MGIC Investment Corp. (MTG) Sees Unusually-High Trading Volume After Earnings Beat
MGIC Investment Corp. (NYSE:MTG) shares saw an uptick in trading volume on Tuesday after the company announced better than expected quarterly earnings. 7,054,342 shares changed hands during trading, an increase of 82% from the previous session’s volume of 3,873,883 shares.The stock last traded at $8.31 and had previously closed at $8.03.
The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.06. The company had revenue of $273.90 million for the quarter, compared to analyst estimates of $259.57 million. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. The firm’s revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 EPS.
Several brokerages recently issued reports on MTG. Deutsche Bank AG reaffirmed a “hold” rating on shares of MGIC Investment Corp. in a report on Saturday, August 6th. Zacks Investment Research raised shares of MGIC Investment Corp. from a “sell” rating to a “hold” rating in a report on Thursday, July 21st. BTIG Research reaffirmed a “buy” rating and set a $12.00 price target on shares of MGIC Investment Corp. in a report on Tuesday, July 19th. FBR & Co raised shares of MGIC Investment Corp. from a “market perform” rating to an “outperform” rating and set a $7.50 price target on the stock in a report on Thursday, June 30th. Finally, Compass Point raised shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating and lifted their price target for the company from $8.50 to $9.00 in a report on Wednesday, July 20th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. MGIC Investment Corp. has an average rating of “Buy” and a consensus price target of $9.80.
A number of institutional investors have recently modified their holdings of MTG. Invictus RG raised its position in shares of MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock worth $102,000 after buying an additional 7,160 shares during the period. Pacer Advisors Inc. acquired a new position in shares of MGIC Investment Corp. during the second quarter worth $106,000. Stevens Capital Management LP acquired a new position in shares of MGIC Investment Corp. during the second quarter worth $114,000. Creative Planning raised 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 period. Finally, State of Tennessee Treasury Department acquired a new position in shares of MGIC Investment Corp. during the second quarter worth $119,000. 90.85% of the stock is owned by institutional investors and hedge funds.
The firm has a 50-day moving average price of $8.04 and a 200 day moving average price of $7.20. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of 3.48 and a beta of 2.68.
About MGIC Investment Corp.
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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