Essent Group (NYSE:ESNT) Given New $67.00 Price Target at Royal Bank of Canada

Essent Group (NYSE:ESNT) had its price target lifted by Royal Bank of Canada from $61.00 to $67.00 in a research report released on Monday, Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

Several other research analysts also recently commented on ESNT. JPMorgan Chase & Co. raised their price target on shares of Essent Group from $62.00 to $63.00 and gave the stock a neutral rating in a research note on Monday. Keefe, Bruyette & Woods upgraded shares of Essent Group from a market perform rating to an outperform rating and lifted their target price for the stock from $65.00 to $70.00 in a research note on Monday. UBS Group lifted their target price on shares of Essent Group from $57.00 to $58.00 and gave the company a neutral rating in a report on Wednesday, May 22nd. Finally, Barclays boosted their price target on shares of Essent Group from $63.00 to $64.00 and gave the stock an overweight rating in a report on Tuesday, July 9th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $62.63.

Essent Group Trading Up 0.8 %

ESNT stock traded up $0.44 during midday trading on Monday, reaching $59.01. 426,824 shares of the company’s stock traded hands, compared to its average volume of 520,070. The stock’s 50-day moving average is $57.82 and its 200 day moving average is $55.96. The stock has a market cap of $6.29 billion, a P/E ratio of 8.94, a PEG ratio of 1.44 and a beta of 1.11. Essent Group has a 52-week low of $45.63 and a 52-week high of $64.05.

Essent Group (NYSE:ESNT) last issued its earnings results on Friday, August 2nd. The financial services provider reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.23. Essent Group had a net margin of 61.40% and a return on equity of 14.24%. The firm had revenue of $272.90 million during the quarter, compared to analyst estimates of $308.33 million. During the same quarter in the prior year, the business earned $1.61 earnings per share. Essent Group’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, research analysts expect that Essent Group will post 6.69 EPS for the current fiscal year.

Essent Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Friday, August 30th. Essent Group’s dividend payout ratio is presently 16.94%.

Insider Buying and Selling at Essent Group

In other news, SVP Vijay Bhasin sold 11,188 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.14, for a total value of $672,846.32. Following the completion of the transaction, the senior vice president now owns 199,359 shares in the company, valued at $11,989,450.26. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Essent Group news, SVP Vijay Bhasin sold 11,188 shares of Essent Group stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.14, for a total value of $672,846.32. Following the completion of the sale, the senior vice president now owns 199,359 shares in the company, valued at approximately $11,989,450.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas J. Pauls sold 2,500 shares of Essent Group stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $56.12, for a total value of $140,300.00. Following the completion of the sale, the director now owns 27,112 shares of the company’s stock, valued at approximately $1,521,525.44. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Essent Group

A number of institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. acquired a new stake in shares of Essent Group during the 1st quarter valued at approximately $32,000. GAMMA Investing LLC acquired a new position in shares of Essent Group during the fourth quarter valued at $37,000. Parkside Financial Bank & Trust increased its holdings in shares of Essent Group by 18.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,543 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 241 shares during the period. QRG Capital Management Inc. acquired a new position in shares of Essent Group during the fourth quarter valued at $200,000. Finally, HBK Sorce Advisory LLC bought a new position in Essent Group during the first quarter valued at about $215,000. 93.00% of the stock is owned by institutional investors and hedge funds.

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.