Essent stock's earnings-induced drop 'way overdone': Roth MKM [Seeking Alpha]
Essent Group Ltd. Common Shares (ESNT)
Last essent group ltd. common shares earnings: 2/14 06:30 am
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ir.essentgroup.com/investors/default.aspx
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Source: Seeking Alpha
Fong pointed out that the mortgage insurer's earnings miss was "chiefly due to a higher loss ratio that is more in-line with historical levels for the industry than we have seen in recent years," he wrote. Companies like Essent ( NYSE: ESNT ) must establish a loss reserve whenever they receive a default notice, indicating a borrower who has missed at least two consecutive monthly payments. But Fong noted that the accounting for such losses "is not always helpful," because, "in many instances, defaulted mortgages cure, and no real loss is recognized." "In our view, the increase in defaults is not bothersome, and we could see another bump in the fourth quarter due to the recent hurricanes. An increase in defaults from hurricanes have a high incidence of cures," the note said. The analyst's Buy rating diverges from the SA Quant system rating of Hold and agrees with the average Wall Street analyst rating of Buy. ESNT ) shares gained 1.3% in afternoon trading. Recommended For Yo
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ESNT
News
- Earnings Miss: Essent Group Ltd. Missed EPS By 5.1% And Analysts Are Revising Their Forecasts [Yahoo! Finance]Yahoo! Finance
- Essent Group Ltd. (NYSE: ESNT) had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $68.00 to $60.00. They now have a "neutral" rating on the stock.MarketBeat
- Essent Group Ltd. (NYSE: ESNT) had its price target lowered by analysts at Royal Bank of Canada from $73.00 to $67.00. They now have an "outperform" rating on the stock.MarketBeat
- Essent Group Ltd. (NYSE: ESNT) had its price target lowered by analysts at JPMorgan Chase & Co. from $68.00 to $67.00. They now have a "neutral" rating on the stock.MarketBeat
- Essent Group Ltd. (NYSE: ESNT) had its price target lowered by analysts at Barclays PLC from $72.00 to $69.00. They now have an "overweight" rating on the stock.MarketBeat
ESNT
Earnings
- 11/1/24 - Miss
ESNT
Sec Filings
- 11/5/24 - Form 10-Q
- 11/1/24 - Form 8-K
- 9/23/24 - Form 4
- ESNT's page on the SEC website