MGIC Investment (MTG) Lifted to “Buy” at Deutsche Bank
Deutsche Bank upgraded shares of MGIC Investment (NYSE:MTG) from a hold rating to a buy rating in a research note released on Monday, Marketbeat.com reports. The brokerage currently has $18.00 price objective on the insurance provider’s stock, up from their prior price objective of $15.00.
A number of other equities research analysts have also recently issued reports on MTG. Wells Fargo & Co reiterated an outperform rating and issued a $17.00 price objective on shares of MGIC Investment in a report on Tuesday, November 28th. Compass Point reiterated a buy rating and issued a $15.25 price objective (up from $13.00) on shares of MGIC Investment in a report on Wednesday, October 11th. MKM Partners upped their price objective on shares of MGIC Investment to $16.00 and gave the stock a buy rating in a report on Thursday, October 19th. Royal Bank of Canada started coverage on shares of MGIC Investment in a report on Wednesday, December 20th. They issued an outperform rating and a $18.00 price objective for the company. Finally, Bank of America upped their price objective on shares of MGIC Investment from $13.00 to $16.00 and gave the stock a buy rating in a report on Friday, October 20th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $15.35.
MGIC Investment (NYSE MTG) opened at $14.74 on Monday. MGIC Investment has a one year low of $9.68 and a one year high of $15.64. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27. The firm has a market cap of $5,480.00, a price-to-earnings ratio of 12.93, a PEG ratio of 1.29 and a beta of 2.29.
MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The business had revenue of $270.30 million for the quarter, compared to the consensus estimate of $267.85 million. During the same period in the prior year, the business posted $0.14 earnings per share. MGIC Investment’s revenue for the quarter was down 1.3% compared to the same quarter last year. research analysts predict that MGIC Investment will post 1.21 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of MTG. Wealthcare Advisory Partners LLC bought a new stake in MGIC Investment during the third quarter valued at about $107,000. Sawgrass Asset Management LLC bought a new stake in MGIC Investment during the second quarter valued at about $123,000. Arrowstreet Capital Limited Partnership bought a new stake in MGIC Investment during the second quarter valued at about $132,000. Zeke Capital Advisors LLC bought a new stake in MGIC Investment during the third quarter valued at about $150,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in MGIC Investment by 11.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock valued at $146,000 after acquiring an additional 1,312 shares during the period. Hedge funds and other institutional investors own 91.11% of the company’s stock.
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About MGIC Investment
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.
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