MGIC Investment Corp. (NYSE:MTG)‘s stock had its “hold” rating reiterated by investment analysts at Credit Suisse Group AG in a research report issued to clients and investors on Monday. They currently have a $10.00 price objective on the stock, up from their previous price objective of $8.00. Credit Suisse Group AG’s target price would suggest a potential upside of 8.93% from the stock’s previous close.

The analysts wrote, “We are increasing our 2017-18 EPS estimates to reflect our updated share repurchase outlook, and are raising our target price to $10 (from $8). We see three paths to be able to fund the buyback: 1. Cash on hand: As of 9/30, MTG had $330 million of hold co cash, of which $145 million is being held for the 2017 debt maturity and $40 million for completing the buyback as part of the 3Q debt issuance/convert repurchase. This leaves MTG with about $145 million of available cash. With no near-term debt maturities (2023 is next), and the dividend from the MI subsidiary covering interest, MTG has limited needs to hold substantial hold co cash.””

A number of other equities analysts have also commented on the stock. Compass Point lowered shares of MGIC Investment Corp. from a “buy” rating to a “hold” rating and set a $10.00 price objective for the company. in a research report on Wednesday, October 19th. Bank of America Corp. assumed coverage on shares of MGIC Investment Corp. in a research report on Monday, October 17th. They issued a “buy” rating and a $10.00 price objective for the company. Zacks Investment Research lowered shares of MGIC Investment Corp. from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 13th. Keefe, Bruyette & Woods raised their price objective on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the company an “outperform” rating in a research report on Tuesday, October 4th. Finally, FBR & Co restated an “outperform” rating on shares of MGIC Investment Corp. in a research report on Friday, September 23rd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $10.07.

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

Shares of MGIC Investment Corp. (NYSE:MTG) traded down 0.43% during midday trading on Monday, hitting $9.18. 5,869,608 shares of the company were exchanged. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 11.09 and a beta of 2.41. The firm’s 50 day moving average price is $8.53 and its 200 day moving average price is $7.49. MGIC Investment Corp. has a one year low of $5.36 and a one year high of $9.66.

MGIC Investment Corp. (NYSE:MTG) last released its quarterly earnings data on Tuesday, October 18th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates 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 earned $273.90 million during the quarter, compared to analyst estimates of $259.57 million. During the same period last year, the business earned $0.29 earnings per share. MGIC Investment Corp.’s revenue was up 1.6% compared to the same quarter last year. Analysts forecast that MGIC Investment Corp. will post $0.86 EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of MTG. Senator Investment Group LP increased its position in 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 valued at $65,450,000 after buying an additional 1,400,000 shares during the period. Platinum Investment Management Ltd. increased its position in 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 valued at $60,078,000 after buying an additional 504,622 shares during the period. BlackRock Fund Advisors increased its position in MGIC Investment Corp. by 6.7% in the third quarter. BlackRock Fund Advisors now owns 9,104,726 shares of the company’s stock valued at $72,838,000 after buying an additional 574,189 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in MGIC Investment Corp. by 3.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 9,099,416 shares of the company’s stock valued at $72,795,000 after buying an additional 333,023 shares during the period. Finally, Marshall Wace LLP increased its position in MGIC Investment Corp. by 13.3% in the second quarter. Marshall Wace LLP now owns 7,302,578 shares of the company’s stock valued at $43,450,000 after buying an additional 858,282 shares during the period. 89.17% of the stock is currently owned by hedge funds and other 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.

5 Day Chart for NYSE:MTG

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