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RDN

Radian Group

$19.14

-0.2 (-1.03%)

, ESNT

Essent Group

$42.07

-0.82 (-1.91%)

09:01
04/09/18
04/09
09:01
04/09/18
09:01

Mortgage insurers slide after MGIC cuts borrower-paid premium rates

Shares of mortgage insurers MGIC Investment (MTG), Radian Group (RDN) and Essent Group (ESNT) are all sliding in pre-market trading after MGIC announced earlier reduced borrower-paid premium rates that reflect the lower corporate tax rate signed into law in 2017. Borrower-paid mortgage insurance premium rates on the most popular premium plans have been reduced by an average of approximately 11%, said MGIC, which added that "by incorporating the tax benefit and allowing all lenders access to these reduced premium rates, MGIC believes that borrowers and lenders will be better served in their quest for affordable and sustainable low-down-payment lending solutions."

RDN

Radian Group

$19.14

-0.2 (-1.03%)

ESNT

Essent Group

$42.07

-0.82 (-1.91%)

MTG

MGIC Investment

$12.82

-0.17 (-1.31%)

  • 18

    Apr

RDN Radian Group
$19.14

-0.2 (-1.03%)

03/12/18
WELS
03/12/18
NO CHANGE
WELS
Mortgage Insurers sliding on fears about Freddie pilot, says Wells Fargo
After Dowling Research said Freddie Mac (FMCC) has introduced an alternative for securing mortgage insurance as a pilot program with Arch Capital (ACGL) that has pricing "solidly below" published mortgage insurer lender-paid singles rate cards, Wells Fargo analyst Sean Dargan noted that Essent Group (ESNT), MGIC Investment (MTG) and Radian Group (RDN) are down 8%-11% in reaction to fears that Arch will gain meaningful share in the Freddie business. While awaiting more information from both Arch and Freddie Mac, Dargan said that Essent, given its Bermuda reinsurance structure, would be better positioned to replicate the Arch model than would MGIC or Radian. Near midday, Essent is down 8%, MGIC is down 9% and Radian is down 11%.
03/13/18
DBAB
03/13/18
NO CHANGE
DBAB
Private Mortgage Insurer selloff yesterday overdone, says Deutsche Bank
Shares of Private Mortgage Insurers were down roughly 10% yesterday following news that Freddie Mac (FMCC) and private MI Arch had initiated a structure whereby a panel of reinsurers will provide the necessary credit risk enhancement for a portion of low down-payment mortgages otherwise met by traditional mortgage insurance, Deutsche Bank analyst Phil Stefano tells investors in a research note. The analyst recommends buying Essent Group (ESNT), MGIC Investment (MTG), NMI Holdings (NMIH) and Radian Group (RDN) following yesterday's weakness. Clients have relayed from reports the potential for a 10%-30% decline in Singles pricing, the analyst says. He notes this business makes up roughly 15%-20% of new business being written today. Assuming a 20% price cut on 20% of the business combined with the uncertainties underlying the new structure, Stefano would have anticipated a "muted high-single-digit reaction to the stocks." He feels the selloff yesterday in the Private Mortgage Insurers is overdone.
03/14/18
MACQ
03/14/18
INITIATION
MACQ
Neutral
Radian Group initiated with a Neutral at Macquarie
03/15/18
03/15/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Radian Group (RDN) initiated with a Neutral at Macquarie. 2. Cheniere Energy (LNG) initiated with a Buy at BofA/Merrill. 3. Avid Bioservices (CDMO) initiated with an Outperform at Wells Fargo. 4. Quintana Energy Services (QES) initiated with an Overweight at Capital One. 5. II-VI (IIVI) initiated with a Buy at DA Davidson. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
ESNT Essent Group
$42.07

-0.82 (-1.91%)

02/12/18
ZELM
02/12/18
UPGRADE
ZELM
Buy
Essent Group upgraded to Buy from Hold at Zelman
03/14/18
MACQ
03/14/18
INITIATION
Target $62
MACQ
Outperform
Essent Group initiated with an Outperform at Macquarie
Macquarie initiated Essent Group with an Outperform and $62 price target.
MTG MGIC Investment
$12.82

-0.17 (-1.31%)

03/13/18
RILY
03/13/18
NO CHANGE
RILY
B. Riley FBR says buy MGIC, NMI following yesterday's weakness
B. Riley FBR analyst Randy Binner recommends buying shares of MGIC Investment (MTG) and NMI Holdings (NMIH) following yesterday's selloff on the Freddie Mac/Arch headlines. While still a proposal, the new structure would only be marginally dilutive to earnings if implemented, Binner tells investors in a research note.
03/14/18
MACQ
03/14/18
INITIATION
MACQ
Outperform
MGIC Investment initiated with an Outperform at Macquarie
Macquarie initiated MGIC Investment with an Outperform and $17 price target.

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ADM

Archer Daniels

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Bunge

$73.72

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CE

Celanese

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0.56 (0.50%)

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IOTS

Adesto Technologies

$8.65

-0.2 (-2.26%)

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SIGM

Sigma Designs

$6.30

0.1 (1.61%)

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BRK.A

Berkshire Hathaway

$300,140.00

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Berkshire Hathaway

$200.09

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TMK

Torchmark

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SEACOR Marine Holdings

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Carlyle Group

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CG

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AVAV

AeroVironment

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XLE

Energy Select Sector SPDR

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General news
Week ending ETF Scorecard: Energy outperforms again, Staples lag »

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Jaguar Health

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WMT

Walmart

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SPY

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CTXR

Citius Pharmaceuticals

$2.86

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General news
Treasury Closing Summary: »

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FPI

Farmland Partners

$7.85

-0.24 (-2.97%)

16:51
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Breaking Syndicate news story on Farmland Partners »

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GIFI

Gulf Island Fabrication

$8.85

0.05 (0.57%)

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PVAM Perlus Microcap Fund…

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AMID

American Midstream Partners

$11.45

-0.1 (-0.87%)

16:46
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American Midstream Partners files $150M preferred unit offering »

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AMID

American Midstream Partners

$11.45

-0.1 (-0.87%)

16:41
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Syndicate
American Midstream Partners requests withdrawal of registration statement »

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SSC

Seven Stars Cloud Group

$2.67

-0.1 (-3.61%)

16:40
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16:40
Syndicate
Breaking Syndicate news story on Seven Stars Cloud Group »

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HNI

HNI Corporation

$35.35

-0.28 (-0.79%)

16:39
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HNI Corporation CEO says 'seeing increased inflationary pressures' »

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