Pinnacle Holdings LLC trimmed its stake in shares of NMI Holdings Inc (NASDAQ:NMIH) by 35.1% during the second quarter, Holdings Channel reports. The firm owned 79,305 shares of the financial services provider’s stock after selling 42,945 shares during the period. Pinnacle Holdings LLC’s holdings in NMI were worth $2,251,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in NMI by 1.5% during the second quarter. BlackRock Inc. now owns 9,752,543 shares of the financial services provider’s stock valued at $276,876,000 after purchasing an additional 143,075 shares in the last quarter. FMR LLC boosted its holdings in NMI by 44.8% during the first quarter. FMR LLC now owns 2,501,047 shares of the financial services provider’s stock valued at $64,702,000 after purchasing an additional 773,781 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in NMI during the second quarter valued at approximately $37,045,000. Carillon Tower Advisers Inc. acquired a new stake in NMI during the second quarter valued at approximately $31,831,000. Finally, Northern Trust Corp boosted its holdings in NMI by 2.3% during the second quarter. Northern Trust Corp now owns 886,202 shares of the financial services provider’s stock valued at $25,159,000 after purchasing an additional 20,092 shares in the last quarter. 90.67% of the stock is currently owned by institutional investors.
A number of research firms have weighed in on NMIH. Zacks Investment Research raised NMI from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Friday, July 26th. B. Riley set a $30.00 target price on shares of NMI and gave the company a “hold” rating in a research note on Friday, August 2nd. BidaskClub cut shares of NMI from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 7th. ValuEngine cut shares of NMI from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. Finally, Zelman & Associates upgraded shares of NMI from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $30.63.
NMI (NASDAQ:NMIH) last announced its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.04. NMI had a net margin of 41.31% and a return on equity of 19.65%. The company had revenue of $91.18 million during the quarter, compared to analyst estimates of $85.11 million. On average, analysts expect that NMI Holdings Inc will post 2.4 earnings per share for the current year.
In related news, Director James Ozanne sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $27.86, for a total value of $278,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bradley M. Shuster sold 38,125 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $28.01, for a total transaction of $1,067,881.25. Following the completion of the transaction, the insider now directly owns 604,420 shares of the company’s stock, valued at $16,929,804.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,571 shares of company stock valued at $2,197,784. Company insiders own 4.20% of the company’s stock.
NMI Company Profile
NMI Holdings, Inc, through its subsidiaries, provides private mortgage guaranty insurance services in the United States. The company offers mortgage insurance; reinsurance on loans; 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.
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