MGIC Investment Corp. (MTG) Trading 3.2% Higher
Shares of MGIC Investment Corp. (NYSE:MTG) traded up 3.2% on Thursday . The company traded as high as $6.53 and last traded at $6.46, with a volume of 2,694,110 shares. The stock had previously closed at $6.26.
A number of analysts have recently weighed in on the company. Zacks Investment Research cut MGIC Investment Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, April 20th. FBR & Co reiterated a “market perform” rating and set a $7.50 price target (up from $7.00) on shares of MGIC Investment Corp. in a research report on Thursday, April 21st. Compass Point reiterated a “neutral” rating and set a $8.50 price target (down from $9.00) on shares of MGIC Investment Corp. in a research report on Tuesday, May 10th. Deutsche Bank AG assumed coverage on MGIC Investment Corp. in a research report on Monday, April 4th. They set a “hold” rating and a $9.00 price target on the stock. Finally, Credit Suisse Group AG increased their price target on MGIC Investment Corp. from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Monday, May 2nd. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $9.88.
The stock’s 50-day moving average is $6.29 and its 200 day moving average is $6.98. The stock has a market cap of $2.19 billion and a P/E ratio of 2.59.
MGIC Investment Corp. (NYSE:MTG) last released its earnings results on Tuesday, April 19th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by $0.05. The company earned $258.60 million during the quarter, compared to analyst estimates of $258.88 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, equities analysts predict that MGIC Investment Corp. will post $0.77 earnings per share for the current year.
Other large investors have recently added to or reduced their stakes in the company. Atlanta Capital Group purchased a new stake in MGIC Investment Corp. during the fourth quarter worth $1,078,000. Suntrust Banks Inc. bought a new stake in MGIC Investment Corp. during the fourth quarter worth $1,182,000. Nationwide Fund Advisors increased its stake in MGIC Investment Corp. by 1.8% in the fourth quarter. Nationwide Fund Advisors now owns 271,591 shares of the company’s stock worth $2,398,000 after buying an additional 4,824 shares during the last quarter. Rhumbline Advisers increased its stake in MGIC Investment Corp. by 4.3% in the fourth quarter. Rhumbline Advisers now owns 442,215 shares of the company’s stock worth $3,905,000 after buying an additional 18,270 shares during the last quarter. Finally, JBF Capital Inc. increased its stake in MGIC Investment Corp. by 340.3% in the fourth quarter. JBF Capital Inc. now owns 539,300 shares of the company’s stock worth $4,762,000 after buying an additional 416,808 shares during the last quarter.
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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