MGIC Investment (NYSE:MTG) Earns Outperform Rating from Analysts at Royal Bank of Canada

Research analysts at Royal Bank of Canada initiated coverage on shares of MGIC Investment (NYSE:MTG) in a report issued on Wednesday, December 20th, MarketBeat reports. The brokerage set an “outperform” rating and a $18.00 price target on the insurance provider’s stock. Royal Bank of Canada’s target price points to a potential upside of 18.58% from the company’s previous close.

A number of other brokerages have also commented on MTG. Wells Fargo & Co restated a “buy” rating on shares of MGIC Investment in a research note on Friday, December 8th. Deutsche Bank lowered MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price objective for the company. in a research note on Friday, November 3rd. Bank of America increased their price objective on MGIC Investment from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. MKM Partners increased their price objective on MGIC Investment to $16.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. Finally, Barclays increased their target price on MGIC Investment from $13.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, October 19th. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $15.35.

Shares of MGIC Investment (NYSE MTG) traded up $0.44 during trading on Wednesday, reaching $15.18. The company’s stock had a trading volume of 2,801,097 shares, compared to its average volume of 2,462,487. MGIC Investment has a 52-week low of $9.68 and a 52-week high of $15.64. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $5,560.00, a PE ratio of 13.32, a P/E/G ratio of 1.29 and a beta of 2.29.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.06. The company had revenue of $270.30 million during the quarter, compared to analysts’ expectations of $267.85 million. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. MGIC Investment’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 earnings per share. analysts expect that MGIC Investment will post 1.21 EPS for the current year.

A number of institutional investors have recently bought and sold shares of MTG. Teacher Retirement System of Texas boosted its holdings in MGIC Investment by 1.5% during the second quarter. Teacher Retirement System of Texas now owns 27,369 shares of the insurance provider’s stock worth $307,000 after buying an additional 407 shares during the last quarter. Fiera Capital Corp boosted its holdings in MGIC Investment by 3.6% during the second quarter. Fiera Capital Corp now owns 23,955 shares of the insurance provider’s stock worth $268,000 after buying an additional 825 shares during the last quarter. Comerica Bank boosted its holdings in MGIC Investment by 8.8% during the second quarter. Comerica Bank now owns 13,806 shares of the insurance provider’s stock worth $163,000 after buying an additional 1,111 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in MGIC Investment by 11.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock worth $146,000 after buying an additional 1,312 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in MGIC Investment by 13.3% during the second quarter. PNC Financial Services Group Inc. now owns 25,800 shares of the insurance provider’s stock worth $288,000 after buying an additional 3,020 shares during the last quarter. Institutional investors and hedge funds own 91.11% of the company’s stock.

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MGIC Investment 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.

Analyst Recommendations for MGIC Investment (NYSE:MTG)

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