Essent Group Ltd (ESNT) is Downgraded by BofA/Merrill to Neutral

Essent Group Ltd (ESNT) was Downgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Sep 28, 2016.

Many Wall Street Analysts have commented on Essent Group Ltd. Company shares were Reiterated by Compass Point on Aug 5, 2016 to “Neutral”, Firm has raised the Price Target to $ 26 from a previous price target of $24 .Essent Group Ltd was Downgraded by Keefe Bruyette to ” Mkt Perform” on Aug 5, 2016.

On the company’s financial health, Essent Group Ltd reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.53. The company had revenue of $108.20 million for the quarter, compared to analysts expectations of $105.92 million. The company’s revenue was up 28.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS.

Essent Group Ltd opened for trading at $26.64 and hit $26.82 on the upside on Tuesday, eventually ending the session at $26.68, with a gain of 0.30% or 0.08 points. The heightened volatility saw the trading volume jump to 2,57,371 shares. Company has a market cap of $2,484 M.

In a different news, on Sep 23, 2016, Lawrence E Jr Mcalee (SVP & Chief Financial Officer) sold 6,020 shares at $27.17 per share price. According to the SEC, on Sep 21, 2016, Mary Lourdes Gibbons (SVP and Chief Legal Officer) sold 7,500 shares at $27.83 per share price. On Aug 18, 2016, Jeff Cashmer (SVP & Chief Business Officer) sold 24,000 shares at $26.15 per share price, according to the Form-4 filing with the securities and exchange commission.

Essent Group Ltd. (Essent) is a private mortgage insurance company. The Company is engaged in serving the United States housing finance industry. The Company offers private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. The mortgage insurance operations are conducted through Essent Holdings’ regulated and licensed wholly owned subsidiaries Essent Guaranty Inc. (Essent Guaranty) and Essent Guaranty of PA Inc. (Essent PA). Essent Group also has a wholly owned Class 3A Insurer licensed pursuant to Section 4 Essent Reinsurance Ltd. (Essent Re) which offers mortgage-related insurance and reinsurance. The Company is licensed to write mortgage guaranty coverage in all 50 states and the District of Columbia. The Company operates additional underwriting and service centers in Winston-Salem North Carolina and Irvine California.

Essent Group Ltd

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