The Goldman Sachs Group Cuts Essent Group (NYSE:ESNT) Price Target to $60.00

Essent Group (NYSE:ESNT - Get Free Report) had its target price lowered by analysts at The Goldman Sachs Group from $68.00 to $60.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. The Goldman Sachs Group's price objective would suggest a potential upside of 11.90% from the company's current price.

A number of other analysts have also recently weighed in on the stock. BTIG Research increased their target price on shares of Essent Group from $61.00 to $64.00 and gave the stock a "buy" rating in a report on Monday, August 5th. Barclays dropped their price objective 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. Keefe, Bruyette & Woods upgraded Essent Group from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $65.00 to $70.00 in a research note on Monday, August 5th. JPMorgan Chase & Co. dropped their price target on Essent Group from $68.00 to $67.00 and set a "neutral" rating on the stock in a research report on Monday. Finally, Royal Bank of Canada cut their price target on Essent Group from $73.00 to $67.00 and set an "outperform" rating on the stock in a report on Monday. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Essent Group Stock Performance

Shares of ESNT stock traded down $0.49 during mid-day trading on Tuesday, reaching $53.62. 1,519,394 shares of the company were exchanged, compared to its average volume of 511,584. The business's 50 day simple moving average is $62.76 and its 200 day simple moving average is $59.36. The company has a market capitalization of $5.70 billion, a P/E ratio of 7.72, a P/E/G ratio of 1.33 and a beta of 1.12. Essent Group has a fifty-two week low of $47.56 and a fifty-two week high of $65.33.

Essent Group (NYSE:ESNT - Get Free Report) last announced its quarterly earnings data on Friday, November 1st. The financial services provider reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($0.08). The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $316.80 million. Essent Group had a return on equity of 13.81% and a net margin of 60.15%. Essent Group's revenue was up 969.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.66 earnings per share. On average, analysts forecast that Essent Group will post 7.02 EPS for the current year.

Insiders Place Their Bets

In related news, CFO David B. Weinstock sold 2,000 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $63.59, for a total value of $127,180.00. Following the completion of the transaction, the chief financial officer now owns 25,416 shares in the company, valued at $1,616,203.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Essent Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESNT. Inspire Investing LLC raised its holdings in shares of Essent Group by 2.8% in the 3rd quarter. Inspire Investing LLC now owns 6,418 shares of the financial services provider's stock worth $413,000 after purchasing an additional 177 shares in the last quarter. GHP Investment Advisors Inc. grew its position in Essent Group by 0.4% in the second quarter. GHP Investment Advisors Inc. now owns 50,569 shares of the financial services provider's stock worth $2,841,000 after buying an additional 203 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Essent Group by 2.9% in the first quarter. Janney Montgomery Scott LLC now owns 10,297 shares of the financial services provider's stock valued at $613,000 after buying an additional 287 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Essent Group by 2.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 15,552 shares of the financial services provider's stock valued at $1,000,000 after acquiring an additional 298 shares during the last quarter. Finally, Provident Investment Management Inc. boosted its stake 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 worth $790,000 after acquiring an additional 345 shares in the last quarter. 93.00% of the stock is owned by 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.