Bermuda's Essent Group Q2 profit slips on higher loss provision, expenses
ESNT•Quarterly figures and analyst coverage
The company did not provide specific guidance for the current quarter or full year in the press release.
| Metric | Actual |
|---|---|
| Q2 Direct Premiums Written | $342.40 million |
| Q2 Net Income | $189.71 million |
| Q2 Pretax Profit | $230.32 million |
The current average analyst rating on the shares is hold, with 3 strong buy or buy ratings, 6 hold ratings and no sell or strong sell ratings.
The average consensus recommendation for the property & casualty insurance peer group is buy.
Wall Street's median 12-month price target for Essent Group Ltd. is $68.00, about 3.8% above its August 6 closing price of $65.51.
The stock recently traded at 9 times the next 12-month earnings versus a P/E of 8 three months ago.
Loss provision and reinsurance premiums
Essent Group said growth in mortgage new insurance written to contributed to premium revenue.
