Wells Fargo & Co Reiterates “Buy” Rating for Essent Group (ESNT)

Wells Fargo & Co restated their buy rating on shares of Essent Group (NYSE:ESNT) in a research report released on Tuesday.

A number of other brokerages have also commented on ESNT. Royal Bank of Canada assumed coverage on shares of Essent Group in a report on Wednesday, December 20th. They issued an outperform rating and a $54.00 price objective on the stock. BTIG Research boosted their price objective on shares of Essent Group from $49.00 to $54.00 and gave the stock a buy rating in a report on Wednesday, December 20th. Zacks Investment Research upgraded shares of Essent Group from a hold rating to a buy rating and set a $51.00 price objective on the stock in a report on Monday, December 25th. ValuEngine lowered shares of Essent Group from a strong-buy rating to a buy rating in a report on Friday, December 1st. Finally, Deutsche Bank upgraded shares of Essent Group from a hold rating to a buy rating and upped their target price for the company from $49.00 to $61.00 in a research note on Monday, January 8th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Essent Group currently has an average rating of Buy and a consensus target price of $52.52.

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Essent Group (NYSE:ESNT) opened at $42.39 on Tuesday. Essent Group has a 1-year low of $33.45 and a 1-year high of $50.08. The company has a market cap of $4,217.08, a price-to-earnings ratio of 10.70, a price-to-earnings-growth ratio of 0.89 and a beta of 1.14.

Essent Group (NYSE:ESNT) last issued its quarterly earnings data on Friday, February 9th. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Essent Group had a net margin of 65.87% and a return on equity of 17.77%. The firm had revenue of $161.77 million for the quarter, compared to analyst estimates of $155.22 million. During the same quarter in the previous year, the business posted $0.68 EPS. The firm’s revenue was up 28.0% compared to the same quarter last year. research analysts expect that Essent Group will post 4.42 earnings per share for the current year.

In other news, CEO Mark Casale sold 370,673 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $44.50, for a total value of $16,494,948.50. Following the sale, the chief executive officer now owns 1,845,356 shares in the company, valued at approximately $82,118,342. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 18.10% of the company’s stock.

Several large investors have recently made changes to their positions in ESNT. BlackRock Inc. grew its position in shares of Essent Group by 24.7% during the 4th quarter. BlackRock Inc. now owns 7,903,032 shares of the financial services provider’s stock valued at $343,152,000 after buying an additional 1,562,879 shares during the last quarter. APG Asset Management N.V. grew its position in shares of Essent Group by 242.5% during the 4th quarter. APG Asset Management N.V. now owns 1,144,800 shares of the financial services provider’s stock valued at $41,395,000 after buying an additional 810,600 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of Essent Group by 69.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,068,425 shares of the financial services provider’s stock valued at $46,390,000 after buying an additional 437,425 shares during the last quarter. Bain Capital Public Equity Management LLC bought a new stake in shares of Essent Group during the 4th quarter valued at about $18,635,000. Finally, Wells Fargo & Company MN grew its position in shares of Essent Group by 58.5% during the 3rd quarter. Wells Fargo & Company MN now owns 1,052,044 shares of the financial services provider’s stock valued at $42,607,000 after buying an additional 388,455 shares during the last quarter. 89.07% of the stock is owned by institutional investors and hedge funds.

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Essent Group Company Profile

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.

Analyst Recommendations for Essent Group (NYSE:ESNT)

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