Keefe, Bruyette & Woods Increases MGIC Investment Corp. (MTG) Price Target to $9.50
MGIC Investment Corp. (NYSE:MTG) had its target price raised by investment analysts at Keefe, Bruyette & Woods from $9.00 to $9.50 in a report issued on Tuesday. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 18.75% from the company’s current price.
MTG has been the subject of a number of other reports. Zacks Investment Research upgraded MGIC Investment Corp. from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a report on Monday, June 27th. BTIG Research reiterated a “buy” rating and issued a $12.00 target price on shares of MGIC Investment Corp. in a report on Tuesday, July 19th. Compass Point upgraded MGIC Investment Corp. from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $8.50 to $9.00 in a report on Wednesday, July 20th. MKM Partners reiterated a “buy” rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of MGIC Investment Corp. in a report on Saturday, August 6th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. MGIC Investment Corp. presently has a consensus rating of “Buy” and an average target price of $9.89.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.00 on Tuesday. MGIC Investment Corp. has a 12-month low of $5.36 and a 12-month high of $10.05. The stock has a 50 day moving average price of $8.02 and a 200 day moving average price of $7.17. The firm has a market cap of $2.73 billion, a P/E ratio of 3.30 and a beta of 2.68.
MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings data on Tuesday, July 19th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.06. MGIC Investment Corp. had a return on equity of 18.40% and a net margin of 105.16%. The company earned $263.50 million during the quarter, compared to the consensus estimate of $255.01 million. During the same period last year, the company earned $0.28 earnings per share. On average, equities analysts expect that MGIC Investment Corp. will post $0.84 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Invictus RG boosted its position in shares of MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock valued at $102,000 after buying an additional 7,160 shares during the last quarter. Boothbay Fund Management LLC boosted its position in shares of MGIC Investment Corp. by 2.0% in the first quarter. Boothbay Fund Management LLC now owns 16,808 shares of the company’s stock valued at $129,000 after buying an additional 333 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of MGIC Investment Corp. during the second quarter valued at about $106,000. Stevens Capital Management LP bought a new position in shares of MGIC Investment Corp. during the second quarter valued at about $114,000. Finally, State of Tennessee Treasury Department bought a new position in shares of MGIC Investment Corp. during the second quarter valued at about $119,000. 90.84% of the stock is currently owned by institutional investors.
MGIC Investment Corp. 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.
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