Essent Group (NYSE:ESNT) Stock: Insider Mark Casale Sells 49,042 Shares

Essent Group Ltd. (NYSE:ESNT) CEO Mark Casale sold 49,042 shares of the business’s stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $71.09, for a total transaction of $3,486,395.78. Following the transaction, the chief executive officer directly owned 1,989,851 shares in the company, valued at approximately $141,458,507.59. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Mark Casale also recently made the following trade(s):

• On Thursday, September 3rd, Mark Casale sold 798 shares of Essent Group stock. The stock was sold at an average price of $70.01, for a total value of $55,867.98.
• On Wednesday, August 19th, Mark Casale sold 21,607 shares of Essent Group stock. The shares were sold at an average price of $70.07, for a total value of $1,514,002.49.
• On Tuesday, August 18th, Mark Casale sold 20,246 shares of Essent Group stock. The stock was sold at an average price of $70.18, for a total transaction of $1,420,864.28.

Essent Group Stock Down 1.8%

Shares of NYSE:ESNT opened at $64.61 on Wednesday. The firm has a market cap of $5.81 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 1.65 and a beta of 0.71. The company has a fifty day simple moving average of $65.45 and a 200 day simple moving average of $63.13. The company has a current ratio of 1.05, a quick ratio of 1.18 and a debt-to-equity ratio of 0.09. Essent Group Ltd. has a 12-month low of $55.34 and a 12-month high of $71.84.

Essent Group (NYSE:ESNT) last posted its quarterly earnings data on Friday, November 6th. The financial services provider reported $1.82 EPS for the quarter, missing analysts’ consensus estimates of $1.85 by ($0.03). The company had revenue of $374.18 million for the quarter, compared to the consensus estimate of $344.17 million. Essent Group had a net margin of 49.08% and a return on equity of 11.99%. During the same quarter last year, the company earned $1.67 earnings per share. On average, equities research analysts anticipate that Essent Group Ltd. will post 7.58 EPS for the current fiscal year.

Essent Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.2%. Essent Group’s dividend payout ratio (DPR) is presently 19.13%.

Hedge Funds Weigh In On Essent Group

A number of hedge funds and other institutional investors have recently bought and sold shares of ESNT. BlackRock Inc. bought a new position in Essent Group in the 2nd quarter worth about $798,836,000. Renaissancere Holdings Ltd. bought a new stake in shares of Essent Group during the second quarter valued at approximately $107,114,521. Deutsche Bank AG acquired a new position in shares of Essent Group during the second quarter worth approximately $43,068,000. Bank of New York Mellon Corp bought a new position in Essent Group in the 2nd quarter worth approximately $41,041,000. Finally, Bank of America Corp DE bought a new position in Essent Group in the 2nd quarter worth approximately $24,746,000. 93.00% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Essent Group

Here are the key news stories impacting Essent Group this week:

• Positive Sentiment: Third-quarter revenue of $374.18 million exceeded analysts’ $344.17 million estimate. Insurance in force reached $250 billion, up 1% year over year, and net income was $163 million. Essent: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: CEO Mark Casale sold 49,042 shares for about $3.49 million under a pre-arranged Rule 10b5-1 plan. He retained nearly 1.99 million shares, making the sale less informative as a signal of his outlook. Insider Selling: Essent Group CEO Sells Shares
• Negative Sentiment: Barclays lowered its price target to $65 from $66 and maintained an “equal weight” rating, signaling limited expected upside. Essent Group Given New $65 Price Target at Barclays
• Negative Sentiment: Quarterly EPS was $1.82, slightly below the $1.85 consensus estimate, tempering the positive revenue result.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ESNT. Keefe, Bruyette & Woods lifted their price target on Essent Group from $74.00 to $78.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Wall Street Zen lowered Essent Group from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. BTIG Research initiated coverage on Essent Group in a report on Tuesday, September 22nd. They issued a “hold” rating for the company. Royal Bank Of Canada upped their price target on Essent Group from $68.00 to $75.00 and gave the company a “sector perform” rating in a research report on Monday, August 10th. Finally, Barclays reduced their price objective on Essent Group from $66.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Essent Group has a consensus rating of “Hold” and an average price target of $70.62.

About Essent Group

Essent Group is a Bermuda-based provider of mortgage insurance and reinsurance, operating primarily in the United States. Its services help mortgage lenders manage the credit risk associated with residential home loans. Through its U.S. mortgage insurance subsidiary, Essent Guaranty, the company provides private mortgage insurance for eligible borrowers who make smaller down payments on conventional mortgages. The coverage can help lenders reduce potential losses if a borrower defaults. Essent also provides mortgage reinsurance through its reinsurance operations.