BTIG Research reissued their buy rating on shares of MGIC Investment (NYSE:MTG) in a report published on Sunday. The brokerage currently has a $18.00 price objective on the insurance provider’s stock.
MTG has been the subject of a number of other research reports. Barclays lowered their price target on MGIC Investment from $18.00 to $16.00 and set a buy rating for the company in a research report on Wednesday, April 11th. B. Riley reaffirmed a buy rating and set a $19.00 price target on shares of MGIC Investment in a research report on Thursday, January 18th. Deutsche Bank raised MGIC Investment from a hold rating to a buy rating and upped their price target for the company from $15.00 to $18.00 in a research report on Monday, January 8th. Zacks Investment Research lowered MGIC Investment from a buy rating to a hold rating in a research report on Monday, March 12th. Finally, Wells Fargo reaffirmed a buy rating on shares of MGIC Investment in a research report on Thursday, March 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $15.87.
MTG opened at $10.61 on Friday. The company has a market cap of $3,934.85, a price-to-earnings ratio of 7.80, a price-to-earnings-growth ratio of 1.09 and a beta of 1.95. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.18 and a quick ratio of 0.18. MGIC Investment has a one year low of $10.03 and a one year high of $16.21.
MGIC Investment (NYSE:MTG) last released its quarterly earnings results on Wednesday, April 18th. The insurance provider reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. The business had revenue of $265.80 million during the quarter, compared to analyst estimates of $273.94 million. MGIC Investment had a return on equity of 17.62% and a net margin of 38.25%. MGIC Investment’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 EPS. equities research analysts forecast that MGIC Investment will post 1.39 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of MTG. Nisa Investment Advisors LLC grew its holdings in shares of MGIC Investment by 125.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock worth $101,000 after acquiring an additional 4,000 shares during the period. Eqis Capital Management Inc. purchased a new position in shares of MGIC Investment during the 4th quarter worth approximately $144,000. Signition LP purchased a new position in shares of MGIC Investment during the 4th quarter worth approximately $156,000. BlueCrest Capital Management Ltd purchased a new position in shares of MGIC Investment during the 4th quarter worth approximately $164,000. Finally, Sciencast Management LP purchased a new position in shares of MGIC Investment during the 4th quarter worth approximately $171,000. Hedge funds and other institutional investors own 91.95% of the company’s stock.
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About MGIC Investment
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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