MGIC Investment Corp. (MTG) Trading Up 2.2%
MGIC Investment Corp. (NYSE:MTG) shares were up 2.2% during mid-day trading on Friday . The stock traded as high as $7.03 and last traded at $6.96, with a volume of 8,313,637 shares. The stock had previously closed at $6.81.
Several research analysts have recently issued reports on MTG shares. Compass Point restated a “neutral” rating and issued a $8.50 price objective (down from $9.00) on shares of MGIC Investment Corp. in a research note on Tuesday, May 10th. FBR & Co restated a “market perform” rating and issued a $7.50 price objective (up from $7.00) on shares of MGIC Investment Corp. in a research note on Thursday, April 21st. Zacks Investment Research upgraded MGIC Investment Corp. from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a research note on Monday, June 27th. Deutsche Bank AG started coverage on MGIC Investment Corp. in a research note on Monday, April 4th. They issued a “hold” rating and a $9.00 price objective for the company. Finally, BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of MGIC Investment Corp. in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $9.82.
The company has a market cap of $2.36 billion and a PE ratio of 2.85. The company has a 50 day moving average of $6.24 and a 200-day moving average of $6.91.
MGIC Investment Corp. (NYSE:MTG) last released its earnings results on Tuesday, July 19th. The company reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.06. The company had revenue of $263.50 million for the quarter, compared to analyst estimates of $255.01 million. During the same period in the previous year, the firm earned $0.28 earnings per share. On average, equities research analysts predict that MGIC Investment Corp. will post $0.84 EPS for the current year.
Several hedge funds and institutional investors have added to or reduced their stakes in the company. Nationwide Fund Advisors boosted its position in MGIC Investment Corp. by 1.8% in the fourth quarter. Nationwide Fund Advisors now owns 271,591 shares of the company’s stock valued at $2,398,000 after buying an additional 4,824 shares in the last quarter. Rhumbline Advisers boosted its position in MGIC Investment Corp. by 4.3% in the fourth quarter. Rhumbline Advisers now owns 442,215 shares of the company’s stock valued at $3,905,000 after buying an additional 18,270 shares in the last quarter. Atlanta Capital Group acquired a new position in MGIC Investment Corp. during the fourth quarter valued at about $1,078,000. Oarsman Capital Inc. boosted its position in MGIC Investment Corp. by 134.9% in the fourth quarter. Oarsman Capital Inc. now owns 220,522 shares of the company’s stock valued at $1,947,000 after buying an additional 126,650 shares in the last quarter. Finally, Suntrust Banks Inc. acquired a new position in MGIC Investment Corp. during the fourth quarter valued at about $1,182,000.
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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