MGIC Investment (NYSE:MTG) was upgraded by research analysts at Deutsche Bank from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $18.00 target price on the insurance provider’s stock, up from their prior target price of $15.00. Deutsche Bank’s price objective indicates a potential upside of 22.62% from the company’s previous close.
A number of other research analysts also recently commented on MTG. Zacks Investment Research downgraded shares of MGIC Investment from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. Compass Point reissued a “buy” rating and set a $15.25 target price (up previously from $13.00) on shares of MGIC Investment in a research report on Wednesday, October 11th. BTIG Research reissued a “buy” rating and set a $14.00 target price on shares of MGIC Investment in a research report on Saturday, October 14th. FBR & Co reissued a “buy” rating on shares of MGIC Investment in a research report on Wednesday, October 18th. Finally, Barclays raised their target price on shares of MGIC Investment from $13.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, October 19th. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. MGIC Investment currently has a consensus rating of “Buy” and a consensus target price of $15.35.
MGIC Investment (NYSE MTG) traded up $0.20 during mid-day trading on Monday, reaching $14.68. 2,195,600 shares of the company traded hands, compared to its average volume of 2,389,983. The stock has a market cap of $5,480.00, a P/E ratio of 12.88, a PEG ratio of 1.29 and a beta of 2.29. MGIC Investment has a 52 week low of $9.68 and a 52 week high of $15.64. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27.
MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The company had revenue of $270.30 million for the quarter, compared to the consensus estimate of $267.85 million. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.14 EPS. analysts predict that MGIC Investment will post 1.21 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in MTG. Schwab Charles Investment Management Inc. boosted its holdings in shares of MGIC Investment by 1.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,307,408 shares of the insurance provider’s stock valued at $25,843,000 after buying an additional 35,978 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of MGIC Investment by 18.9% in the 2nd quarter. Legal & General Group Plc now owns 156,039 shares of the insurance provider’s stock valued at $1,747,000 after buying an additional 24,857 shares in the last quarter. Comerica Bank boosted its holdings in shares of MGIC Investment by 8.8% in the 2nd quarter. Comerica Bank now owns 13,806 shares of the insurance provider’s stock valued at $163,000 after buying an additional 1,111 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of MGIC Investment in the 2nd quarter valued at about $3,385,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of MGIC Investment by 11.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock valued at $146,000 after buying an additional 1,312 shares in the last quarter. Institutional investors and hedge funds own 91.11% of the company’s stock.
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About MGIC Investment
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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