MGIC Investment Corporation (MTG) Price Target Raised to $13.50
MGIC Investment Corporation (NYSE:MTG) had its price target upped by Deutsche Bank AG from $13.00 to $13.50 in a research report report published on Friday morning. They currently have a buy rating on the insurance provider’s stock.
A number of other brokerages also recently issued reports on MTG. ValuEngine raised MGIC Investment Corporation from a buy rating to a strong-buy rating in a report on Friday, June 2nd. Compass Point raised MGIC Investment Corporation from a neutral rating to a buy rating in a report on Wednesday, April 12th. Zacks Investment Research downgraded MGIC Investment Corporation from a buy rating to a hold rating in a report on Thursday, May 11th. MKM Partners reaffirmed a buy rating and set a $13.00 price target (up from $10.00) on shares of MGIC Investment Corporation in a report on Tuesday, April 25th. Finally, BTIG Research reaffirmed a buy rating and set a $12.00 price target on shares of MGIC Investment Corporation in a report on Wednesday, April 19th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $11.60.
MGIC Investment Corporation (NYSE MTG) traded up 1.28% during midday trading on Friday, hitting $11.91. The stock had a trading volume of 3,649,071 shares. The firm has a 50 day moving average of $11.22 and a 200 day moving average of $10.74. MGIC Investment Corporation has a 52 week low of $6.78 and a 52 week high of $12.25. The firm has a market cap of $4.41 billion, a price-to-earnings ratio of 12.88 and a beta of 2.07.
MGIC Investment Corporation (NYSE:MTG) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. The firm had revenue of $263.31 million for the quarter, compared to the consensus estimate of $263.43 million. MGIC Investment Corporation had a return on equity of 17.20% and a net margin of 34.99%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. Equities research analysts predict that MGIC Investment Corporation will post $1.09 EPS for the current year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of MTG. Guggenheim Capital LLC increased its position in MGIC Investment Corporation by 336.0% in the fourth quarter. Guggenheim Capital LLC now owns 256,345 shares of the insurance provider’s stock worth $2,612,000 after buying an additional 197,547 shares in the last quarter. Quadrature Capital Ltd increased its position in MGIC Investment Corporation by 2.5% in the fourth quarter. Quadrature Capital Ltd now owns 86,817 shares of the insurance provider’s stock worth $885,000 after buying an additional 2,155 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new position in MGIC Investment Corporation during the first quarter worth $2,200,000. Airain ltd purchased a new position in MGIC Investment Corporation during the first quarter worth $238,000. Finally, Norges Bank purchased a new position in MGIC Investment Corporation during the fourth quarter worth $34,177,000. 86.07% of the stock is currently owned by institutional investors.
About MGIC Investment Corporation
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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