MGIC Investment (MTG) Reaches New 12-Month High After Strong Earnings

MGIC Investment Corp. (NYSE:MTG) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $15.78 and last traded at $15.20, with a volume of 2775400 shares changing hands. The stock had previously closed at $15.12.

The insurance provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.16. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The company had revenue of $271.50 million during the quarter, compared to analysts’ expectations of $273.66 million. During the same period last year, the company posted $0.28 EPS. MGIC Investment’s revenue was up 1.9% on a year-over-year basis.

A number of analysts have recently commented on MTG shares. Wells Fargo & Co reiterated a “buy” rating on shares of MGIC Investment in a research note on Friday, December 8th. B. Riley reiterated a “buy” rating on shares of MGIC Investment in a research note on Monday, November 6th. Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Monday, October 23rd. Bank of America lifted their price target on shares of MGIC Investment from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. Finally, MKM Partners lifted their price target on shares of MGIC Investment to $16.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. MGIC Investment has a consensus rating of “Buy” and a consensus target price of $15.35.

A number of large investors have recently modified their holdings of the business. Schwab Charles Investment Management Inc. lifted its holdings in shares of MGIC Investment by 3.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,664,350 shares of the insurance provider’s stock worth $37,594,000 after buying an additional 93,179 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of MGIC Investment by 125.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock valued at $101,000 after buying an additional 4,000 shares during the last quarter. Copper Rock Capital Partners LLC lifted its position in shares of MGIC Investment by 3.6% during the fourth quarter. Copper Rock Capital Partners LLC now owns 2,927,105 shares of the insurance provider’s stock valued at $42,180,000 after buying an additional 101,603 shares during the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of MGIC Investment by 11.1% during the third quarter. Parametric Portfolio Associates LLC now owns 1,032,915 shares of the insurance provider’s stock valued at $12,942,000 after buying an additional 102,991 shares during the last quarter. Finally, AXA acquired a new position in shares of MGIC Investment during the third quarter valued at about $11,924,000. 91.32% of the stock is currently owned by institutional investors and hedge funds.

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 firm has a market cap of $5,810.00, a price-to-earnings ratio of 13.75, a PEG ratio of 1.24 and a beta of 2.29.

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MGIC Investment Company Profile

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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