Canada Pension Plan Investment Board Invests $4.03 Million in Essent Group Ltd. (NYSE:ESNT)

Canada Pension Plan Investment Board bought a new stake in Essent Group Ltd. (NYSE:ESNT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 74,000 shares of the financial services provider’s stock, valued at approximately $4,029,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC lifted its position in shares of Essent Group by 154.7% in the third quarter. Barclays PLC now owns 208,927 shares of the financial services provider’s stock valued at $13,431,000 after buying an additional 126,899 shares during the last quarter. World Investment Advisors LLC acquired a new stake in Essent Group during the 3rd quarter valued at $686,000. Franklin Resources Inc. boosted its position in Essent Group by 2.9% during the third quarter. Franklin Resources Inc. now owns 47,182 shares of the financial services provider’s stock worth $2,993,000 after purchasing an additional 1,309 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Essent Group by 10.8% in the third quarter. JPMorgan Chase & Co. now owns 1,021,343 shares of the financial services provider’s stock valued at $65,662,000 after purchasing an additional 99,604 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Essent Group by 1.4% in the fourth quarter. Nordea Investment Management AB now owns 60,250 shares of the financial services provider’s stock valued at $3,294,000 after purchasing an additional 811 shares during the period. 93.00% of the stock is owned by institutional investors.

Essent Group Price Performance

Essent Group stock opened at $55.41 on Wednesday. The firm has a market cap of $5.75 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 2.70 and a beta of 0.80. The stock’s fifty day moving average price is $55.83 and its two-hundred day moving average price is $56.87. Essent Group Ltd. has a one year low of $51.61 and a one year high of $65.34.

Essent Group (NYSE:ESNT) last issued its quarterly 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 company had revenue of $315.00 million during the quarter, compared to the consensus estimate of $313.88 million. During the same quarter in the previous year, the business posted $1.64 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. Sell-side analysts expect that Essent Group Ltd. will post 6.88 earnings per share for the current fiscal year.

Essent Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, March 14th were given a $0.31 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Essent Group’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a dividend yield of 2.24%. Essent Group’s payout ratio is presently 18.13%.

Analyst Upgrades and Downgrades

ESNT has been the subject of several research analyst reports. Barclays downgraded shares of Essent Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $69.00 to $58.00 in a report on Monday, January 6th. Keefe, Bruyette & Woods decreased their target price on Essent Group from $71.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price target on shares of Essent Group in a report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. raised Essent Group from a “neutral” rating to an “overweight” rating and set a $60.00 price objective on the stock in a report on Tuesday, April 8th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Essent Group currently 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.