Interval Partners LP Trims Position in Essent Group Ltd. (NYSE:ESNT)

Interval Partners LP decreased its stake in shares of Essent Group Ltd. (NYSE:ESNT) by 9.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 300,221 shares of the financial services provider’s stock after selling 32,210 shares during the period. Interval Partners LP’s holdings in Essent Group were worth $17,866,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ESNT. Advisors Asset Management Inc. purchased a new stake in shares of Essent Group in the first quarter valued at approximately $32,000. GAMMA Investing LLC purchased a new stake in shares of Essent Group in the 4th quarter worth $37,000. Parkside Financial Bank & Trust grew its position in shares of Essent Group by 18.5% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,543 shares of the financial services provider’s stock worth $81,000 after buying an additional 241 shares in the last quarter. QRG Capital Management Inc. purchased a new position in shares of Essent Group during the fourth quarter valued at $200,000. Finally, HBK Sorce Advisory LLC purchased a new stake in Essent Group in the first quarter worth about $215,000. 93.00% of the stock is owned by hedge funds and other institutional investors.

Essent Group Stock Performance

NYSE:ESNT traded up $0.60 during mid-day trading on Tuesday, hitting $62.57. 567,911 shares of the company’s stock traded hands, compared to its average volume of 516,937. The company has a market capitalization of $6.67 billion, a P/E ratio of 9.37, a P/E/G ratio of 1.48 and a beta of 1.11. The company has a fifty day moving average of $57.32 and a 200 day moving average of $55.69. Essent Group Ltd. has a twelve month low of $45.63 and a twelve month high of $63.15.

Essent Group (NYSE:ESNT) last announced 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 firm had revenue of $298.40 million during the quarter, compared to analyst estimates of $298.69 million. Essent Group had a net margin of 61.40% and a return on equity of 14.24%. Essent Group’s revenue was up 16.4% on a year-over-year basis. During the same period last year, the firm posted $1.59 EPS. On average, research analysts expect that Essent Group Ltd. will post 6.69 earnings per share for the current fiscal year.

Essent Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 31st were paid a dividend of $0.28 per share. The ex-dividend date was Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 1.79%. Essent Group’s payout ratio is currently 16.94%.

Insider Activity

In related news, Director Douglas J. Pauls sold 2,500 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $56.12, for a total value of $140,300.00. Following the completion of the transaction, the director now owns 27,112 shares in the company, valued at approximately $1,521,525.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Douglas J. Pauls sold 2,500 shares of Essent Group stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $56.12, for a total transaction of $140,300.00. Following the completion of the sale, the director now owns 27,112 shares of the company’s stock, valued at $1,521,525.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Vijay Bhasin sold 11,188 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.14, for a total transaction of $672,846.32. Following the completion of the transaction, the senior vice president now owns 199,359 shares in the company, valued at approximately $11,989,450.26. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ESNT. JPMorgan Chase & Co. raised their target price on shares of Essent Group from $61.00 to $62.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. Keefe, Bruyette & Woods upped their target price on Essent Group from $62.00 to $64.00 and gave the stock a “market perform” rating in a report on Thursday, April 4th. Barclays lifted their price target on Essent Group from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. UBS Group upped their price objective on Essent Group from $57.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 22nd. Finally, Royal Bank of Canada cut their target price on Essent Group from $64.00 to $61.00 and set an “outperform” rating on the stock in a research note on Monday, May 6th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $59.88.

About Essent Group

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.