Zacks: Brokerages Anticipate Essent Group Ltd (NYSE:ESNT) to Announce $1.30 Earnings Per Share

Wall Street analysts predict that Essent Group Ltd (NYSE:ESNT) will announce earnings per share of $1.30 for the current quarter, Zacks reports. Zero analysts have provided estimates for Essent Group’s earnings, with the highest EPS estimate coming in at $1.32 and the lowest estimate coming in at $1.28. Essent Group posted earnings of $1.14 per share during the same quarter last year, which would indicate a positive year over year growth rate of 14%. The company is expected to announce its next earnings results before the market opens on Friday, August 2nd.

On average, analysts expect that Essent Group will report full year earnings of $5.27 per share for the current fiscal year, with EPS estimates ranging from $5.21 to $5.36. For the next financial year, analysts forecast that the firm will report earnings of $5.73 per share, with EPS estimates ranging from $5.61 to $5.85. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Essent Group.

Essent Group (NYSE:ESNT) last posted its earnings results on Friday, May 3rd. The financial services provider reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.02. The firm had revenue of $200.53 million for the quarter, compared to the consensus estimate of $196.94 million. Essent Group had a net margin of 64.33% and a return on equity of 21.36%. The company’s revenue was up 19.7% on a year-over-year basis. During the same period last year, the firm posted $1.13 EPS.

Separately, Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Essent Group has an average rating of “Hold” and a consensus target price of $49.60.

In related news, CFO Lawrence E. Mcalee, Jr. sold 9,963 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $50.01, for a total transaction of $498,249.63. Following the completion of the sale, the chief financial officer now owns 217,241 shares in the company, valued at approximately $10,864,222.41. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP David B. Weinstock sold 2,000 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $47.87, for a total transaction of $95,740.00. The disclosure for this sale can be found here. Insiders sold a total of 31,849 shares of company stock worth $1,555,279 over the last ninety days. Insiders own 2.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. lifted its stake in Essent Group by 34.7% during the fourth quarter. Advisor Group Inc. now owns 1,145 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 295 shares during the last quarter. NEXT Financial Group Inc increased its holdings in shares of Essent Group by 96.0% in the second quarter. NEXT Financial Group Inc now owns 1,470 shares of the financial services provider’s stock worth $69,000 after buying an additional 720 shares during the period. Group One Trading L.P. purchased a new position in shares of Essent Group in the first quarter worth about $119,000. Carroll Financial Associates Inc. purchased a new position in shares of Essent Group in the second quarter worth about $146,000. Finally, Telemus Capital LLC purchased a new position in shares of Essent Group in the first quarter worth about $204,000. Institutional investors own 90.31% of the company’s stock.

Shares of NYSE ESNT traded down $0.68 during mid-day trading on Monday, reaching $46.30. The company had a trading volume of 688,901 shares, compared to its average volume of 591,449. The stock has a 50 day simple moving average of $48.12. The stock has a market cap of $4.61 billion, a PE ratio of 9.54, a P/E/G ratio of 0.89 and a beta of 1.33. Essent Group has a 52-week low of $31.08 and a 52-week high of $50.51.

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. The company also provides information technology maintenance and development services; customer support-related services; and contract underwriting services.

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