Provident Investment Management Inc. Buys 3,740 Shares of Essent Group Ltd. (NYSE:ESNT)

Provident Investment Management Inc. grew its holdings in Essent Group Ltd. (NYSE:ESNT) by 25.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,350 shares of the financial services provider’s stock after purchasing an additional 3,740 shares during the quarter. Provident Investment Management Inc.’s holdings in Essent Group were worth $999,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ESNT. NFC Investments LLC lifted its position in shares of Essent Group by 0.3% during the fourth quarter. NFC Investments LLC now owns 56,688 shares of the financial services provider’s stock valued at $3,086,000 after buying an additional 175 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Essent Group by 8.2% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,363 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 180 shares in the last quarter. Picton Mahoney Asset Management lifted its position in Essent Group by 68.8% during the fourth quarter. Picton Mahoney Asset Management now owns 584 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 238 shares during the last quarter. Franklin Resources Inc. boosted its stake in Essent Group by 0.6% in the fourth quarter. Franklin Resources Inc. now owns 47,469 shares of the financial services provider’s stock valued at $2,584,000 after acquiring an additional 287 shares in the last quarter. Finally, Cozad Asset Management Inc. grew its holdings in Essent Group by 1.3% in the fourth quarter. Cozad Asset Management Inc. now owns 25,143 shares of the financial services provider’s stock worth $1,369,000 after purchasing an additional 311 shares during the last quarter. Institutional investors own 93.00% of the company’s stock.

Essent Group Stock Performance

Shares of ESNT opened at $56.71 on Friday. The stock has a 50-day moving average of $56.94 and a two-hundred day moving average of $57.84. The stock has a market cap of $5.89 billion, a P/E ratio of 8.29, a P/E/G ratio of 2.70 and a beta of 0.80. Essent Group Ltd. has a one year low of $52.22 and a one year high of $65.34.

Essent Group (NYSE:ESNT) last released its earnings results on Friday, February 14th. The financial services provider reported $1.58 EPS for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.09). Essent Group had a return on equity of 13.35% and a net margin of 58.69%. The firm had revenue of $315.00 million for the quarter, compared to analyst estimates of $313.88 million. During the same period last year, the firm earned $1.64 EPS. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts predict that Essent Group Ltd. will post 6.88 EPS for the current fiscal year.

Essent Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 14th were paid a dividend of $0.31 per share. The ex-dividend date was Friday, March 14th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.19%. This is a positive change from Essent Group’s previous quarterly dividend of $0.28. Essent Group’s dividend payout ratio (DPR) is presently 18.13%.

Wall Street Analyst Weigh In

Several analysts have recently commented on ESNT shares. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Essent Group in a report on Tuesday, February 18th. Keefe, Bruyette & Woods reduced their target price on Essent Group from $72.00 to $71.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 18th. JPMorgan Chase & Co. lowered their price target on Essent Group from $67.00 to $60.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, Barclays downgraded shares of Essent Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $69.00 to $58.00 in a report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Essent Group has a consensus rating of “Hold” and a consensus target price of $62.57.

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.