MGIC Investment Corp.’s (MTG) Outperform Rating Reaffirmed at FBR & Co
FBR & Co reissued their outperform rating on shares of MGIC Investment Corp. (NYSE:MTG) in a research note released on Tuesday morning. They currently have a $11.00 target price on the stock, up from their previous target price of $9.00.
Several other research firms have also recently weighed in on MTG. Deutsche Bank AG reissued a hold rating on shares of MGIC Investment Corp. in a research note on Saturday, August 6th. Zacks Investment Research cut shares of MGIC Investment Corp. from a strong-buy rating to a hold rating in a research note on Tuesday, September 20th. Credit Suisse Group AG set a $8.00 target price on shares of MGIC Investment Corp. and gave the company a hold rating in a research note on Friday, November 11th. MKM Partners reissued a buy rating on shares of MGIC Investment Corp. in a research note on Thursday, August 25th. Finally, Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the company an outperform rating in a research note on Tuesday, October 4th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. MGIC Investment Corp. has an average rating of Buy and an average target price of $10.07.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 9.18 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 of $8.53 and a 200 day moving average of $7.49. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 11.09 and a beta of 2.41.
MGIC Investment Corp. (NYSE:MTG) last released its earnings results on Tuesday, October 18th. The company reported $0.25 earnings per share for the quarter, beating the 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 business earned $273.90 million during the quarter, compared to analysts’ expectations of $259.57 million. During the same period last year, the business earned $0.29 earnings per share. The firm’s revenue was up 1.6% on a year-over-year basis. Equities research analysts anticipate that MGIC Investment Corp. will post $0.86 EPS for the current year.
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A number of large investors have recently made changes to their positions in the stock. SG Americas Securities LLC increased its stake in MGIC Investment Corp. by 235.0% in the second quarter. SG Americas Securities LLC now owns 352,676 shares of the company’s stock worth $2,098,000 after buying an additional 247,390 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in MGIC Investment Corp. during the second quarter worth $6,606,000. KBC Group NV increased its stake in MGIC Investment Corp. by 80.3% in the second quarter. KBC Group NV now owns 324,094 shares of the company’s stock worth $1,928,000 after buying an additional 144,341 shares in the last quarter. Societe Generale purchased a new stake in MGIC Investment Corp. during the second quarter worth $2,098,000. Finally, Quantitative Systematic Strategies LLC increased its stake in MGIC Investment Corp. by 65.7% in the second quarter. Quantitative Systematic Strategies LLC now owns 131,012 shares of the company’s stock worth $776,000 after buying an additional 51,932 shares in the last quarter. 89.17% of the stock is owned by institutional investors and hedge funds.
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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