MGIC Investment Corp.’s (MTG) “Hold” Rating Reiterated at Credit Suisse Group AG
Credit Suisse Group AG restated their hold rating on shares of MGIC Investment Corp. (NYSE:MTG) in a research note released on Monday morning. They currently have a $10.00 price objective on the stock, up from their prior price objective of $8.00.
“We are increasing our 2017-18 EPS estimates to reflect our updated share repurchase outlook, and are raising our target price to $10 (from $8). We see three paths to be able to fund the buyback: 1. Cash on hand: As of 9/30, MTG had $330 million of hold co cash, of which $145 million is being held for the 2017 debt maturity and $40 million for completing the buyback as part of the 3Q debt issuance/convert repurchase. This leaves MTG with about $145 million of available cash. With no near-term debt maturities (2023 is next), and the dividend from the MI subsidiary covering interest, MTG has limited needs to hold substantial hold co cash.”,” the firm’s analyst wrote.
Several other equities research analysts also recently weighed in on the stock. Deutsche Bank AG reaffirmed a hold rating on shares of MGIC Investment Corp. in a report on Saturday, August 6th. Zacks Investment Research downgraded shares of MGIC Investment Corp. from a strong-buy rating to a hold rating in a report on Tuesday, September 20th. FBR & Co reaffirmed an outperform rating on shares of MGIC Investment Corp. in a report on Friday, September 23rd. MKM Partners reaffirmed a buy rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. Finally, 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. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. MGIC Investment Corp. has a consensus rating of Buy and an average target price of $10.07.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 9.07 on Monday. MGIC Investment Corp. has a one year low of $5.36 and a one year high of $9.66. The stock’s 50 day moving average is $8.57 and its 200-day moving average is $7.50. The stock has a market capitalization of $3.09 billion, a P/E ratio of 10.95 and a beta of 2.41.
MGIC Investment Corp. (NYSE:MTG) last released its quarterly earnings results on Tuesday, October 18th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.19 by $0.06. The business earned $273.90 million during the quarter, compared to analyst estimates of $259.57 million. MGIC Investment Corp. had a net margin of 32.02% and a return on equity of 16.64%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. On average, equities research analysts expect that MGIC Investment Corp. will post $0.86 EPS for the current year.
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Hedge funds have recently bought and sold shares of the stock. Pacer Advisors Inc. purchased a new stake in MGIC Investment Corp. during the second quarter worth approximately $106,000. World Asset Management Inc purchased a new stake in MGIC Investment Corp. during the third quarter worth approximately $108,000. Stevens Capital Management LP purchased a new stake in MGIC Investment Corp. during the second quarter worth approximately $114,000. Creative Planning raised its stake in 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 in the last quarter. Finally, State of Tennessee Treasury Department purchased a new stake in MGIC Investment Corp. during the second quarter worth approximately $119,000. 89.17% of the stock is 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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