Other equities research analysts have also issued reports about the stock. Zacks Investment Research lowered shares of MGIC Investment Corp. from a strong-buy rating to a hold rating in a report on Thursday, October 13th. Keefe, Bruyette & Woods increased their target price on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the stock an outperform rating in a report on Tuesday, October 4th. FBR & Co reiterated an outperform rating on shares of MGIC Investment Corp. in a report on Friday, September 23rd. MKM Partners reiterated a buy rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. Finally, Deutsche Bank AG reiterated a hold rating on shares of MGIC Investment Corp. in a report on Saturday, August 6th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $9.78.
MGIC Investment Corp. (NYSE:MTG) traded up 3.300% during midday trading on Monday, hitting $8.295. 3,989,903 shares of the stock traded hands. The company has a 50-day moving average price of $8.03 and a 200 day moving average price of $7.19. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 3.422 and a beta of 2.68. MGIC Investment Corp. has a one year low of $5.36 and a one year high of $9.90.
MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings data on Tuesday, October 18th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.19 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 $273.90 million for the quarter, compared to analyst estimates of $259.94 million. During the same period in the prior year, the business posted $0.29 EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. Equities research analysts anticipate that MGIC Investment Corp. will post $0.83 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Invictus RG increased its position in MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock worth $102,000 after buying an additional 7,160 shares during the period. Pacer Advisors Inc. bought a new position in MGIC Investment Corp. during the second quarter worth approximately $106,000. Stevens Capital Management LP bought a new position in MGIC Investment Corp. during the second quarter worth approximately $114,000. Creative Planning increased its position in MGIC Investment Corp. by 3.3% in the third quarter. Creative Planning now owns 14,325 shares of the company’s stock worth $115,000 after buying an additional 457 shares during the period. Finally, State of Tennessee Treasury Department bought a new position in MGIC Investment Corp. during the second quarter worth approximately $119,000. 90.85% 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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