Essent Group (NYSE:ESNT) Price Target Cut to $61.00 by Analysts at Royal Bank of Canada

Essent Group (NYSE:ESNT) had its price target reduced by Royal Bank of Canada from $64.00 to $61.00 in a research report released on Monday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

ESNT has been the subject of a number of other reports. Keefe, Bruyette & Woods upped their price objective on shares of Essent Group from $62.00 to $64.00 and gave the stock a market perform rating in a research note on Thursday, April 4th. JPMorgan Chase & Co. cut shares of Essent Group from an overweight rating to a neutral rating and raised their price target for the company from $58.00 to $61.00 in a research report on Wednesday, April 3rd. Finally, StockNews.com lowered shares of Essent Group from a buy rating to a hold rating in a research note on Monday, March 4th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Essent Group currently has a consensus rating of Hold and an average target price of $58.75.

Essent Group Price Performance

Shares of ESNT stock traded up $0.44 on Monday, hitting $56.20. 13,595 shares of the company’s stock were exchanged, compared to its average volume of 524,451. Essent Group has a 12 month low of $42.46 and a 12 month high of $59.90. The stock has a market cap of $6.01 billion, a P/E ratio of 8.44, a price-to-earnings-growth ratio of 0.83 and a beta of 1.05. The company has a 50 day moving average of $55.21 and a 200 day moving average of $52.58.

Essent Group (NYSE:ESNT) last released its quarterly earnings data on Friday, May 3rd. The financial services provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.56 by $0.14. The business had revenue of $298.40 million for the quarter, compared to the consensus estimate of $298.69 million. Essent Group had a net margin of 61.40% and a return on equity of 14.24%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.59 earnings per share. Sell-side analysts predict that Essent Group will post 6.56 EPS for the current fiscal year.

Essent Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 1.99%. Essent Group’s dividend payout ratio is currently 16.94%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Parkside Financial Bank & Trust grew its holdings in Essent Group by 18.5% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,543 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 241 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Essent Group by 0.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,198 shares of the financial services provider’s stock worth $2,542,000 after purchasing an additional 267 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Essent Group by 2.9% in the first quarter. Janney Montgomery Scott LLC now owns 10,297 shares of the financial services provider’s stock worth $613,000 after acquiring an additional 287 shares in the last quarter. Contravisory Investment Management Inc. acquired a new position in shares of Essent Group during the fourth quarter worth $26,000. Finally, State of Michigan Retirement System grew its holdings in shares of Essent Group by 2.0% during the first quarter. State of Michigan Retirement System now owns 26,133 shares of the financial services provider’s stock worth $1,555,000 after purchasing an additional 500 shares during the last quarter. 93.00% of the stock is owned by hedge funds and other institutional investors.

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.