MGIC Investment (MTG) Reaches New 1-Year High on Better-Than-Expected Earnings
MGIC Investment Corp. (NYSE:MTG) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $15.78 and last traded at $15.20, with a volume of 2775400 shares traded. The stock had previously closed at $15.12.
The insurance provider reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.16. The company had revenue of $271.50 million during the quarter, compared to the consensus estimate of $273.66 million. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. MGIC Investment’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 EPS.
Several research analysts have weighed in on the company. ValuEngine downgraded MGIC Investment from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 10th. Deutsche Bank upgraded MGIC Investment from a “hold” rating to a “buy” rating and upped their price objective for the stock from $15.00 to $18.00 in a report on Monday, January 8th. BTIG Research upped their price objective on MGIC Investment from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, December 20th. Royal Bank of Canada assumed coverage on MGIC Investment in a report on Wednesday, December 20th. They set an “outperform” rating and a $18.00 price objective for the company. Finally, Wells Fargo & Co restated a “buy” rating on shares of MGIC Investment in a report on Friday, December 8th. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. MGIC Investment has a consensus rating of “Buy” and a consensus target price of $15.35.
The company has a debt-to-equity ratio of 0.27, a current ratio of 0.27 and a quick ratio of 0.27. The stock has a market capitalization of $5,830.00, a PE ratio of 13.33, a price-to-earnings-growth ratio of 1.24 and a beta of 2.29.
MGIC Investment 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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