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.

Several hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its position in MGIC Investment by 125.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock worth $101,000 after purchasing an additional 4,000 shares during the period. Wealthcare Advisory Partners LLC purchased a new stake in MGIC Investment during the 3rd quarter worth $107,000. Sawgrass Asset Management LLC purchased a new stake in MGIC Investment during the 2nd quarter worth $123,000. Arrowstreet Capital Limited Partnership purchased a new stake in MGIC Investment during the 2nd quarter worth $132,000. Finally, Zeke Capital Advisors LLC purchased a new stake in MGIC Investment during the 3rd quarter worth $150,000. Institutional investors and hedge funds own 91.32% of the company’s stock.

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.

TRADEMARK VIOLATION NOTICE: This piece was first reported by Daily Political and is the property of of Daily Political. If you are viewing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark & copyright legislation. The legal version of this piece can be read at https://www.dailypolitical.com/2018/01/18/mgic-investment-mtg-reaches-new-1-year-high-on-better-than-expected-earnings.html.

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.

Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.