MGIC Investment Corp. (NYSE:MTG) had its price target increased by analysts at Keefe, Bruyette & Woods from $9.00 to $9.50 in a note issued to investors on Tuesday, StockTargetPrices.com reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 18.90% from the stock’s current price.
MTG has been the topic of several other reports. Zacks Investment Research lowered shares of MGIC Investment Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, June 21st. FBR & Co lifted 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 note on Wednesday, July 20th. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of MGIC Investment Corp. in a research note on Tuesday, July 19th. MKM Partners restated a “buy” rating on shares of MGIC Investment Corp. in a research note on Thursday, August 25th. Finally, Compass Point upgraded shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $8.50 to $9.00 in a research note on Wednesday, July 20th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. MGIC Investment Corp. has a consensus rating of “Buy” and an average price target of $9.91.
MGIC Investment Corp. (NYSE:MTG) traded up 1.00% on Tuesday, hitting $8.07. 695,090 shares of the company traded hands. MGIC Investment Corp. has a 12 month low of $5.36 and a 12 month high of $10.05. The stock has a market cap of $2.75 billion, a PE ratio of 3.33 and a beta of 2.68. The stock’s 50-day moving average is $8.00 and its 200 day moving average is $7.16.
MGIC Investment Corp. (NYSE:MTG) last announced its quarterly earnings results on Tuesday, July 19th. The company reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.06. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. The firm had revenue of $263.50 million for the quarter, compared to analyst estimates of $255.01 million. During the same period last year, the business earned $0.28 EPS. Equities research analysts expect that MGIC Investment Corp. will post $0.84 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in MTG. State Street Corp increased its stake in MGIC Investment Corp. by 1.9% in the first quarter. State Street Corp now owns 12,555,928 shares of the company’s stock worth $96,303,000 after buying an additional 239,143 shares in the last quarter. Prudential Financial Inc. increased its stake in MGIC Investment Corp. by 3,447.9% in the first quarter. Prudential Financial Inc. now owns 1,008,320 shares of the company’s stock worth $7,734,000 after buying an additional 979,900 shares in the last quarter. Bank of Montreal Can bought a new stake in MGIC Investment Corp. during the second quarter worth approximately $953,000. Goldentree Asset Management LP increased its stake in MGIC Investment Corp. by 6.3% in the first quarter. Goldentree Asset Management LP now owns 1,775,227 shares of the company’s stock worth $13,616,000 after buying an additional 105,714 shares in the last quarter. Finally, KBC Group NV increased its stake in MGIC Investment Corp. by 80.3% in the second quarter. KBC Group NV now owns 324,094 shares of the company’s stock worth $1,928,000 after buying an additional 144,341 shares in the last quarter. 90.84% of the stock is currently owned by hedge funds and other institutional investors.
About MGIC Investment Corp.
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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