Essent Group (ESNT) Raised to Buy at Zelman & Associates

Essent Group (NYSE:ESNT) was upgraded by equities researchers at Zelman & Associates from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, The Fly reports.

ESNT has been the subject of a number of other research reports. Deutsche Bank lowered Essent Group from a “buy” rating to a “hold” rating and set a $49.00 target price for the company. in a research report on Friday, November 3rd. Royal Bank of Canada initiated coverage on Essent Group in a research report on Wednesday, December 20th. They issued an “outperform” rating and a $54.00 target price for the company. Zacks Investment Research raised Essent Group from a “sell” rating to a “hold” rating in a research report on Monday, November 13th. Barclays boosted their target price on Essent Group from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Friday, November 10th. Finally, BTIG Research boosted their target price on Essent Group from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Essent Group currently has a consensus rating of “Buy” and an average price target of $52.07.

Shares of Essent Group (ESNT) traded up $0.48 during trading hours on Monday, reaching $44.40. The company’s stock had a trading volume of 716,999 shares, compared to its average volume of 659,198. Essent Group has a fifty-two week low of $33.45 and a fifty-two week high of $50.08. The stock has a market cap of $4,323.23, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 1.10 and a beta of 1.15.

Essent Group (NYSE:ESNT) last issued its earnings results on Friday, February 9th. The financial services provider reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. Essent Group had a return on equity of 18.84% and a net margin of 65.87%. The business had revenue of $161.77 million during the quarter, compared to analyst estimates of $155.22 million. During the same quarter in the previous year, the firm earned $0.68 EPS. Essent Group’s revenue was up 28.0% on a year-over-year basis. sell-side analysts anticipate that Essent Group will post 3.99 EPS for the current fiscal year.

In other news, Director Robert Glanville sold 3,000 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $44.88, for a total transaction of $134,640.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew Turnbull sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $45.00, for a total value of $450,000.00. Following the transaction, the director now owns 45,409 shares of the company’s stock, valued at $2,043,405. The disclosure for this sale can be found here. Insiders have sold a total of 34,013 shares of company stock valued at $1,546,045 in the last ninety days. Insiders own 18.10% of the company’s stock.

Several large investors have recently made changes to their positions in ESNT. Fortaleza Asset Management Inc. bought a new position in Essent Group in the 3rd quarter worth approximately $112,000. Telemus Capital LLC bought a new position in Essent Group in the 4th quarter worth approximately $204,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Essent Group by 50.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,735 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 1,590 shares during the period. Trust Co. of Toledo NA OH bought a new position in Essent Group in the 4th quarter worth approximately $208,000. Finally, Nine Chapters Capital Management LLC bought a new position in Essent Group in the 3rd quarter worth approximately $219,000. Institutional investors own 86.19% of the company’s stock.

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About Essent Group

Essent Group Ltd. is a private mortgage insurance company. The Company is engaged in offering private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Its products and services include mortgage insurance, contract underwriting, and Bermuda-based insurance and reinsurance.

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