Peregrine Capital Management LLC cut its position in Essent Group Ltd. (NYSE:ESNT) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 884,872 shares of the financial services provider’s stock after selling 2,532 shares during the period. Essent Group makes up about 0.8% of Peregrine Capital Management LLC’s investment portfolio, making the stock its 18th largest position. Peregrine Capital Management LLC’s holdings in Essent Group were worth $32,864,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the company. James Investment Research Inc. acquired a new position in Essent Group during the first quarter worth approximately $144,000. Evanson Asset Management LLC acquired a new position in Essent Group during the first quarter worth approximately $215,000. Cim LLC increased its position in Essent Group by 2.9% in the first quarter. Cim LLC now owns 17,110 shares of the financial services provider’s stock worth $619,000 after buying an additional 480 shares in the last quarter. Breton Hill Capital Ltd. acquired a new position in Essent Group during the first quarter worth approximately $1,026,000. Finally, US Bancorp DE increased its position in Essent Group by 4.6% in the first quarter. US Bancorp DE now owns 4,946 shares of the financial services provider’s stock worth $179,000 after buying an additional 218 shares in the last quarter. 85.63% of the stock is owned by hedge funds and other institutional investors.
Shares of Essent Group Ltd. (ESNT) remained flat at $38.97 during midday trading on Thursday. 82,797 shares of the stock traded hands. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 14.93 and a beta of 1.14. The stock has a 50 day moving average price of $37.13 and a 200 day moving average price of $35.98. Essent Group Ltd. has a 52 week low of $23.38 and a 52 week high of $39.61.
Essent Group (NYSE:ESNT) last announced its earnings results on Friday, May 5th. The financial services provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.69 by $0.03. The company had revenue of $127.60 million for the quarter, compared to analysts’ expectations of $126.70 million. Essent Group had a return on equity of 18.16% and a net margin of 49.91%. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 earnings per share. Equities research analysts anticipate that Essent Group Ltd. will post $2.94 earnings per share for the current fiscal year.
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A number of equities research analysts have issued reports on ESNT shares. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $40.00 target price on shares of Essent Group in a research note on Friday, April 28th. Bank of America Corporation upgraded Essent Group from an “underperform” rating to a “buy” rating and raised their target price for the company from $38.00 to $43.00 in a research note on Tuesday, May 9th. Zacks Investment Research cut Essent Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. ValuEngine upgraded Essent Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 9th. Finally, Barclays PLC raised their target price on Essent Group from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, May 8th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $39.00.
In other news, CFO Lawrence E. Mcalee, Jr. sold 2,000 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $38.01, for a total transaction of $76,020.00. Following the transaction, the chief financial officer now owns 279,285 shares of the company’s stock, valued at $10,615,622.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Lawrence E. Mcalee, Jr. sold 7,000 shares of the company’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $36.99, for a total value of $258,930.00. Following the transaction, the chief financial officer now directly owns 279,285 shares in the company, valued at approximately $10,330,752.15. The disclosure for this sale can be found here. Insiders have sold 17,207 shares of company stock worth $654,083 in the last 90 days. Company insiders own 18.10% of the company’s stock.
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.
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