NMI (NASDAQ:NMIH) Upgraded to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of NMI (NASDAQ:NMIH) from a sector perform rating to an outperform rating in a research note released on Wednesday, Marketbeat Ratings reports. The firm currently has $48.00 price objective on the financial services provider’s stock, up from their previous price objective of $40.00.

Other analysts also recently issued reports about the company. Barclays boosted their price target on NMI from $41.00 to $43.00 and gave the company an overweight rating in a research note on Wednesday, July 31st. UBS Group cut shares of NMI from a buy rating to a neutral rating and boosted their target price for the company from $37.00 to $39.00 in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. raised their price target on shares of NMI from $40.00 to $42.00 and gave the stock an overweight rating in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods boosted their price objective on shares of NMI from $37.00 to $40.00 and gave the company a market perform rating in a report on Thursday, August 1st. Finally, Truist Financial raised their target price on shares of NMI from $37.00 to $47.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $41.00.

NMI Price Performance

NASDAQ:NMIH opened at $40.84 on Wednesday. The company has a market cap of $3.28 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.89 and a beta of 1.12. The firm’s fifty day moving average price is $39.05 and its two-hundred day moving average price is $34.55. NMI has a one year low of $25.62 and a one year high of $42.49. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.67 and a quick ratio of 0.67.

NMI (NASDAQ:NMIH) last released its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.15. The firm had revenue of $162.12 million for the quarter, compared to analysts’ expectations of $138.49 million. NMI had a net margin of 56.40% and a return on equity of 18.29%. The business’s revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. Equities analysts expect that NMI will post 4.5 earnings per share for the current year.

Insider Transactions at NMI

In related news, Director Michael J. Embler sold 26,008 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $39.35, for a total transaction of $1,023,414.80. Following the sale, the director now owns 61,607 shares in the company, valued at approximately $2,424,235.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Michael J. Embler sold 26,008 shares of NMI stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $39.35, for a total value of $1,023,414.80. Following the transaction, the director now owns 61,607 shares in the company, valued at approximately $2,424,235.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William J. Leatherberry sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $40.07, for a total value of $120,210.00. Following the sale, the insider now owns 153,689 shares of the company’s stock, valued at $6,158,318.23. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NMI

Hedge funds have recently made changes to their positions in the stock. Opal Wealth Advisors LLC acquired a new stake in NMI in the second quarter valued at approximately $29,000. Quarry LP lifted its stake in shares of NMI by 135.1% in the 2nd quarter. Quarry LP now owns 858 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 493 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in NMI in the 1st quarter worth about $31,000. TFO Wealth Partners LLC raised its position in NMI by 24,500.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,230 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 1,225 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in shares of NMI during the second quarter valued at about $63,000. 94.12% of the stock is currently owned by institutional investors and hedge funds.

NMI Company Profile

NMI Holdings, Inc provides private mortgage guaranty insurance services in the United States. The company offers mortgage insurance services, such as primary and pool insurance; and outsourced loan review services to mortgage loan originators. It serves national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders, and other non-bank lenders.