MGIC Investment Corporation (NYSE:MTG) has received a consensus recommendation of “Buy” from the thirteen research firms that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $12.00.
A number of equities analysts have weighed in on the stock. BidaskClub downgraded shares of MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. BTIG Research reaffirmed a “buy” rating and set a $14.00 price target (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $13.00 price target (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Sunday, April 23rd. MKM Partners reaffirmed a “buy” rating and set a $13.00 price target (up previously from $10.00) on shares of MGIC Investment Corporation in a research note on Tuesday, April 25th. Finally, Zacks Investment Research downgraded shares of MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th.
MGIC Investment Corporation (NYSE:MTG) traded down 2.30% during mid-day trading on Friday, reaching $11.45. 3,458,256 shares of the company traded hands. The stock has a market capitalization of $4.24 billion, a PE ratio of 11.79 and a beta of 2.08. The stock has a 50-day moving average of $11.61 and a 200 day moving average of $10.92. MGIC Investment Corporation has a 52-week low of $7.75 and a 52-week high of $12.25.
MGIC Investment Corporation (NYSE:MTG) last posted its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. The company had revenue of $263.31 million for the quarter, compared to the consensus estimate of $263.43 million. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. MGIC Investment Corporation’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. Equities research analysts expect that MGIC Investment Corporation will post $1.13 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in the company. Fox Run Management L.L.C. acquired a new stake in MGIC Investment Corporation during the second quarter valued at about $116,000. Appleton Group LLC acquired a new stake in MGIC Investment Corporation during the second quarter valued at about $119,000. Advisors Asset Management Inc. acquired a new stake in MGIC Investment Corporation during the second quarter valued at about $121,000. World Asset Management Inc raised its stake in MGIC Investment Corporation by 0.7% in the first quarter. World Asset Management Inc now owns 12,157 shares of the insurance provider’s stock valued at $123,000 after buying an additional 81 shares during the last quarter. Finally, Sawgrass Asset Management LLC acquired a new stake in MGIC Investment Corporation during the second quarter valued at about $123,000. 87.91% of the stock is owned by institutional investors.
MGIC Investment Corporation 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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