nd quarter valued at $55,000. Finally, Farther Finance Advisors LLC increased its position in shares of Essent Group by 82.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 981 shares of the financial services provider's stock valued at $57,000 after acquiring an additional 443 shares during the period. Hedge funds and other institutional investors own 93.00% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on ESNT shares. JPMorgan Chase & Co. lowered their target price on Essent Group from $72.00 to $66.00 and set a "neutral" rating for the company in a report on Monday, October 12th. Keefe, Bruyette & Woods raised their price target on Essent Group from $74.00 to $78.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Royal Bank Of Canada lifted their price objective on Essent Group from $68.00 to $75.00 and gave the company a "sector perform" rating in a report on Monday, August 10th. Wall Street Zen lowered shares of Essent Group from a "buy" rating to a "hold" rating in a research note on Saturday, October 31st. Finally, Weiss Ratings upgraded shares of Essent Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $70.62.

About Essent Group

Essent Group is a Bermuda-based provider of mortgage insurance and reinsurance, operating primarily in the United States. Its services help mortgage lenders manage the credit risk associated with residential home loans.

Through its U.S. mortgage insurance subsidiary, Essent Guaranty, the company provides private mortgage insurance for eligible borrowers who make smaller down payments on conventional mortgages. The coverage can help lenders reduce potential losses if a borrower defaults.

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