MGIC Investment Corp. (MTG) Shares Up 1.4%
MGIC Investment Corp. (NYSE:MTG) shares shot up 1.4% on Tuesday . The company traded as high as $7.77 and last traded at $7.74, with a volume of 3,683,601 shares trading hands. The stock had previously closed at $7.63.
A number of research firms have weighed in on MTG. Deutsche Bank AG reiterated a “hold” rating on shares of MGIC Investment Corp. in a research report on Saturday, August 6th. Zacks Investment Research upgraded shares of MGIC Investment Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, July 21st. Compass Point upgraded shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $8.50 to $9.00 in a research report on Wednesday, July 20th. FBR & Co boosted their price objective on shares of MGIC Investment Corp. from $7.50 to $9.00 and gave the company an “outperform” rating in a research report on Wednesday, July 20th. Finally, BTIG Research reiterated a “buy” rating and set a $12.00 price objective on shares of MGIC Investment Corp. in a research report on Tuesday, July 19th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $9.82.
The firm has a market cap of $2.65 billion and a P/E ratio of 3.21. The stock has a 50-day moving average of $6.70 and a 200 day moving average of $6.91.
MGIC Investment Corp. (NYSE:MTG) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm earned $263.50 million during the quarter, compared to analysts’ expectations of $255.01 million. During the same quarter in the previous year, the business posted $0.28 EPS. On average, equities analysts anticipate that MGIC Investment Corp. will post $0.83 earnings per share for the current year.
Several hedge funds and institutional investors recently bought and sold shares of MTG. Vanguard Group Inc. raised its position in MGIC Investment Corp. by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 30,787,000 shares of the company’s stock valued at $271,849,000 after buying an additional 1,603,847 shares in the last quarter. Suntrust Banks Inc. bought a new position in MGIC Investment Corp. during the fourth quarter valued at approximately $1,182,000. KBC Group NV bought a new position in MGIC Investment Corp. during the fourth quarter valued at approximately $3,251,000. Finally, Oarsman Capital Inc. raised 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.
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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