Shares of MGIC Investment Corp. (NYSE:MTG) have been assigned a consensus rating of “Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $16.41.
MTG has been the subject of several analyst reports. Compass Point boosted their price objective on MGIC Investment from $14.50 to $16.50 and gave the stock a “buy” rating in a research report on Monday, October 22nd. Susquehanna Bancshares set a $17.00 price objective on MGIC Investment and gave the stock a “buy” rating in a research report on Thursday, October 18th. B. Riley boosted their price objective on MGIC Investment from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, August 7th. ValuEngine upgraded MGIC Investment from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $14.00 price objective on shares of MGIC Investment in a research report on Sunday, October 21st.
Shares of NYSE MTG traded down $0.38 during midday trading on Monday, hitting $12.40. 2,829,271 shares of the company’s stock were exchanged, compared to its average volume of 3,548,329. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.25. The company has a market cap of $4.52 billion, a PE ratio of 9.12, a P/E/G ratio of 1.44 and a beta of 1.76. MGIC Investment has a twelve month low of $9.97 and a twelve month high of $16.21.
MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, October 17th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.13. The business had revenue of $290.50 million during the quarter, compared to the consensus estimate of $274.36 million. MGIC Investment had a return on equity of 20.89% and a net margin of 48.63%. The business’s revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 earnings per share. Sell-side analysts forecast that MGIC Investment will post 1.73 earnings per share for the current fiscal year.
In other news, Director Michael E. Lehman bought 7,000 shares of the business’s stock in a transaction on Friday, October 26th. The stock was purchased at an average cost of $11.70 per share, for a total transaction of $81,900.00. Following the completion of the transaction, the director now directly owns 29,989 shares of the company’s stock, valued at approximately $350,871.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.01% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in MGIC Investment by 5.4% in the second quarter. BlackRock Inc. now owns 26,467,584 shares of the insurance provider’s stock worth $283,733,000 after purchasing an additional 1,345,014 shares during the period. Advisors Capital Management LLC lifted its position 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 worth $3,606,000 after purchasing an additional 9,083 shares during the period. Algebris UK Ltd acquired a new stake in MGIC Investment in the second quarter worth approximately $12,513,000. Allianz Asset Management GmbH lifted its position in MGIC Investment by 38.5% in the first quarter. Allianz Asset Management GmbH now owns 623,878 shares of the insurance provider’s stock worth $8,111,000 after purchasing an additional 173,561 shares during the period. Finally, Bank of Montreal Can lifted its position in MGIC Investment by 6.0% in the second quarter. Bank of Montreal Can now owns 482,493 shares of the insurance provider’s stock worth $5,172,000 after purchasing an additional 27,512 shares during the period. Hedge funds and other institutional investors own 92.21% of the company’s stock.
MGIC Investment Company Profile
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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