Retirement Systems of Alabama Has $7.38 Million Holdings in Essent Group Ltd. (NYSE:ESNT)

Retirement Systems of Alabama reduced its position in Essent Group Ltd. (NYSE:ESNT) by 1.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 127,815 shares of the financial services provider’s stock after selling 1,331 shares during the quarter. Retirement Systems of Alabama’s holdings in Essent Group were worth $7,377,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. AdvisorNet Financial Inc acquired a new position in Essent Group in the 1st quarter worth about $25,000. Mainstream Capital Management LLC acquired a new position in Essent Group in the 4th quarter worth about $25,000. Picton Mahoney Asset Management increased its position in Essent Group by 68.8% in the 4th quarter. Picton Mahoney Asset Management now owns 584 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 238 shares during the last quarter. UMB Bank n.a. increased its position in Essent Group by 330.6% in 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 last quarter. Finally, Fifth Third Bancorp increased its position in Essent Group by 20.2% in 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 last quarter. 93.00% of the stock is owned by institutional investors and hedge funds.

Essent Group Stock Performance

ESNT opened at $61.09 on Tuesday. The company has a market cap of $6.19 billion, a PE ratio of 8.94, a price-to-earnings-growth ratio of 3.44 and a beta of 0.81. The stock has a 50-day moving average of $57.75 and a 200-day moving average of $56.64. Essent Group Ltd. has a 52-week low of $51.61 and a 52-week high of $65.34.

Essent Group (NYSE:ESNT) last released its quarterly earnings results on Friday, May 9th. The financial services provider reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.03. Essent Group had a return on equity of 12.98% and a net margin of 57.29%. The company had revenue of $317.56 million during the quarter, compared to the consensus estimate of $311.18 million. During the same quarter in the prior year, the company posted $1.70 EPS. The firm’s revenue was up 6.4% on a year-over-year basis. On average, research analysts predict that Essent Group Ltd. will post 6.88 earnings per share for the current year.

Essent Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 30th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.24 annualized dividend and a yield of 2.03%. Essent Group’s payout ratio is 18.16%.

Insider Activity at Essent Group

In related news, CFO David B. Weinstock sold 2,500 shares of the 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 now owns 27,365 shares in the company, valued at $1,608,788.35. This represents a 8.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Douglas J. Pauls sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $59.80, for a total value of $179,400.00. Following the sale, the director now owns 27,165 shares of the company’s stock, valued at approximately $1,624,467. The trade was a 9.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,501 shares of company stock worth $446,566 in the last 90 days. 3.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ESNT. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Essent Group in a research report on Friday, May 9th. JPMorgan Chase & Co. upgraded Essent Group from a “neutral” rating to an “overweight” rating and set a $60.00 price target for the company in a research note on Tuesday, April 8th. BTIG Research reiterated a “buy” rating on shares of Essent Group in a research note on Friday, May 9th. The Goldman Sachs Group reiterated a “neutral” rating on shares of Essent Group in a research note on Friday, May 9th. Finally, Compass Point set a $69.00 price target on Essent Group and gave the stock a “buy” rating in a research note on Friday, May 23rd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $63.29.

Essent Group 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.