MGIC Investment Corporation (MTG) Forecasted to Post Q4 2017 Earnings of $0.26 Per Share
MGIC Investment Corporation (NYSE:MTG) – Equities researchers at B. Riley issued their Q4 2017 earnings estimates for MGIC Investment in a report released on Monday. B. Riley analyst R. Binner expects that the insurance provider will earn $0.26 per share for the quarter. B. Riley currently has a “Buy” rating on the stock.
Several other research analysts also recently commented on the stock. Wells Fargo & Company reissued an “outperform” rating and issued a $17.00 price target on shares of MGIC Investment in a report on Tuesday, November 28th. Deutsche Bank downgraded shares of MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price objective for the company. in a report on Friday, November 3rd. Zacks Investment Research raised shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Monday, October 23rd. Bank of America lifted their price objective on shares of MGIC Investment from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, October 20th. Finally, MKM Partners lifted their price objective on shares of MGIC Investment to $16.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $14.34.
MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The business had revenue of $270.30 million for the quarter, compared to analysts’ expectations of $267.85 million. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.14 EPS.
Hedge funds have recently added to or reduced their stakes in the business. AXA purchased a new position in shares of MGIC Investment during the third quarter valued at about $11,924,000. Public Employees Retirement System of Ohio increased its position in shares of MGIC Investment by 540.2% during the third quarter. Public Employees Retirement System of Ohio now owns 319,825 shares of the insurance provider’s stock valued at $4,007,000 after buying an additional 269,870 shares during the period. Wealthcare Advisory Partners LLC purchased a new position in shares of MGIC Investment during the third quarter valued at about $107,000. Janus Henderson Group PLC increased its position in shares of MGIC Investment by 0.9% during the third quarter. Janus Henderson Group PLC now owns 4,062,785 shares of the insurance provider’s stock valued at $50,907,000 after buying an additional 34,512 shares during the period. Finally, Cohen & Steers Inc. boosted its stake in MGIC Investment by 40.1% during the third quarter. Cohen & Steers Inc. now owns 170,738 shares of the insurance provider’s stock worth $2,139,000 after acquiring an additional 48,889 shares in the last quarter. Hedge funds and other institutional investors own 91.31% of the company’s stock.
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About MGIC Investment
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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