Essent Group’s Q3 Earnings Review
<p><a href='https://financialmodelingprep.com/financial-summary/ESNT'>Essent Group Ltd. (NYSE:ESNT)</a> reported its Q3/22 results, with adjusted operating EPS of $1.66 vs. $1.56 in Q3/21. Results included a roughly $0.07 per share benefit from the other invested assets business. On an operating basis, earnings were $1.59, above the Street estimate of $1.51. The upside in the quarter was due to reserve releases and other income, which benefited from favorable marks on derivatives in its reinsurance agreements.</p>
<p>According to the analysts at RBC Capital, Q3 results reflect the company's disciplined underwriting approach and increasingly challenging macro conditions. Growth is slowing, and premium yields are a headwind to earnings, but excellent core margins and continued favorable development is driving strong ROEs, with rising NII a major tailwind. </p>
<p>The analysts lowered their price target on the company’s shares to $46 from $53, while reiterating their outperform rating.</p>
 

NYSE:ESNT