MGIC Investment Corp. (MTG) Given Consensus Recommendation of “Buy” by Brokerages

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Shares of MGIC Investment Corp. (NYSE:MTG) have been given an average rating of “Buy” by the twelve research firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $16.35.

A number of equities analysts have recently issued reports on MTG shares. ValuEngine raised MGIC Investment from a “sell” rating to a “hold” rating in a research report on Tuesday, February 19th. Barclays set a $14.00 price target on MGIC Investment and gave the stock a “buy” rating in a research report on Friday, December 14th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $18.00 price target on shares of MGIC Investment in a research report on Tuesday, December 11th.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. lifted its stake in shares of MGIC Investment by 2.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 33,240 shares of the insurance provider’s stock worth $348,000 after purchasing an additional 844 shares during the last quarter. Martingale Asset Management L P lifted its stake in shares of MGIC Investment by 0.5% during the 4th quarter. Martingale Asset Management L P now owns 243,253 shares of the insurance provider’s stock worth $2,545,000 after purchasing an additional 1,207 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in shares of MGIC Investment by 2.2% during the 4th quarter. Gateway Investment Advisers LLC now owns 65,735 shares of the insurance provider’s stock worth $688,000 after purchasing an additional 1,396 shares during the last quarter. Advisor Group Inc. raised its stake in MGIC Investment by 16.5% in the fourth quarter. Advisor Group Inc. now owns 10,777 shares of the insurance provider’s stock valued at $111,000 after buying an additional 1,526 shares during the last quarter. Finally, First Mercantile Trust Co. raised its stake in MGIC Investment by 19.7% in the fourth quarter. First Mercantile Trust Co. now owns 14,830 shares of the insurance provider’s stock valued at $155,000 after buying an additional 2,440 shares during the last quarter. Hedge funds and other institutional investors own 91.45% of the company’s stock.

Shares of MTG traded down $0.01 during midday trading on Friday, reaching $13.09. 1,131,609 shares of the stock were exchanged, compared to its average volume of 2,416,562. MGIC Investment has a 52 week low of $9.41 and a 52 week high of $13.44. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of 7.35, a PEG ratio of 1.66 and a beta of 1.80.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Thursday, January 17th. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.03. MGIC Investment had a return on equity of 19.64% and a net margin of 59.63%. The business had revenue of $285.60 million for the quarter, compared to the consensus estimate of $286.42 million. During the same quarter in the prior year, the company earned $0.43 EPS. The business’s revenue was up 5.2% compared to the same quarter last year. On average, equities research analysts predict that MGIC Investment will post 1.58 EPS for the current year.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.

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Analyst Recommendations for MGIC Investment (NYSE:MTG)

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