According to Zacks, “MGIC Investment’s insurance in force has been witnessing growth owing to the addition of high quality new insurance. Per the September operating statistics, the company’s insurance in force grew 4.3% year over year. Going ahead, we expect this metric to rise further. Also, positive credit trends, low expense ratio are tailwinds. Moreover, an improving housing market as well as declining delinquency will boost the company’s earnings in the coming quarters. However, a competitive environment and pressure to maintain capital at required level will reduce the company’s capital flexibility. The company is set to report third quarter results on Oct 18. The Zacks Consensus Estimate is pegged at $0.17 per share, down 40.5%. However, our proven model state that company will beat estimate as it has the right combination of Zacks Rank #3 that increases predictive power of a beat and Earnings ESP of 7.65%.”
MTG has been the subject of a number of other research reports. MKM Partners reissued a buy rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. FBR & Co reissued an outperform rating on shares of MGIC Investment Corp. in a report on Friday, September 23rd. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the company an outperform rating in a report on Tuesday, October 4th. Compass Point raised shares of MGIC Investment Corp. from a neutral rating to a buy rating and raised their price target for the company from $8.50 to $9.00 in a report on Wednesday, July 20th. Finally, BTIG Research reaffirmed a buy rating and set a $12.00 target price on shares of MGIC Investment Corp. in a report on Tuesday, July 19th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $9.78.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.03 on Thursday. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 3.31 and a beta of 2.68. MGIC Investment Corp. has a 12-month low of $5.36 and a 12-month high of $9.90. The stock has a 50 day moving average price of $8.03 and a 200-day moving average price of $7.19.
MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings results on Tuesday, October 18th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.06. The business earned $273.90 million during the quarter, compared to analyst estimates of $259.94 million. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. Equities analysts anticipate that MGIC Investment Corp. will post $0.83 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. Boothbay Fund Management LLC boosted its position in shares of MGIC Investment Corp. by 2.0% in the first quarter. Boothbay Fund Management LLC now owns 16,808 shares of the company’s stock worth $129,000 after buying an additional 333 shares in the last quarter. Creative Planning boosted its stake in MGIC Investment Corp. by 3.3% in the third quarter. Creative Planning now owns 14,325 shares of the company’s stock valued at $115,000 after buying an additional 457 shares in the last quarter. Amalgamated Bank boosted its stake in MGIC Investment Corp. by 3.1% in the second quarter. Amalgamated Bank now owns 37,262 shares of the company’s stock valued at $272,000 after buying an additional 1,106 shares in the last quarter. Calvert Investment Management Inc. boosted its stake in MGIC Investment Corp. by 11.2% in the second quarter. Calvert Investment Management Inc. now owns 26,919 shares of the company’s stock valued at $160,000 after buying an additional 2,718 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its stake in MGIC Investment Corp. by 1.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 246,562 shares of the company’s stock valued at $1,467,000 after buying an additional 3,142 shares in the last quarter. 90.85% of the stock is currently owned by institutional investors.
MGIC Investment Corp. 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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