JPMorgan Chase & Co. Cuts NMI (NASDAQ:NMIH) Price Target to $42.00

NMI (NASDAQ:NMIH) had its price target decreased by JPMorgan Chase & Co. from $43.00 to $42.00 in a research note issued to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

NMIH has been the topic of a number of other research reports. Barclays reaffirmed a “cautious” rating on shares of NMI in a research note on Monday, October 6th. Wall Street Zen cut shares of NMI from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of NMI in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, NMI presently has an average rating of “Moderate Buy” and a consensus target price of $41.20.

NMI Stock Up 1.6%

Shares of NMIH stock opened at $36.65 on Wednesday. The company’s fifty day simple moving average is $37.66 and its two-hundred day simple moving average is $38.42. NMI has a 52 week low of $31.90 and a 52 week high of $43.20. The stock has a market cap of $2.82 billion, a P/E ratio of 7.67, a PEG ratio of 1.05 and a beta of 0.63. The company has a quick ratio of 0.74, a current ratio of 0.86 and a debt-to-equity ratio of 0.17.

NMI (NASDAQ:NMIH) last issued its earnings results on Tuesday, November 4th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.21. The firm had revenue of $151.32 million for the quarter, compared to analysts’ expectations of $177.01 million. NMI had a return on equity of 16.08% and a net margin of 55.02%.The business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.15 earnings per share. Analysts predict that NMI will post 4.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other NMI news, Director Steven Scheid sold 19,926 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $39.31, for a total transaction of $783,291.06. Following the transaction, the director owned 78,960 shares in the company, valued at $3,103,917.60. The trade was a 20.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On NMI

A number of large investors have recently made changes to their positions in the company. American Century Companies Inc. raised its position in NMI by 5.4% in the 2nd quarter. American Century Companies Inc. now owns 2,249,799 shares of the financial services provider’s stock worth $94,919,000 after purchasing an additional 115,854 shares during the period. Geode Capital Management LLC raised its holdings in shares of NMI by 0.3% in the second quarter. Geode Capital Management LLC now owns 1,966,970 shares of the financial services provider’s stock worth $82,996,000 after buying an additional 5,628 shares during the period. Van Berkom & Associates Inc. raised its holdings in shares of NMI by 0.4% in the third quarter. Van Berkom & Associates Inc. now owns 1,909,630 shares of the financial services provider’s stock worth $73,215,000 after buying an additional 7,973 shares during the period. Millennium Management LLC lifted its stake in shares of NMI by 209.9% during the 1st quarter. Millennium Management LLC now owns 1,432,950 shares of the financial services provider’s stock worth $51,658,000 after acquiring an additional 970,551 shares during the last quarter. Finally, Nuveen LLC purchased a new position in NMI during the 1st quarter valued at $44,886,000. 94.12% of the stock is owned by hedge funds and other 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.