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.

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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.

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