MGIC Investment (MTG) Shares Gap Up on Analyst Upgrade
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.
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.
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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