MGIC Investment (MTG) Shares Gap Up on Strong Earnings
MGIC Investment Corp. (NYSE:MTG)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $14.71, but opened at $15.20. MGIC Investment shares last traded at $15.67, with a volume of 5492300 shares trading hands.
The insurance provider reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.16. MGIC Investment had a net margin of 33.37% and a return on equity of 17.70%. The company had revenue of $271.50 million for the quarter, compared to analyst estimates of $273.66 million. During the same quarter in the prior year, the business posted $0.28 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year.
A number of equities research analysts recently weighed in on MTG shares. Deutsche Bank lowered shares of MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 target price on the stock. in a report on Friday, November 3rd. Bank of America upped their target price 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. MKM Partners upped their target price 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 target price on the stock. Finally, BTIG Research upped their target price on shares of MGIC Investment from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, December 20th. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $15.63.
Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its stake in MGIC Investment by 125.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock valued at $101,000 after buying an additional 4,000 shares during the last quarter. Wealthcare Advisory Partners LLC purchased a new stake in MGIC Investment in the 3rd quarter valued at about $107,000. Sawgrass Asset Management LLC purchased a new stake in MGIC Investment in the 2nd quarter valued at about $123,000. Arrowstreet Capital Limited Partnership purchased a new stake in MGIC Investment in the 2nd quarter valued at about $132,000. Finally, Zeke Capital Advisors LLC purchased a new stake in MGIC Investment in the 3rd quarter valued at about $150,000. Hedge funds and other institutional investors own 91.32% 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 $5,806.78, a P/E ratio of 16.68, a P/E/G ratio of 1.27 and a beta of 2.30.
WARNING: This report was posted by Watch List News and is the property of of Watch List News. If you are viewing this report on another website, it was stolen and republished in violation of international copyright and trademark legislation. The correct version of this report can be accessed at https://www.watchlistnews.com/mgic-investment-mtg-shares-gap-up-on-strong-earnings/1816174.html.
MGIC Investment Company Profile
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.
Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.