Essent Group Ltd. (NYSE:ESNT – Get Rating) declared a quarterly dividend on Friday, August 5th, Zacks reports. Investors of record on Thursday, September 1st will be given a dividend of 0.22 per share by the financial services provider on Monday, September 12th. This represents a $0.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Wednesday, August 31st. This is a boost from Essent Group’s previous quarterly dividend of $0.21.
Essent Group has a dividend payout ratio of 13.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Essent Group to earn $6.45 per share next year, which means the company should continue to be able to cover its $0.88 annual dividend with an expected future payout ratio of 13.6%.
Essent Group Stock Performance
ESNT stock opened at $40.68 on Tuesday. The company’s fifty day moving average price is $40.67 and its 200-day moving average price is $41.37. Essent Group has a one year low of $35.53 and a one year high of $50.17. The company has a market capitalization of $4.38 billion, a PE ratio of 4.99, a price-to-earnings-growth ratio of 0.52 and a beta of 1.18.
Essent Group (NYSE:ESNT – Get Rating) last announced its quarterly earnings results on Friday, August 5th. The financial services provider reported $2.16 EPS for the quarter, topping the consensus estimate of $1.58 by $0.58. The business had revenue of $244.10 million for the quarter, compared to analysts’ expectations of $244.29 million. Essent Group had a net margin of 85.02% and a return on equity of 21.13%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 EPS. On average, research analysts predict that Essent Group will post 7.86 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several research firms have weighed in on ESNT. BTIG Research cut their price target on Essent Group to $54.00 in a report on Monday, August 15th. StockNews.com raised shares of Essent Group from a “hold” rating to a “buy” rating in a research note on Monday, August 22nd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Essent Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.
Insiders Place Their Bets
In related news, Director Aditya Dutt sold 6,000 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $41.95, for a total transaction of $251,700.00. Following the transaction, the director now directly owns 29,023 shares in the company, valued at approximately $1,217,514.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by insiders.
Institutional Trading of Essent Group
Institutional investors and hedge funds have recently made changes to their positions in the business. Forum Financial Management LP boosted its holdings in shares of Essent Group by 5.3% in the first quarter. Forum Financial Management LP now owns 5,589 shares of the financial services provider’s stock valued at $230,000 after purchasing an additional 280 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Essent Group by 1.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 41,000 shares of the financial services provider’s stock worth $1,690,000 after buying an additional 400 shares during the period. Centiva Capital LP grew its position in shares of Essent Group by 4.7% during the 2nd quarter. Centiva Capital LP now owns 10,441 shares of the financial services provider’s stock worth $406,000 after buying an additional 465 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Essent Group by 43.9% during the first quarter. Lazard Asset Management LLC now owns 1,668 shares of the financial services provider’s stock valued at $68,000 after buying an additional 509 shares during the period. Finally, Bank of Montreal Can raised its holdings in shares of Essent Group by 13.1% in the second quarter. Bank of Montreal Can now owns 9,625 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 1,113 shares in the last quarter. 92.59% of the stock is currently owned by 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.