MGIC Investment Corp. (NYSE:MTG) was downgraded by investment analysts at Compass Point from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday. They presently have a $10.00 price target on the stock. Compass Point’s price objective suggests a potential upside of 16.69% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Zacks Investment Research raised MGIC Investment Corp. from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a research note on Monday, June 27th. BTIG Research reissued a “buy” rating and set a $12.00 price target on shares of MGIC Investment Corp. in a research note on Tuesday, July 19th. MKM Partners reissued a “buy” rating on shares of MGIC Investment Corp. in a research note on Thursday, August 25th. Bank of America Corp. started coverage on MGIC Investment Corp. in a research note on Monday. They set a “buy” rating and a $10.00 price target for the company. Finally, Deutsche Bank AG reissued a “hold” rating on shares of MGIC Investment Corp. in a research note on Saturday, August 6th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $9.89.

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

MGIC Investment Corp. (NYSE:MTG) opened at 8.57 on Wednesday. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 3.54 and a beta of 2.68. MGIC Investment Corp. has a 12-month low of $5.36 and a 12-month high of $9.77. The firm’s 50-day moving average price is $8.05 and its 200-day moving average price is $7.21.

MGIC Investment Corp. (NYSE:MTG) last released its quarterly earnings results on Tuesday, October 18th. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.06. The business earned $273.90 million during the quarter, compared to analysts’ expectations of $259.57 million. MGIC Investment Corp. had a return on equity of 17.03% and a net margin of 32.02%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 EPS. On average, equities analysts predict that MGIC Investment Corp. will post $0.83 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of MGIC Investment Corp. by 1.9% in the first quarter. State Street Corp now owns 12,555,928 shares of the company’s stock worth $96,303,000 after buying an additional 239,143 shares in the last quarter. Senator Investment Group LP increased its position in shares of MGIC Investment Corp. by 14.6% in the second quarter. Senator Investment Group LP now owns 11,000,000 shares of the company’s stock worth $65,450,000 after buying an additional 1,400,000 shares in the last quarter. Platinum Investment Management Ltd. increased its position in shares of MGIC Investment Corp. by 5.3% in the second quarter. Platinum Investment Management Ltd. now owns 10,097,304 shares of the company’s stock worth $60,078,000 after buying an additional 504,622 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of MGIC Investment Corp. by 2.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 8,766,393 shares of the company’s stock worth $52,160,000 after buying an additional 178,180 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of MGIC Investment Corp. by 13.3% in the second quarter. Marshall Wace LLP now owns 7,302,578 shares of the company’s stock worth $43,450,000 after buying an additional 858,282 shares in the last quarter. Institutional investors and hedge funds 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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