California-based private mortgage insurance company NMI Holdings (NMIH) has promoted its Executive Vice-President (EVP) and Chief Financial Officer (CFO), Adam Pollitzer, to President and Chief Executive Officer (CEO), effective January 1, 2022. He will also become a member of the company’s Board of Directors.
Pollitzer succeeds the current CEO, Claudia Merkle, who will leave on December 31. Merkle will also step down from the Board. She has been the company’s CEO since 2019. (See NMI stock chart on TipRanks)
As the EVP and CFO, Pollitzer has been responsible for NMI’s strategic planning and corporate development efforts. He has also managed the company’s reinsurance program and funding profile.
Pollitzer said, “Our core mortgage insurance products are in greater demand than ever before, and the increased digitization of the mortgage market has allowed us to expand our customer reach and accelerate our growth. We have a robust capital position and remain committed to building our business in a durable, risk-responsible manner.”
Last month, RBC Capital analyst Mark Dwelle maintained a Buy rating on the stock with a price target of $31 (39.4% upside potential). The analyst expects the company to report earnings per share (EPS) of $0.67 per share.
Overall, the stock has a Strong Buy consensus rating based on 4 unanimous Buys. The average NMI Holdings price target of $32.25 implies 45% upside potential. The company’s shares have gained 23.4% over the past year.
According to TipRanks’ Smart Score rating system, NMI scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.
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