Shares of MGIC Investment Corporation (NYSE:MTG) have earned a consensus recommendation of “Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $12.50.

A number of equities research analysts recently weighed in on MTG shares. Deutsche Bank AG increased their price target on MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, July 21st. BTIG Research restated a “buy” rating and issued a $14.00 price target (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $13.00 price target on shares of MGIC Investment Corporation in a research note on Thursday, August 31st. Zacks Investment Research upgraded MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Tuesday, August 22nd. Finally, BidaskClub upgraded MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th.

Hedge funds and other institutional investors have recently modified their holdings of the business. Fox Run Management L.L.C. acquired a new position in MGIC Investment Corporation in the 2nd quarter valued at $116,000. Appleton Group LLC acquired a new position in MGIC Investment Corporation in the 2nd quarter valued at $119,000. Advisors Asset Management Inc. acquired a new position in MGIC Investment Corporation in the 2nd quarter valued at $121,000. Sawgrass Asset Management LLC acquired a new position in MGIC Investment Corporation in the 2nd quarter valued at $123,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in MGIC Investment Corporation in the 2nd quarter valued at $132,000. 89.58% of the stock is currently owned by hedge funds and other institutional investors.

Shares of MGIC Investment Corporation (MTG) traded down 0.16% during midday trading on Friday, hitting $12.53. 2,825,633 shares of the stock traded hands. The company has a market capitalization of $4.64 billion, a PE ratio of 12.90 and a beta of 2.23. MGIC Investment Corporation has a 12-month low of $7.78 and a 12-month high of $12.65. The firm’s 50 day moving average price is $11.51 and its 200 day moving average price is $11.01.

MGIC Investment Corporation (NYSE:MTG) last posted its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. MGIC Investment Corporation had a return on equity of 16.56% and a net margin of 34.99%. The business had revenue of $263.31 million for the quarter, compared to analysts’ expectations of $263.43 million. During the same quarter in the prior year, the business earned $0.26 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. Analysts expect that MGIC Investment Corporation will post $1.14 EPS for the current year.

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About MGIC Investment Corporation

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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