PNC Financial Services Group Inc. Acquires 200 Shares of Essent Group Ltd. $ESNT

PNC Financial Services Group Inc. increased its holdings in Essent Group Ltd. (NYSE:ESNT) by 5.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,721 shares of the financial services provider’s stock after purchasing an additional 200 shares during the period. PNC Financial Services Group Inc.’s holdings in Essent Group were worth $215,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. GSA Capital Partners LLP bought a new stake in Essent Group in the first quarter worth $993,000. Bayforest Capital Ltd boosted its stake in Essent Group by 280.5% during the first quarter. Bayforest Capital Ltd now owns 10,328 shares of the financial services provider’s stock worth $596,000 after buying an additional 7,614 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in Essent Group during the first quarter worth $332,000. GAMMA Investing LLC boosted its stake in Essent Group by 66.2% during the first quarter. GAMMA Investing LLC now owns 1,953 shares of the financial services provider’s stock worth $113,000 after buying an additional 778 shares during the period. Finally, QRG Capital Management Inc. boosted its stake in Essent Group by 16.6% during the first quarter. QRG Capital Management Inc. now owns 8,111 shares of the financial services provider’s stock worth $468,000 after buying an additional 1,157 shares during the period. Institutional investors own 93.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ESNT shares. BTIG Research reaffirmed a “buy” rating on shares of Essent Group in a research note on Friday, May 9th. Keefe, Bruyette & Woods lowered shares of Essent Group from an “outperform” rating to a “market perform” rating in a research note on Friday, August 8th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Essent Group in a research note on Friday, August 8th. JPMorgan Chase & Co. set a $60.00 price objective on shares of Essent Group in a research note on Friday, August 8th. Finally, Compass Point reissued a “buy” rating on shares of Essent Group in a research note on Friday, August 8th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Essent Group currently has a consensus rating of “Moderate Buy” and an average price target of $63.67.

Essent Group Stock Down 1.6%

Shares of ESNT opened at $61.84 on Monday. Essent Group Ltd. has a 12-month low of $51.61 and a 12-month high of $65.33. The firm has a fifty day moving average price of $58.64 and a 200-day moving average price of $57.45. The firm has a market capitalization of $6.09 billion, a P/E ratio of 9.03, a P/E/G ratio of 8.62 and a beta of 0.82. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.09.

Essent Group (NYSE:ESNT) last released its quarterly earnings data on Friday, August 8th. The financial services provider reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. Essent Group had a net margin of 56.36% and a return on equity of 12.66%. The company had revenue of $319.14 million during the quarter, compared to analyst estimates of $317.46 million. During the same period in the prior year, the firm earned $1.91 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts expect that Essent Group Ltd. will post 6.88 earnings per share for the current year.

Essent Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 29th will be paid a $0.31 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.24 dividend on an annualized basis and a yield of 2.0%. Essent Group’s dividend payout ratio is 18.10%.

Insider Buying and Selling

In other Essent Group news, Director William Spiegel sold 6,451 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $62.74, for a total value of $404,735.74. Following the completion of the transaction, the director directly owned 26,252 shares in the company, valued at approximately $1,647,050.48. The trade was a 19.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO David B. Weinstock sold 2,500 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $58.79, for a total transaction of $146,975.00. Following the completion of the transaction, the chief financial officer owned 27,365 shares of the company’s stock, valued at $1,608,788.35. This represents a 8.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,950 shares of company stock valued at $919,651 over the last three months. 3.40% of the stock is owned by company insiders.

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, as well as risk management products and title insurance and settlement services.