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ESNT

Essent Group

$34.83

-2.045 (-5.55%)

, MTG

MGIC Investment

$10.50

-0.275 (-2.55%)

05:28
04/19/18
04/19
05:28
04/19/18
05:28

Essent Group downgraded to Market Perform from Outperform at Wells Fargo

Wells Fargo analyst Sean Dargan downgraded Essent Group (ESNT) to Market Perform and lowered his price target for the shares to $38 from $58. The analyst also downgraded MGIC Investment (MTG) to Market Perform and lowered his rating on the Mortgage Insurers space to Market Weight from Overweight. He keeps a Market Perform rating on Radian Group (RDN). Despite tailwinds from mortgage credit, companies in the sector seem "poised to compete away any benefit from tax reform, at the expense of shareholders," Dargan tells investors in a research note. The analyst thought mid-teen returns would be the floor on new pricing, but is now less certain that is the case. Dargan now has less confidence in future estimates.

ESNT

Essent Group

$34.83

-2.045 (-5.55%)

MTG

MGIC Investment

$10.50

-0.275 (-2.55%)

RDN

Radian Group

$15.36

-0.91 (-5.59%)

  • 26

    Apr

  • 04

    May

ESNT Essent Group
$34.83

-2.045 (-5.55%)

04/11/18
LEHM
04/11/18
NO CHANGE
Target $16
LEHM
Overweight
Barclays sees 'unique' buying opportunity after MGIC rate cut
The overreaction to MGIC Investment's (MTG) reduced borrower-paid premium rates presents a "unique buying opportunity," Barclays analyst Mark DeVries tells investors in a research note. The analyst fully expects that the rest of the industry will likely follow suit, but his updated models suggest "only a modest" earnings reduction on lower premium rate forecasts. He believes the stock's risk/rewards are "compelling once again." The analyst lowered his price target for Essent Group (ESNT) to $51 from $57, for MGIC to $16 from $18 and for Radian Group (RDN) to $28 from $31. He keeps Overweight ratings on all three names.
04/10/18
RBCM
04/10/18
NO CHANGE
Target $48
RBCM
Outperform
Essent Group price target lowered to $48 from $59 at RBC Capital
RBC Capital analyst Mark Dwelle lowered his price target on Essent Group (ESNT) to $48, saying the competitive pressure on prices from the announcement by MGIC Investments (MTG) is a negative that will weigh on growth and margin expansion. Despite those headwinds however, the analyst notes Essent's clean balance sheet, low loan loss ratio, and operating leverage opportunities in keeping his Outperform rating on the stock, adding that the shares are attractive at the "current depressed valuation".
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.
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.
MTG MGIC Investment
$10.50

-0.275 (-2.55%)

04/10/18
SUSQ
04/10/18
NO CHANGE
Target $16
SUSQ
Positive
MGIC Investment valuation a reason to remain positive, says Susquehanna
Susquehanna analyst Jack Micenko noted MGIC Investment was lowering its prices on borrower paid mortgage insurance and the shares of it and other mortgage insurers fell in reaction. The analyst said the impact to earnings does not correlate to the stock's reaction, but admitted the group will probably be stuck in the penalty box in the near-term. He believes investors with a six-to-nine month investment horizon would be well served to buy the group at current levels. Micenko maintained his Positive rating, though he lowered his price target to $16 from $18, on MGIC Investment shares.
04/10/18
RBCM
04/10/18
DOWNGRADE
Target $19
RBCM
Sector Perform
Radian Group downgraded to Sector Perform at RBC Capital on adverse pricing
As reported earlier, RBC Capital analyst Mark Dwelle downgraded Radian Group (RDN) to Sector Perform from Outperform and lowered his price target to $19 from $28. Dwelle cites the latest reduction in borrower-paid premium rates at MGIC Investment (MTG) and believes sentiment in the space will be negatively impacted. The analyst adds that while Radian has made "good progress" in expanding margins and building its credit profile, an "adverse pricing environment" could weigh on growth and pressure margins over the next several quarters.
RDN Radian Group
$15.36

-0.91 (-5.59%)

04/10/18
04/10/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Monsanto (MON) downgraded to Market Perform from Outperform at BMO Capital with analyst Joel Jackson citing the rising likelihood of the acquisition by Bayer (BAYRY) after yesterday's reports of approval of the merger by the U.S. Department of Justice. 2. Hershey (HSY) downgraded to Sell from Neutral at UBS with analyst Steven Strycula saying Hershey's portfolio is over-exposed to slowing category consumption, intensifying competition, and rising cocoa prices. 3. Cullen/Frost (CFR) downgraded to Underperform from Market Perform at Raymond James. 4. vTv Therapeutics (VTVT) downgraded to Hold from Buy at Stifel, to Neutral from Buy at Seaport Global, Piper Jaffray, and Roth Capital, as well as to Market Perform from Outperform at Northland. 5. Radian Group (RDN) downgraded to Sector Perform from Outperform at RBC Capital with analyst Mark Dwelle citing the latest reduction in borrower-paid premium rates at MGIC Investment (MTG) and saying he believes sentiment in the space will be negatively impacted. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/10/18
RBCM
04/10/18
DOWNGRADE
RBCM
Sector Perform
Radian Group downgraded to Sector Perform from Outperform at RBC Capital

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DE

Deere

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1.52 (0.98%)

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NKTR

Nektar

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, BMY

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0.14 (0.27%)

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ABBV

AbbVie

$105.60

-0.72 (-0.68%)

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GBNK

Guaranty Bancorp

$33.05

0.6 (1.85%)

, IBTX

Independent Bank

$74.20

-3.65 (-4.69%)

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GBNK

Guaranty Bancorp

$33.05

0.6 (1.85%)

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Independent Bank

$74.20

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EC

Ecopetrol

$21.15

-0.62 (-2.85%)

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VRML

Vermillion

$1.05

0.045 (4.48%)

05:27
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Vermillion rating change  »

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CZR

Caesars

$12.50

-0.15 (-1.19%)

05:26
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MLNT

Melinta Therapeutics

$6.25

-0.2 (-3.10%)

05:26
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Syndicate
Melinta Therapeutics 22M share Secondary priced at $5.00 »

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TDY

Teledyne

$198.96

2.19 (1.11%)

05:24
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NOG

Northern Oil and Gas

$2.69

0.06 (2.28%)

05:22
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Northern Oil and Gas rating change  »

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RDC

Rowan Companies

05:22
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OI

Owens-Illinois

$18.85

-0.1 (-0.53%)

05:21
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DE

Deere

$156.59

1.52 (0.98%)

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GNRC

Generac

$50.56

0.42 (0.84%)

05:21
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  • 12

    Jun

PBR

Petrobras

$15.10

-0.6 (-3.82%)

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PBR

Petrobras

$15.10

-0.6 (-3.82%)

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NVS

Novartis

$76.38

-0.465 (-0.61%)

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  • 05

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ARCT

Arcturus Therapeutics

$6.66

-0.29 (-4.17%)

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  • 25

    Jun

MTDR

Matador

$31.07

-0.735 (-2.31%)

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ESYJY

easyJet

$0.00

(0.00%)

05:08
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PRMW

Primo Water

$15.48

0.56 (3.75%)

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ALGN

Align Technology

$308.24

10.26 (3.44%)

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  • 12

    Jun

CDNA

CareDx

$11.66

-0.12 (-1.02%)

04:55
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Conference/Events
CareDx management to meet with Craig Hallum »

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