Essent Group soars after IPO

|About: Essent Group Ltd. (ESNT)|By:, SA News Editor

The mortgage insurer backed by Soros and Goldman is up 28.5% to $21.84 in early trades after pricing its IPO at $17 per share, well above the planned range of $13.50-$15.50.

BTIG's Mark Palmer rates the stock a Buy with price target of $28 - 3.5x estimated book value per share of $7.81. "We believe ESNT is very well positioned to benefit from the improving fundamentals of the U.S. housing market, the growing demand for mortgage insurance, and the U.S. government’s ongoing retreat from the mortgage insurance space."

Previous coverage.