ESNT gets upgrade

This explains the nice little pop today -

From Seeking Alpha:

Essent Group up more than 4% after upgrade

KBW’s Bose George sees Essent’s (ESNT +4.2%) new insurance written market share as having risen to 16.1% from 12.3% a year ago. Insurance-in-force market share should be on the rise as well.

The company may also be able to boost EPS by about 10% by ceding 50% of premiums to Essent Re, thus cutting its effective tax rate.

George upgrades to Outperform.

With today’s gain, the stock is now higher by more than 50% Y/Y, and has mostly erased the decline associated with a capital raise earlier this month.

Source: Bloomberg