MGIC Investment Corporation (NYSE:MTG) released its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.06, MarketWatch Earnings reports. The business had revenue of $270.30 million during the quarter, compared to analysts’ expectations of $267.85 million. MGIC Investment Corporation had a return on equity of 17.01% and a net margin of 41.08%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.14 earnings per share.
MGIC Investment Corporation (NYSE MTG) traded up 1.106% during mid-day trading on Friday, hitting $14.165. The stock had a trading volume of 320,601 shares. The company’s 50 day moving average is $12.37 and its 200-day moving average is $11.47. The stock has a market capitalization of $5.25 billion, a P/E ratio of 14.588 and a beta of 2.16. MGIC Investment Corporation has a 52 week low of $7.94 and a 52 week high of $14.17.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. purchased a new position in MGIC Investment Corporation in the second quarter worth about $116,000. Appleton Group LLC purchased a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $119,000. Advisors Asset Management Inc. purchased a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $121,000. Sawgrass Asset Management LLC purchased a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $123,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of MGIC Investment Corporation during the second quarter valued at approximately $132,000. Institutional investors own 90.31% of the company’s stock.
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MTG has been the subject of several analyst reports. BTIG Research restated a “buy” rating and issued a $14.00 target price (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Deutsche Bank AG upped their price objective on MGIC Investment Corporation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, July 21st. Bank of America Corporation upped their price objective on MGIC Investment Corporation from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. MKM Partners upped their price objective on MGIC Investment Corporation to $16.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $13.00 price objective on shares of MGIC Investment Corporation in a research note on Thursday, August 31st. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $14.08.
About MGIC Investment Corporation
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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