Essent Group (NYSE:ESNT) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Essent Group (NYSE:ESNT) from a hold rating to a buy rating in a report released on Wednesday, July 25th. Zacks Investment Research currently has $43.00 price target on the financial services provider’s stock.

According to Zacks, “Essent Group Ltd., through its subsidiaries, operates as a private mortgage insurance company. It serves originators of residential mortgage loans, such as regulated depository institutions, mortgage banks, credit unions, and other lenders. Essent Group Ltd. is based in Hamilton, Bermuda. “

A number of other brokerages have also recently commented on ESNT. Wells Fargo & Co cut shares of Essent Group from an outperform rating to a market perform rating and set a $52.00 target price on the stock. in a research report on Thursday, April 19th. JPMorgan Chase & Co. decreased their target price on shares of Essent Group from $51.00 to $40.00 and set a $38.36 rating on the stock in a research report on Monday, July 23rd. ValuEngine lowered shares of Essent Group from a buy rating to a hold rating in a report on Monday, April 9th. Royal Bank of Canada reissued a buy rating and issued a $48.00 price target on shares of Essent Group in a report on Tuesday, April 10th. They noted that the move was a valuation call. Finally, Barclays cut their price target on shares of Essent Group from $57.00 to $51.00 and set a buy rating on the stock in a report on Wednesday, April 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $49.48.

Essent Group opened at $40.99 on Wednesday, according to MarketBeat. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 0.89 and a beta of 1.22. Essent Group has a 1 year low of $32.73 and a 1 year high of $50.08.

Essent Group (NYSE:ESNT) last posted its quarterly earnings data on Friday, August 3rd. The financial services provider reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.08. The firm had revenue of $173.77 million for the quarter, compared to analysts’ expectations of $174.06 million. Essent Group had a net margin of 71.08% and a return on equity of 19.37%. The business’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter last year, the company posted $0.77 EPS. equities analysts anticipate that Essent Group will post 4.54 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC purchased a new position in shares of Essent Group during the first quarter valued at approximately $155,000. FDx Advisors Inc. purchased a new position in shares of Essent Group during the first quarter valued at approximately $200,000. Jefferies Group LLC purchased a new position in shares of Essent Group during the fourth quarter valued at approximately $209,000. Element Capital Management LLC purchased a new position in shares of Essent Group during the first quarter valued at approximately $242,000. Finally, Unison Advisors LLC purchased a new position in shares of Essent Group during the second quarter valued at approximately $280,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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. The company also provides information technology maintenance and development services; customer support-related services; and contract underwriting services.

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