MGIC Investment Corp. (MTG) Stock Rating Reaffirmed by FBR & Co
MGIC Investment Corp. (NYSE:MTG)‘s stock had its “outperform” rating reaffirmed by stock analysts at FBR & Co in a report released on Tuesday. They presently have a $11.00 price objective on the stock, up from their prior price objective of $9.00. FBR & Co’s price target would indicate a potential upside of 21.28% from the stock’s current price.
MTG has been the topic of a number of other research reports. Zacks Investment Research upgraded MGIC Investment Corp. from a “hold” rating to a “strong-buy” rating and set a $9.25 price objective on the stock in a report on Wednesday, October 5th. MKM Partners reiterated a “buy” rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. Bank of America Corp. initiated coverage on MGIC Investment Corp. in a research note on Monday, October 17th. They set a “buy” rating and a $10.00 price target on the stock. Keefe, Bruyette & Woods raised their price target on MGIC Investment Corp. from $9.00 to $9.50 and gave the stock an “outperform” rating in a research note on Tuesday, October 4th. Finally, Credit Suisse Group AG set a $8.00 price target on MGIC Investment Corp. and gave the stock a “hold” rating in a research note on Friday, November 11th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $10.07.
MGIC Investment Corp. (NYSE:MTG) opened at 9.07 on Tuesday. MGIC Investment Corp. has a one year low of $5.36 and a one year high of $9.66. The firm has a 50-day moving average price of $8.57 and a 200-day moving average price of $7.50. The firm has a market capitalization of $3.09 billion, a P/E ratio of 10.95 and a beta of 2.41.
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 return on equity of 16.64% and a net margin of 32.02%. The business had revenue of $273.90 million for the quarter, compared to the consensus estimate of $259.57 million. During the same quarter in the prior year, the business posted $0.29 EPS. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities analysts anticipate that MGIC Investment Corp. will post $0.86 earnings per share for the current year.
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A number of hedge funds have recently bought and sold shares of the company. World Asset Management Inc acquired a new stake in MGIC Investment Corp. during the third quarter valued at approximately $108,000. Creative Planning boosted 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. Reliance Trust Co. of Delaware acquired a new stake in MGIC Investment Corp. during the third quarter valued at approximately $121,000. Boothbay Fund Management LLC boosted 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. Finally, Profund Advisors LLC boosted its stake in MGIC Investment Corp. by 28.7% in the third quarter. Profund Advisors LLC now owns 17,053 shares of the company’s stock valued at $136,000 after buying an additional 3,801 shares in the last quarter. 89.17% of the stock is owned by institutional investors.
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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