Is Essent Group Ltd (ESNT) Going to Burn These Hedge Funds?

On the other hand, several funds decided to close their positions in Essent Group Ltd (NYSE:ESNT) entirely between July and September. George Soros’ Soros Fund Management dumped the largest position of all the hedgies studied by Insider Monkey, totaling an estimated $32.3 million in stock. Israel Englander’s fund, Millennium Management, also dumped its stock, about $11.2 million worth.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Essent Group Ltd (NYSE:ESNT) but similarly valued. We will take a look at Suburban Propane Partners LP (NYSE:SPH), Electronics For Imaging, Inc. (NASDAQ:EFII), MGIC Investment Corp. (NYSE:MTG), and Glacier Bancorp, Inc. (NASDAQ:GBCI). This group of stocks’ market caps are closest to ESNT’s market cap.

As you can see these stocks had an average of 14 funds with bullish positions and the average amount invested in these stocks was $201 million, which is higher than the $109 million figure in ESNT’s case. MGIC Investment Corp. (NYSE:MTG) is the most popular stock in this table. On the other hand Suburban Propane Partners LP (NYSE:SPH) is the least popular one with only four bullish hedge fund positions. Essent Group Ltd (NYSE:ESNT) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MGIC Investment Corp. (NYSE:MTG) might be a better candidate to consider taking a long position in.

Disclosure: None