Genworth MI Canada (TSE:MIC) Raised to “Neutral” at CIBC

Genworth MI Canada (TSE:MIC) was upgraded by CIBC from an “underperform” rating to a “neutral” rating in a report released on Wednesday, BayStreet.CA reports. The brokerage currently has a C$48.00 target price on the stock, up from their prior target price of C$46.00. CIBC’s target price would indicate a potential downside of 0.66% from the company’s previous close.

MIC has been the subject of several other reports. National Bank Financial upped their target price on shares of Genworth MI Canada from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st. Royal Bank of Canada raised shares of Genworth MI Canada from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from C$48.00 to C$51.00 in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of C$50.80.

Shares of MIC stock traded up C$3.32 on Wednesday, hitting C$48.32. The stock had a trading volume of 469,913 shares, compared to its average volume of 172,970. The stock has a market capitalization of $3.88 billion and a price-to-earnings ratio of 10.25. The business has a 50 day simple moving average of C$43.26. The company has a debt-to-equity ratio of 11.23, a current ratio of 0.26 and a quick ratio of 0.20. Genworth MI Canada has a 52-week low of C$38.18 and a 52-week high of C$49.95.

Genworth MI Canada (TSE:MIC) last announced its earnings results on Tuesday, April 30th. The company reported C$1.35 earnings per share for the quarter. The firm had revenue of C$168.54 million during the quarter. Sell-side analysts expect that Genworth MI Canada will post 5.3000006 earnings per share for the current year.

In related news, Senior Officer Philip Adrian Virgil Mayers sold 6,400 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of C$41.95, for a total transaction of C$268,480.00. Following the transaction, the insider now owns 20,912 shares of the company’s stock, valued at C$877,258.40.

About Genworth MI Canada

Genworth MI Canada Inc, through its subsidiaries, operates as a private residential mortgage insurer in Canada. It provides mortgage default insurance to residential mortgage homebuyers, lenders, brokers, and realtors. The company was founded in 1995 and is headquartered in Oakville, Canada.

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Analyst Recommendations for Genworth MI Canada (TSE:MIC)

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