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BTIG analyst Mark Palmer reiterated a Buy rating on Essent Group (NYSE: ESNT) on May 4 and set a price target of $54. The company’s shares closed on Friday at $35.29, close to its 52-week low of $32.73.
Palmer wrote:
“That ROE Likely to Stabilize at Pre-Tax Reform Levels Essent Group (ESNT), its shares having declined by almost a third in just over 10 weeks, this morning posted a 1Q18 report that served as a reminder of why the stock had reached its prior heights in the first place. ESNT reported 1Q18 adjusted earnings per share of $1.13, significantly outpacing the consensus estimate of $1.05 and our estimate of $1.03. The company’s outsized beat was driven by a 31% increase in insurance in force (IIF) – the primary source of its revenues and earnings – to $115.3bn as well as an annualized ROE of 22.6%. ESNT during 1Q18 posted $9.3bn in new insurance written (NIW), exceeding our estimate of $8.4bn.”
According to TipRanks.com, Palmer is a 5-star analyst with an average return of 8.1% and a 57.6% success rate. Palmer covers the Financial sector, focusing on stocks such as Santander Consumer USA, Assured Guaranty Ltd, and Synchrony Financial.
Essent Group has an analyst consensus of Strong Buy, with a price target consensus of $51.22.
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The company has a one-year high of $50.08 and a one-year low of $32.73. Currently, Essent Group has an average volume of 1.03M.
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Essent Group Ltd. is a holding company, which engages in the provision of banking services. It offers mortgage insurance, reinsurance, and risk management products. The company was founded by Mark A. Casale on July 1, 2008 and is headquartered in Hamilton, Bermuda.
