BidaskClub cut shares of MGIC Investment Corporation (NYSE:MTG) from a buy rating to a hold rating in a research note issued to investors on Friday.

MTG has been the topic of a number of other research reports. Compass Point raised MGIC Investment Corporation from a neutral rating to a buy rating in a research note on Wednesday, April 12th. BTIG Research reissued a buy rating and set a $12.00 price target on shares of MGIC Investment Corporation in a research note on Wednesday, April 19th. Deutsche Bank AG reissued a buy rating and set a $13.00 price target (up previously from $12.00) on shares of MGIC Investment Corporation in a research note on Sunday, April 23rd. MKM Partners reissued a buy rating and set a $13.00 price target (up previously from $10.00) on shares of MGIC Investment Corporation in a research note on Tuesday, April 25th. Finally, Zacks Investment Research lowered MGIC Investment Corporation from a buy rating to a hold rating in a research note on Thursday, May 11th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. MGIC Investment Corporation currently has an average rating of Buy and a consensus price target of $11.80.

MGIC Investment Corporation (NYSE MTG) traded up 1.37% during midday trading on Friday, reaching $11.83. The company’s stock had a trading volume of 1,981,718 shares. The firm’s 50-day moving average price is $11.40 and its 200-day moving average price is $10.80. MGIC Investment Corporation has a 52 week low of $7.09 and a 52 week high of $12.25. The stock has a market capitalization of $4.38 billion, a PE ratio of 12.18 and a beta of 2.07.

MGIC Investment Corporation (NYSE:MTG) last posted its earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.06. MGIC Investment Corporation had a return on equity of 17.20% and a net margin of 34.99%. The firm had revenue of $263.31 million for the quarter, compared to analyst estimates of $263.43 million. During the same quarter in the prior year, the company earned $0.26 EPS. MGIC Investment Corporation’s revenue was down .1% on a year-over-year basis. On average, analysts anticipate that MGIC Investment Corporation will post $1.13 earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in MGIC Investment Corporation by 8.3% in the first quarter. Vanguard Group Inc. now owns 31,633,445 shares of the insurance provider’s stock worth $320,446,000 after buying an additional 2,419,831 shares during the last quarter. BlackRock Inc. increased its stake in MGIC Investment Corporation by 26,215.6% in the first quarter. BlackRock Inc. now owns 24,922,469 shares of the insurance provider’s stock worth $252,464,000 after buying an additional 24,827,763 shares during the last quarter. State Street Corp increased its stake in MGIC Investment Corporation by 7.0% in the first quarter. State Street Corp now owns 12,822,808 shares of the insurance provider’s stock worth $129,896,000 after buying an additional 836,939 shares during the last quarter. 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 worth $122,268,000 after buying an additional 1,678,249 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in MGIC Investment Corporation during the first quarter worth approximately $52,793,000. Institutional investors and hedge funds own 86.54% of the company’s stock.

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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