Essent Group (NYSE:ESNT) Posts Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Essent Group (NYSE:ESNT) posted its quarterly earnings results on Friday. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.67 by ($0.09), Zacks reports. The firm had revenue of $315.00 million for the quarter, compared to analyst estimates of $313.88 million. Essent Group had a return on equity of 13.81% and a net margin of 60.15%. The business’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.64 EPS.

Essent Group Stock Performance

Shares of NYSE:ESNT opened at $56.43 on Friday. The firm has a market cap of $5.99 billion, a PE ratio of 8.18, a price-to-earnings-growth ratio of 2.75 and a beta of 1.11. The firm’s fifty day moving average is $56.13 and its 200-day moving average is $59.08. Essent Group has a 52 week low of $51.69 and a 52 week high of $65.33.

Essent Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Friday, March 14th. This is a positive change from Essent Group’s previous quarterly dividend of $0.28. Essent Group’s payout ratio is 16.23%.

Analyst Ratings Changes

Several research firms recently issued reports on ESNT. Royal Bank of Canada reduced their price target on shares of Essent Group from $73.00 to $67.00 and set an “outperform” rating on the stock in a research report on Monday, November 4th. The Goldman Sachs Group reduced their price target on shares of Essent Group from $68.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Keefe, Bruyette & Woods reduced their price target on shares of Essent Group from $75.00 to $72.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their target price on shares of Essent Group from $67.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Finally, Barclays lowered shares of Essent Group from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $69.00 to $58.00 in a research report on Monday, January 6th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $62.71.

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.