MGIC Investment (NYSE:MTG) has been assigned a $17.00 price target by analysts at Susquehanna Bancshares in a research note issued on Thursday. The brokerage presently has a “buy” rating on the insurance provider’s stock. Susquehanna Bancshares’ price objective would indicate a potential upside of 36.55% from the stock’s previous close.
Several other research analysts have also recently commented on MTG. ValuEngine cut shares of MGIC Investment from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Bank of America increased their target price on shares of MGIC Investment from $13.00 to $23.00 and gave the stock an “underperform” rating in a report on Monday, August 13th. Finally, B. Riley increased their target price on shares of MGIC Investment from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. MGIC Investment presently has an average rating of “Buy” and an average price target of $16.55.
Shares of MTG opened at $12.45 on Thursday. MGIC Investment has a 12 month low of $9.97 and a 12 month high of $16.21. The firm has a market cap of $4.70 billion, a P/E ratio of 9.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.87. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.25.
MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, October 17th. The insurance provider reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.13. MGIC Investment had a net margin of 48.63% and a return on equity of 20.89%. The business had revenue of $290.50 million during the quarter, compared to analysts’ expectations of $274.36 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. The firm’s revenue was up 7.5% on a year-over-year basis. As a group, equities research analysts predict that MGIC Investment will post 1.67 EPS for the current year.
A number of hedge funds have recently made changes to their positions in the business. Aperio Group LLC lifted its stake in MGIC Investment by 39.2% in the third quarter. Aperio Group LLC now owns 114,630 shares of the insurance provider’s stock valued at $1,526,000 after acquiring an additional 32,305 shares during the last quarter. Bank of Montreal Can lifted its stake in MGIC Investment by 14.5% in the third quarter. Bank of Montreal Can now owns 552,598 shares of the insurance provider’s stock valued at $7,355,000 after acquiring an additional 70,105 shares during the last quarter. Advisors Capital Management LLC lifted its stake in MGIC Investment by 3.5% in the third quarter. Advisors Capital Management LLC now owns 270,894 shares of the insurance provider’s stock valued at $3,606,000 after acquiring an additional 9,083 shares during the last quarter. United Services Automobile Association lifted its stake in MGIC Investment by 62.8% in the second quarter. United Services Automobile Association now owns 570,805 shares of the insurance provider’s stock valued at $6,119,000 after acquiring an additional 220,091 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in MGIC Investment by 5.6% in the second quarter. Northern Trust Corp now owns 7,297,621 shares of the insurance provider’s stock valued at $78,230,000 after acquiring an additional 386,323 shares during the last quarter. Hedge funds and other institutional investors own 91.30% of the company’s stock.
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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