MGIC Investment Corp. (MTG) Trading Up 3.2%
Shares of MGIC Investment Corp. (NYSE:MTG) were up 3.2% on Thursday . The stock traded as high as $6.53 and last traded at $6.46, with a volume of 2,694,110 shares changing hands. The stock had previously closed at $6.26.
Several analysts recently weighed in on MTG shares. Compass Point reiterated a “neutral” rating and issued a $8.50 price target (down previously from $9.00) on shares of MGIC Investment Corp. in a report on Tuesday, May 10th. FBR & Co restated a “market perform” rating and set a $7.50 target price (up previously from $7.00) on shares of MGIC Investment Corp. in a report on Thursday, April 21st. Zacks Investment Research upgraded shares of MGIC Investment Corp. from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a report on Monday, June 27th. Deutsche Bank AG initiated coverage on shares of MGIC Investment Corp. in a report on Monday, April 4th. They set a “hold” rating and a $9.00 target price on the stock. Finally, Credit Suisse Group AG boosted their target price on shares of MGIC Investment Corp. from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Monday, May 2nd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $9.64.
The firm has a 50-day moving average price of $6.26 and a 200 day moving average price of $6.96. The firm has a market capitalization of $2.18 billion and a price-to-earnings ratio of 2.58.
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. During the same quarter last year, the firm posted $0.26 EPS. The business earned $258.60 million during the quarter, compared to analyst estimates of $258.88 million. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities research analysts forecast that MGIC Investment Corp. will post $0.77 earnings per share for the current year.
Other hedge funds have added to or reduced their stakes in the company. Atlanta Capital Group acquired a new stake in MGIC Investment Corp. during the fourth quarter worth $1,078,000. Suntrust Banks Inc. acquired a new stake in MGIC Investment Corp. during the fourth quarter worth $1,182,000. Nationwide Fund Advisors raised 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 raised 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. raised 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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