FY2016 EPS Estimates for MGIC Investment Corp. (MTG) Lowered by Analyst
MGIC Investment Corp. (NYSE:MTG) – Investment analysts at FBR & Co cut their FY2016 earnings per share estimates for shares of MGIC Investment Corp. in a research note issued on Wednesday. FBR & Co analyst R. Binner now anticipates that the firm will post earnings of $0.80 per share for the year, down from their prior estimate of $0.83. FBR & Co currently has a “Outperform” rating on the stock. FBR & Co also issued estimates for MGIC Investment Corp.’s FY2017 earnings at $1.00 EPS and FY2018 earnings at $1.05 EPS.
MGIC Investment Corp. (NYSE:MTG) last issued its earnings results on Tuesday, October 18th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.06. MGIC Investment Corp. had a net margin of 32.02% and a return on equity of 16.64%. The company had revenue of $273.90 million for the quarter, compared to analysts’ expectations of $259.57 million. During the same quarter last year, the company posted $0.29 earnings per share. The firm’s quarterly revenue was up 1.6% on a year-over-year basis.
Several other research firms have also commented on MTG. Bank of America Corp. initiated coverage on shares of MGIC Investment Corp. in a report on Monday, October 17th. They issued a “buy” rating and a $10.00 price target for the company. Compass Point upgraded shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating and boosted their price target for the company from $8.50 to $9.00 in a report on Wednesday, July 20th. BTIG Research restated a “buy” rating and issued a $12.00 price target on shares of MGIC Investment Corp. in a report on Tuesday, July 19th. MKM Partners restated a “buy” rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. Finally, Deutsche Bank AG restated a “hold” rating on shares of MGIC Investment Corp. in a report on Saturday, August 6th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $9.70.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.90 on Thursday. MGIC Investment Corp. has a one year low of $5.36 and a one year high of $9.66. The company has a 50-day moving average of $8.21 and a 200 day moving average of $7.33. The stock has a market cap of $3.03 billion, a PE ratio of 10.75 and a beta of 2.41.
A number of hedge funds have recently added to or reduced their stakes in the company. Boothbay Fund Management LLC increased its stake in MGIC Investment Corp. by 2.0% in the first quarter. Boothbay Fund Management LLC now owns 16,808 shares of the company’s stock valued at $129,000 after buying an additional 333 shares in the last quarter. Creative Planning increased its stake in MGIC Investment Corp. by 3.3% in the third quarter. Creative Planning now owns 14,325 shares of the company’s stock valued at $115,000 after buying an additional 457 shares in the last quarter. Amalgamated Bank increased its stake in MGIC Investment Corp. by 3.1% in the second quarter. Amalgamated Bank now owns 37,262 shares of the company’s stock valued at $272,000 after buying an additional 1,106 shares in the last quarter. Pacer Advisors Inc. increased its stake in MGIC Investment Corp. by 9.2% in the third quarter. Pacer Advisors Inc. now owns 19,492 shares of the company’s stock valued at $156,000 after buying an additional 1,639 shares in the last quarter. Finally, Calvert Investment Management Inc. increased its stake in MGIC Investment Corp. by 11.2% in the second quarter. Calvert Investment Management Inc. now owns 26,919 shares of the company’s stock valued at $160,000 after buying an additional 2,718 shares in the last quarter. 89.55% of the stock is currently owned by institutional investors.
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.
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