State of New Jersey Common Pension Fund D Sells 18,411 Shares of Essent Group Ltd. (NYSE:ESNT)

State of New Jersey Common Pension Fund D cut its stake in shares of Essent Group Ltd. (NYSE:ESNT) by 32.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,456 shares of the financial services provider’s stock after selling 18,411 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Essent Group were worth $2,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of ESNT. Janney Montgomery Scott LLC lifted its holdings in shares of Essent Group by 2.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,297 shares of the financial services provider’s stock worth $613,000 after acquiring an additional 287 shares during the last quarter. Provident Investment Management Inc. raised its holdings in shares of Essent Group by 2.5% during the 2nd quarter. Provident Investment Management Inc. now owns 14,060 shares of the financial services provider’s stock valued at $790,000 after buying an additional 345 shares in the last quarter. GAMMA Investing LLC lifted its position in Essent Group by 49.7% in the 2nd quarter. GAMMA Investing LLC now owns 1,187 shares of the financial services provider’s stock worth $67,000 after buying an additional 394 shares during the last quarter. State of Michigan Retirement System lifted its position in Essent Group by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 26,133 shares of the financial services provider’s stock worth $1,555,000 after buying an additional 500 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC grew its position in Essent Group by 4.1% during the first quarter. Measured Wealth Private Client Group LLC now owns 12,895 shares of the financial services provider’s stock valued at $767,000 after acquiring an additional 506 shares during the last quarter. Hedge funds and other institutional investors own 93.00% of the company’s stock.

Insider Activity

In related news, SVP Vijay Bhasin sold 11,188 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.14, for a total value of $672,846.32. Following the completion of the transaction, the senior vice president now directly owns 199,359 shares of the company’s stock, valued at $11,989,450.26. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Roy James Kasmar sold 5,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $58.81, for a total value of $294,050.00. Following the sale, the director now directly owns 27,140 shares of the company’s stock, valued at approximately $1,596,103.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Vijay Bhasin sold 11,188 shares of Essent Group stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.14, for a total transaction of $672,846.32. Following the transaction, the senior vice president now directly owns 199,359 shares of the company’s stock, valued at $11,989,450.26. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ESNT shares. JPMorgan Chase & Co. boosted their price objective on shares of Essent Group from $62.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. BTIG Research upped their price target on shares of Essent Group from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Keefe, Bruyette & Woods upgraded Essent Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $65.00 to $70.00 in a report on Monday, August 5th. Royal Bank of Canada increased their target price on Essent Group from $61.00 to $67.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Finally, Barclays lifted their price target on Essent Group from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.33.

Essent Group Price Performance

NYSE ESNT opened at $64.54 on Friday. Essent Group Ltd. has a 1 year low of $45.63 and a 1 year high of $65.33. The stock has a market capitalization of $6.88 billion, a PE ratio of 9.76, a PEG ratio of 1.53 and a beta of 1.12. The business’s 50-day moving average is $61.74 and its 200 day moving average is $57.86.

Essent Group (NYSE:ESNT) last posted its earnings results on Friday, August 2nd. The financial services provider reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.23. Essent Group had a return on equity of 14.40% and a net margin of 61.31%. The firm had revenue of $272.90 million for the quarter, compared to analysts’ expectations of $308.33 million. During the same period in the previous year, the firm earned $1.61 earnings per share. The business’s revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Essent Group Ltd. will post 7.02 earnings per share for the current year.

Essent Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 30th were given a $0.28 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 1.74%. Essent Group’s dividend payout ratio is 16.94%.

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.