Short Interest in Essent Group Ltd. (NYSE:ESNT) Drops By 38.3%

Essent Group Ltd. (NYSE:ESNT) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 1,110,000 shares, a decrease of 38.3% from the March 15th total of 1,800,000 shares. Based on an average daily volume of 857,400 shares, the days-to-cover ratio is currently 1.3 days. Currently, 1.1% of the shares of the company are short sold.

Essent Group Stock Up 0.8 %

Shares of NYSE ESNT traded up $0.42 during midday trading on Thursday, hitting $55.05. The company had a trading volume of 856,680 shares, compared to its average volume of 633,879. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 8.05, a price-to-earnings-growth ratio of 2.70 and a beta of 0.80. Essent Group has a twelve month low of $51.61 and a twelve month high of $65.34. The business has a 50-day simple moving average of $56.06 and a two-hundred day simple moving average of $57.17.

Essent Group (NYSE:ESNT) last announced its quarterly earnings results on Friday, February 14th. The financial services provider reported $1.58 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $313.88 million. During the same period last year, the firm earned $1.64 EPS. Essent Group’s revenue was up 6.0% compared to the same quarter last year. On average, equities analysts forecast that Essent Group will post 6.88 EPS for the current year.

Essent Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 14th were given a $0.31 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Essent Group’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a dividend yield of 2.25%. Essent Group’s payout ratio is currently 18.13%.

Hedge Funds Weigh In On Essent Group

Several hedge funds have recently added to or reduced their stakes in ESNT. AdvisorNet Financial Inc acquired a new stake in Essent Group during the 1st quarter valued at $25,000. Mainstream Capital Management LLC purchased a new stake in Essent Group during the 4th quarter worth about $25,000. Picton Mahoney Asset Management raised its stake in Essent Group by 68.8% in the 4th quarter. Picton Mahoney Asset Management now owns 584 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. UMB Bank n.a. lifted its holdings in Essent Group by 330.6% in the 1st quarter. UMB Bank n.a. now owns 1,098 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 843 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Essent Group by 20.2% during the first quarter. Fifth Third Bancorp now owns 1,114 shares of the financial services provider’s stock worth $64,000 after buying an additional 187 shares in the last quarter. 93.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Essent Group from $71.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. Barclays downgraded Essent Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $69.00 to $58.00 in a research note on Monday, January 6th. JPMorgan Chase & Co. raised Essent Group from a “neutral” rating to an “overweight” rating and set a $60.00 target price on the stock in a report on Tuesday, April 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Essent Group in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.71.

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.