MGIC Investment (NYSE:MTG) Now Covered by Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of MGIC Investment (NYSE:MTG) in a note issued to investors on Wednesday, December 20th, reports. The brokerage set an “outperform” rating and a $18.00 price target on the insurance provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 19.05% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Co reiterated an “outperform” rating and issued a $17.00 price objective on shares of MGIC Investment in a report on Tuesday, November 28th. Barclays lifted their price objective on MGIC Investment from $13.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, October 19th. Zacks Investment Research upgraded MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Monday, October 23rd. FBR & Co reiterated a “buy” rating on shares of MGIC Investment in a report on Wednesday, October 18th. Finally, Compass Point reissued a “buy” rating and issued a $15.25 target price (up from $13.00) on shares of MGIC Investment in a research report on Wednesday, October 11th. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. MGIC Investment presently has an average rating of “Buy” and an average target price of $15.35.

MGIC Investment (NYSE MTG) traded down $0.06 on Wednesday, reaching $15.12. The company’s stock had a trading volume of 2,940,000 shares, compared to its average volume of 2,840,000. MGIC Investment has a twelve month low of $9.68 and a twelve month high of $15.64. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market capitalization of $5,600.00, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 1.24 and a beta of 2.29.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.06. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The firm had revenue of $270.30 million during the quarter, compared to the consensus estimate of $267.85 million. During the same period last year, the company earned $0.14 earnings per share. The company’s revenue was down 1.3% on a year-over-year basis. sell-side analysts predict that MGIC Investment will post 1.21 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of MTG. Nisa Investment Advisors LLC lifted its holdings in MGIC Investment by 125.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock worth $101,000 after purchasing an additional 4,000 shares in the last quarter. Wealthcare Advisory Partners LLC purchased a new position in MGIC Investment in the 3rd quarter worth approximately $107,000. Advisors Asset Management Inc. purchased a new position in MGIC Investment in the 2nd quarter worth approximately $121,000. Sawgrass Asset Management LLC purchased a new position in MGIC Investment in the 2nd quarter worth approximately $123,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in MGIC Investment in the 2nd quarter worth approximately $132,000. 91.11% of the stock is currently owned by hedge funds and other institutional investors.

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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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