Essent Group Ltd . (NYSE:ESNT) has reported that its Senior Vice President and Chief Risk Officer, Vijay Bhasin, sold a total of 13,071 shares of the company's stock in two separate transactions. According to the latest SEC filings, the shares were sold for an aggregate amount exceeding $788,000.
The first sale took place on July 15, 2024, when Bhasin sold 11,188 shares at a weighted average price of $60.14 per share. The transactions on that day ranged between $60.00 and $60.38. The following day, on July 16, Bhasin disposed of an additional 1,883 shares at a weighted average price of $61.20, with individual sales prices varying from $60.04 to $61.82.
These transactions were made under a pre-arranged trading plan that Bhasin adopted on August 16, 2022, known as a Rule 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of insider trading.
Following the sales, Vijay Bhasin still retains a substantial number of shares, amounting to 197,476 Essent Group Ltd. common shares. The company, which specializes in surety insurance, is incorporated in Bermuda and has its business address in Hamilton.
Investors and shareholders of Essent Group Ltd. can request detailed information about the exact number of shares sold at each price point directly from the company or the SEC. The reported transactions provide insight into the trading activities of one of the company's top executives, which can be of interest to current and potential investors monitoring insider behaviors.
In other recent news, Essent Group has reported a net income increase from $171 million to $182 million in the first quarter of 2024, and a 3% growth in its U.S. mortgage insurance in force, now standing at $238 billion. In parallel, the company has completed a public offering of $500 million in 6.250% Senior Notes due 2029, and secured a $500 million revolving credit facility, enhancing its financial flexibility. These developments come alongside RBC Capital's adjustment of its price target for Essent Group, reducing it to $61 from $64, while maintaining an Outperform rating.
On the European front, Publicis, the French advertising giant, saw its shares surge by 7.7% following an upward revision of its organic growth forecast after surpassing second-quarter earnings expectations. Similarly, Essity, a Swedish hygiene products manufacturer, experienced a notable increase in its share price, which jumped 5.7% on the back of second-quarter core earnings that exceeded market forecasts. In contrast, Nokia (HE:NOKIA), the Finnish telecommunications equipment company, saw its shares fall by 8.8% following a 32% drop in its quarterly profit. These are the recent developments for the mentioned companies.
InvestingPro Insights
As Essent Group Ltd. (NYSE:ESNT) navigates the market, recent data from InvestingPro provides a snapshot of the company's financial health and performance. With a market capitalization of $6.49 billion and an attractive P/E ratio of 9.1, Essent appears to be valued efficiently in the current market. The company's commitment to shareholder value is evident through its consistent dividend payments over the past 6 years, and its ability to raise dividends for 5 consecutive years showcases financial stability and confidence in future growth.
InvestingPro Tips highlight Essent's strong liquidity position, with liquid assets surpassing short-term obligations. This indicates a robust balance sheet, which is crucial for investor confidence, especially in the volatile insurance sector. Additionally, Essent is trading near its 52-week high, reflecting investor optimism and the stock's positive momentum.
For those considering investing in Essent Group Ltd., there are 7 additional InvestingPro Tips available, offering deeper insights into the company's performance and potential. Interested readers can explore these tips by visiting the dedicated page for Essent at https://www.investing.com/pro/ESNT.
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