NMI (NASDAQ:NMIH) Given New $40.00 Price Target at Royal Bank of Canada

NMI (NASDAQ:NMIH) had its target price hoisted by equities researchers at Royal Bank of Canada from $34.00 to $40.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 1.50% from the company’s current price.

A number of other research firms also recently issued reports on NMIH. Keefe, Bruyette & Woods raised their price objective on shares of NMI from $33.00 to $36.00 and gave the stock a “market perform” rating in a report on Thursday, April 4th. Barclays lifted their price target on shares of NMI from $40.00 to $41.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. upped their price objective on NMI from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, July 8th. Compass Point lifted their target price on NMI from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, UBS Group cut NMI from a “buy” rating to a “neutral” rating and upped their price target for the stock from $37.00 to $39.00 in a research report on Wednesday, May 22nd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, NMI currently has an average rating of “Moderate Buy” and an average target price of $38.33.

NMI Stock Performance

NASDAQ NMIH traded up $0.21 during trading hours on Wednesday, hitting $39.41. The company’s stock had a trading volume of 149,624 shares, compared to its average volume of 533,425. The company’s 50 day simple moving average is $34.44 and its two-hundred day simple moving average is $32.13. NMI has a 12 month low of $25.62 and a 12 month high of $42.01. The company has a market cap of $3.16 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 0.98 and a beta of 1.09. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.89.

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 return on equity of 18.09% and a net margin of 56.26%. The company’s revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 EPS. As a group, sell-side analysts expect that NMI will post 4.27 EPS for the current fiscal year.

Insider Activity

In other NMI news, insider William J. Leatherberry 44,725 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On NMI

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hancock Whitney Corp increased its position in NMI by 1.6% in the first quarter. Hancock Whitney Corp now owns 22,098 shares of the financial services provider’s stock worth $715,000 after purchasing an additional 346 shares during the last quarter. Quadrant Capital Group LLC boosted its position in NMI by 6.1% in the 4th quarter. Quadrant Capital Group LLC now owns 6,071 shares of the financial services provider’s stock valued at $180,000 after buying an additional 350 shares during the period. Illinois Municipal Retirement Fund grew its stake in NMI by 0.8% in the 4th quarter. Illinois Municipal Retirement Fund now owns 48,423 shares of the financial services provider’s stock worth $1,437,000 after acquiring an additional 388 shares in the last quarter. Cerity Partners LLC increased its holdings in NMI by 5.9% during the 4th quarter. Cerity Partners LLC now owns 11,567 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 644 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in NMI by 3.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,692 shares of the financial services provider’s stock valued at $555,000 after purchasing an additional 663 shares during the period. 94.12% of the stock is owned by institutional investors.

About NMI

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.