MGIC Investment Corporation (MTG) Receives Average Rating of “Buy” from Analysts

Shares of MGIC Investment Corporation (NYSE:MTG) have been assigned a consensus rating of “Buy” from the thirteen analysts that are currently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $12.00.

Several brokerages recently commented on MTG. BidaskClub downgraded MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. BTIG Research reaffirmed a “buy” rating and set a $14.00 price objective (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Deutsche Bank AG raised their price objective on MGIC Investment Corporation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, July 21st. ValuEngine raised MGIC Investment Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research downgraded MGIC Investment Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th.

MGIC Investment Corporation (MTG) traded down 0.44% on Friday, reaching $11.33. The company had a trading volume of 1,795,546 shares. MGIC Investment Corporation has a 12 month low of $7.43 and a 12 month high of $12.25. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 11.67 and a beta of 2.08. The firm has a 50 day moving average price of $11.54 and a 200-day moving average price of $10.88.

MGIC Investment Corporation (NYSE:MTG) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.06. The business had revenue of $263.31 million for the quarter, compared to the consensus estimate of $263.43 million. MGIC Investment Corporation had a return on equity of 16.56% and a net margin of 34.99%. The firm’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS. Analysts forecast that MGIC Investment Corporation will post $1.13 earnings per share for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the stock. LSV Asset Management increased its stake in MGIC Investment Corporation by 16.1% in the first quarter. LSV Asset Management now owns 12,069,926 shares of the insurance provider’s stock valued at $122,268,000 after buying an additional 1,678,249 shares in the last quarter. Heartland Advisors Inc. increased its stake in MGIC Investment Corporation by 10.0% in the first quarter. Heartland Advisors Inc. now owns 2,373,935 shares of the insurance provider’s stock valued at $24,048,000 after buying an additional 215,039 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in MGIC Investment Corporation during the first quarter valued at about $299,000. First Midwest Bank Trust Division increased its stake in MGIC Investment Corporation by 9.2% in the first quarter. First Midwest Bank Trust Division now owns 53,192 shares of the insurance provider’s stock valued at $539,000 after buying an additional 4,460 shares in the last quarter. Finally, Paragon Capital Management Ltd purchased a new stake in MGIC Investment Corporation during the first quarter valued at about $157,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Corporation 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.

Analyst Recommendations for MGIC Investment Corporation (NYSE:MTG)

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