MGIC Investment Corporation’s (MTG) Buy Rating Reaffirmed at FBR & Co
Several other equities analysts also recently weighed in on the company. Deutsche Bank AG raised their price target on MGIC Investment Corporation from $13.00 to $13.50 and gave the stock a buy rating in a research report on Friday, July 21st. BTIG Research reaffirmed a buy rating and issued a $14.00 price objective (up previously from $12.00) on shares of MGIC Investment Corporation in a research report on Saturday, July 22nd. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $13.00 price objective on shares of MGIC Investment Corporation in a research report on Thursday, August 31st. Zacks Investment Research raised MGIC Investment Corporation from a hold rating to a buy rating and set a $13.00 price objective for the company in a research report on Tuesday, August 22nd. Finally, BidaskClub downgraded MGIC Investment Corporation from a buy rating to a hold rating in a research report on Friday, June 23rd. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. MGIC Investment Corporation presently has a consensus rating of Buy and a consensus price target of $13.08.
Shares of MGIC Investment Corporation (NYSE MTG) traded up 2.07% on Wednesday, hitting $13.82. The stock had a trading volume of 2,788,358 shares. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 14.23 and a beta of 2.16. MGIC Investment Corporation has a one year low of $7.94 and a one year high of $13.83. The firm’s 50-day moving average is $12.04 and its 200-day moving average is $11.33.
MGIC Investment Corporation (NYSE:MTG) last issued its quarterly earnings data on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.06. The firm had revenue of $270.30 million during the quarter, compared to analysts’ expectations of $267.85 million. MGIC Investment Corporation had a return on equity of 16.56% and a net margin of 34.99%. MGIC Investment Corporation’s revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 earnings per share. On average, analysts expect that MGIC Investment Corporation will post $1.15 EPS for the current fiscal year.
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Several large investors have recently added to or reduced their stakes in MTG. Fox Run Management L.L.C. acquired a new stake in MGIC Investment Corporation during the second quarter valued at approximately $116,000. Appleton Group LLC bought a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $119,000. Advisors Asset Management Inc. bought a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $121,000. Sawgrass Asset Management LLC bought a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $123,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in MGIC Investment Corporation in the 2nd quarter worth approximately $132,000. Institutional investors and hedge funds own 89.43% of the company’s stock.
About MGIC Investment Corporation
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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