NMI Holdings shares have gained 20.9% in the past three months, outperforming the industry's 5.5% growth and closing at $45.66 per share on Wednesday, near its 52-week high of $46.74. The stock's performance was supported by rapid insurance in force growth, strong new business generation, higher premiums, lower claims, and solid return on equity, along with record second-quarter earnings, a strong capital position, and ongoing share repurchases. Analysts' average price target of $48.86 suggests a potential 7% upside, while the stock trades at a trailing 12-month price-to-book value of 1.27X, below the industry average of 1.42X. The Zacks Consensus Estimate for 2026 earnings per share indicates a year-over-year increase of 6.7%, with revenues pegged at $752.36 million, implying a 6.5% improvement, and the expected long-term earnings growth rate is 7.1%. New insurance written rose to $16.1 billion in the second quarter of 2026 from $12.5 billion a year ago, primary insurance in force increased 5.8% year over year to $227.1 billion, and net premiums earned increased to $157.5 million from $149.1 million, while the loss ratio improved 70 basis points to 8.3% and the default rate remained low at 1.16%. At June 30, 2026, total PMIERs available assets were $3.7 billion against $2.1 billion of net risk-based required assets, and the company repurchased $31.4 million of shares in the second quarter, with book value per share excluding unrealized investment gains up 15% year over year to $36.88.
NMI Holdings IncRecord Q2 earnings, strong capital position, and share repurchases drive stock gains.
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