MGIC Investment Corp. (MTG) Stock Price Up 1.4%
Shares of MGIC Investment Corp. (NYSE:MTG) rose 1.4% on Tuesday . The stock traded as high as $7.77 and last traded at $7.74, with a volume of 3,683,601 shares changing hands. The stock had previously closed at $7.63.
MTG has been the topic of several recent research reports. Zacks Investment Research upgraded shares of MGIC Investment Corp. from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research report on Monday, June 27th. BTIG Research reiterated a “buy” rating and issued a $12.00 price objective on shares of MGIC Investment Corp. in a research report on Tuesday, July 19th. Compass Point upgraded shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $8.50 to $9.00 in a research report on Wednesday, July 20th. Deutsche Bank AG reiterated a “hold” rating on shares of MGIC Investment Corp. in a research report on Saturday, August 6th. Finally, FBR & Co reiterated a “market perform” rating and issued a $7.50 price objective (up from $7.00) on shares of MGIC Investment Corp. in a research report on Thursday, April 21st. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $9.82.
The firm has a market cap of $2.63 billion and a P/E ratio of 3.19. The stock has a 50-day moving average of $6.83 and a 200 day moving average of $6.92.
MGIC Investment Corp. (NYSE:MTG) last announced its quarterly earnings results on Tuesday, July 19th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.06. The business earned $263.50 million during the quarter, compared to the consensus estimate of $255.01 million. During the same period last year, the firm earned $0.28 EPS. Equities analysts expect that MGIC Investment Corp. will post $0.83 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of the stock. KBC Group NV bought a new position in shares of MGIC Investment Corp. during the fourth quarter valued at about $3,251,000. Oarsman Capital Inc. increased its position in shares of 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 during the period. Finally, Suntrust Banks Inc. bought a new position in shares of 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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