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NMI Holdings +12% as Q3 'raised the bar'

Nov. 07, 2019 12:01 PM ETNMI Holdings, Inc. (NMIH) StockNMIHBy: Liz Kiesche, SA News Editor
  • NMI Holdings (NASDAQ:NMIH) surges 12% after Q3 adjusted EPS of 71 cents blows away consensus of 62 cents and advances from 59 cents in Q2.
  • The beat was helped by 11% Q/Q increase in net premiums earned to $92.4M vs. $88.5M consensus, wrote BTIG analyst Mark Palmer, who notes that NMIH "raised the bar in several respects."
  • He points also to the company's adjusted return on equity of 23.7%; reiterates buy rating and price target of $36.
  • Primary insurance-in-force at Sept. 30, 2019 of $89.7B rose 10% from the end of Q2 and 41% Y/Y.
  • Q3 new insurance written of $14.1B rose 16% Q/Q and 92% Y/Y.
  • Q3 expense ratio of 36.0% declined from 39.1% in Q2 and 46.4% in Q3 2018.
  • Combined ratio of 38.8% improved from 48.1% a year ago.
  • Book value per share increased to $12.86 at Sept. 30, 2019 from $11.99 at June 30, 2019.
  • Previously: NMI Holdings EPS beats by $0.09, beats on revenue (Nov. 6)

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