Essent Group (NYSE:ESNT) Price Target Lowered to $60.00 at JPMorgan Chase & Co.

Essent Group (NYSE:ESNT) had its target price lowered by JPMorgan Chase & Co. from $67.00 to $60.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 9.05% from the company’s current price.

A number of other research analysts have also recently commented on ESNT. Royal Bank of Canada cut their price target on shares of Essent Group from $73.00 to $67.00 and set an “outperform” rating on the stock in a report on Monday, November 4th. Barclays dropped their target price on shares of Essent Group from $72.00 to $69.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, The Goldman Sachs Group decreased their price target on shares of Essent Group from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $64.00.

Essent Group Price Performance

Shares of NYSE:ESNT traded down $1.12 during trading hours on Monday, hitting $55.02. 175,756 shares of the company’s stock traded hands, compared to its average volume of 531,379. The firm has a market capitalization of $5.84 billion, a P/E ratio of 7.99, a price-to-earnings-growth ratio of 2.62 and a beta of 1.09. The business has a fifty day moving average price of $59.36 and a 200-day moving average price of $59.56. Essent Group has a 1 year low of $49.41 and a 1 year high of $65.33.

Essent Group (NYSE:ESNT) last posted its quarterly earnings data on Friday, November 1st. The financial services provider reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.08). Essent Group had a net margin of 60.15% and a return on equity of 13.81%. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $316.80 million. During the same quarter in the previous year, the firm earned $1.66 EPS. Essent Group’s revenue was up 969.2% compared to the same quarter last year. As a group, equities analysts predict that Essent Group will post 6.95 earnings per share for the current year.

Insider Activity

In related news, CFO David B. Weinstock sold 2,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $63.59, for a total transaction of $127,180.00. Following the completion of the sale, the chief financial officer now directly owns 25,416 shares in the company, valued at $1,616,203.44. This represents a 7.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 3.20% of the company’s stock.

Institutional Trading of Essent Group

Several hedge funds have recently modified their holdings of ESNT. UMB Bank n.a. raised its stake in Essent Group by 726.8% in the third quarter. UMB Bank n.a. now owns 463 shares of the financial services provider’s stock valued at $30,000 after buying an additional 407 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in shares of Essent Group in the third quarter worth $32,000. Headlands Technologies LLC acquired a new stake in shares of Essent Group during the second quarter worth $47,000. Quarry LP grew its stake in Essent Group by 167.1% during the 2nd quarter. Quarry LP now owns 836 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 523 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Essent Group by 53.9% in the third quarter. Advisors Asset Management Inc. now owns 1,362 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 477 shares during the last quarter. 93.00% of the stock is owned by hedge funds and other institutional investors.

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.