Research analysts at Bank of America Corp. started coverage on shares of MGIC Investment Corp. (NYSE:MTG) in a research report issued to clients and investors on Monday. The brokerage set a “buy” rating on the stock.

A number of other analysts have also issued reports on the company. Zacks Investment Research lowered MGIC Investment Corp. from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Keefe, Bruyette & Woods boosted their target price on MGIC Investment Corp. from $9.00 to $9.50 and gave the company an “outperform” rating in a research report on Tuesday, October 4th. FBR & Co reissued an “outperform” rating on shares of MGIC Investment Corp. in a research report on Friday, September 23rd. MKM Partners reissued a “buy” rating on shares of MGIC Investment Corp. in a research report on Thursday, August 25th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of MGIC Investment Corp. in a research report on Saturday, August 6th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. MGIC Investment Corp. has an average rating of “Buy” and an average price target of $9.78.

Analyst Recommendations for MGIC Investment Corp. (NYSE:MTG)

MGIC Investment Corp. (NYSE:MTG) opened at 7.99 on Monday. The company has a 50-day moving average price of $8.03 and a 200-day moving average price of $7.20. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 3.30 and a beta of 2.68. MGIC Investment Corp. has a 52 week low of $5.36 and a 52 week high of $9.96.

MGIC Investment Corp. (NYSE:MTG) last announced its earnings results on Tuesday, July 19th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $263.50 million for the quarter, compared to analyst estimates of $255.01 million. MGIC Investment Corp. had a return on equity of 18.40% and a net margin of 105.16%. During the same quarter in the previous year, the company earned $0.28 earnings per share. Equities research analysts anticipate that MGIC Investment Corp. will post $0.83 EPS for the current year.

Institutional investors have recently modified their holdings of the company. Reliance Trust Co. of Delaware purchased a new position in shares of MGIC Investment Corp. during the third quarter worth approximately $121,000. Creative Planning increased its position in shares of MGIC Investment Corp. by 3.3% in the third quarter. Creative Planning now owns 14,325 shares of the company’s stock worth $115,000 after buying an additional 457 shares during the last quarter. Calvert Investment Management Inc. increased its position in shares of MGIC Investment Corp. by 11.2% in the second quarter. Calvert Investment Management Inc. now owns 26,919 shares of the company’s stock worth $160,000 after buying an additional 2,718 shares during the last quarter. Amalgamated Bank increased its position in shares of MGIC Investment Corp. by 3.1% in the second quarter. Amalgamated Bank now owns 37,262 shares of the company’s stock worth $272,000 after buying an additional 1,106 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of MGIC Investment Corp. by 1.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 246,562 shares of the company’s stock worth $1,467,000 after buying an additional 3,142 shares during the last quarter. Hedge funds and other institutional investors own 90.85% of the company’s stock.

MGIC Investment Corp. Company Profile

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.

5 Day Chart for NYSE:MTG

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