MGIC Investment Corp. (MTG) Announces Quarterly Earnings Results
MGIC Investment Corp. (NYSE:MTG) posted its quarterly earnings data on Tuesday. The company reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.06. The business earned $273.90 million during the quarter, compared to the consensus estimate of $259.57 million. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. MGIC Investment Corp.’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 EPS.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.44 on Wednesday. MGIC Investment Corp. has a 52-week low of $5.36 and a 52-week high of $9.90. The firm has a market cap of $2.88 billion, a P/E ratio of 3.48 and a beta of 2.68. The firm’s 50-day moving average is $8.04 and its 200-day moving average is $7.20.
Several analysts recently issued reports on the stock. Bank of America Corp. assumed coverage on shares of MGIC Investment Corp. in a report on Monday. They set a “buy” rating and a $10.00 price objective for the company. Zacks Investment Research downgraded shares of MGIC Investment Corp. from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 13th. Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the stock an “outperform” rating in a report on Tuesday, October 4th. FBR & Co reaffirmed an “outperform” rating on shares of MGIC Investment Corp. in a report on Friday, September 23rd. Finally, MKM Partners reaffirmed a “buy” rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. MGIC Investment Corp. has a consensus rating of “Buy” and a consensus target price of $9.80.
A number of hedge funds and other institutional investors have recently bought and sold shares of MTG. Invictus RG raised its position in MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock worth $102,000 after buying an additional 7,160 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in shares of MGIC Investment Corp. during the second quarter worth about $106,000. Stevens Capital Management LP acquired a new stake in shares of MGIC Investment Corp. during the second quarter worth about $114,000. Creative Planning increased its stake in shares of MGIC Investment Corp. by 3.3% in the third quarter. Creative Planning now owns 14,325 shares of the company’s stock worth $115,000 after buying an additional 457 shares during the period. Finally, State of Tennessee Treasury Department acquired a new stake in shares of MGIC Investment Corp. during the second quarter worth about $119,000. 90.85% of the stock is owned by institutional investors and hedge funds.
About MGIC Investment Corp.
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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