Shares of MGIC Investment Corp. (NYSE:MTG) gapped up before the market opened on Wednesday after BTIG Research raised their price target on the stock from $16.00 to $18.00. The stock had previously closed at $14.40, but opened at $14.71. BTIG Research currently has a buy rating on the stock. MGIC Investment shares last traded at $15.12, with a volume of 4639421 shares traded.

Several other analysts have also recently weighed in on MTG. Wells Fargo & Company reissued a “buy” rating on shares of MGIC Investment in a report on Friday, December 8th. Royal Bank of Canada began coverage on MGIC Investment in a report on Wednesday. They set an “outperform” rating and a $18.00 price objective for the company. Zacks Investment Research lowered MGIC Investment from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. MKM Partners boosted their target price on MGIC Investment to $16.00 and gave the stock a “buy” rating in a research report on Thursday, October 19th. Finally, FBR & Co restated a “buy” rating on shares of MGIC Investment in a research report on Wednesday, October 18th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. MGIC Investment has an average rating of “Buy” and an average price target of $14.98.

Several institutional investors have recently bought and sold shares of the company. Wealthcare Advisory Partners LLC acquired a new position in shares of MGIC Investment in the 3rd quarter valued at approximately $107,000. Advisors Asset Management Inc. acquired a new position in shares of MGIC Investment in the 2nd quarter valued at approximately $121,000. Sawgrass Asset Management LLC acquired a new position in shares of MGIC Investment in the 2nd quarter valued at approximately $123,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of MGIC Investment in the 2nd quarter valued at approximately $132,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of MGIC Investment by 11.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock valued at $146,000 after purchasing an additional 1,312 shares during the period. Institutional investors own 91.11% of the company’s stock.

The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.27. The firm has a market cap of $5,528.86, a PE ratio of 12.23, a PEG ratio of 1.45 and a beta of 2.26.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.06. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The business had revenue of $270.30 million during the quarter, compared to analyst estimates of $267.85 million. During the same period in the previous year, the firm earned $0.14 EPS. MGIC Investment’s quarterly revenue was down 1.3% compared to the same quarter last year. research analysts anticipate that MGIC Investment Corp. will post 1.21 earnings per share for the current fiscal year.

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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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