Equities research analysts at Royal Bank of Canada started coverage on shares of MGIC Investment (NYSE:MTG) in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $18.00 price target on the insurance provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 22.37% from the stock’s previous close.

Several other equities analysts have also issued reports on MTG. Zacks Investment Research raised shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Tuesday, August 22nd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $13.00 price target on shares of MGIC Investment in a report on Thursday, August 31st. Compass Point reissued a “buy” rating and issued a $15.25 price target (up previously from $13.00) on shares of MGIC Investment in a report on Wednesday, October 11th. BTIG Research reissued a “buy” rating and issued a $14.00 price target on shares of MGIC Investment in a report on Saturday, October 14th. Finally, FBR & Co reissued a “buy” rating on shares of MGIC Investment in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $14.71.

Shares of MGIC Investment (MTG) traded down $0.21 during mid-day trading on Wednesday, hitting $14.71. 2,072,000 shares of the stock traded hands, compared to its average volume of 3,356,229. MGIC Investment has a one year low of $9.68 and a one year high of $15.64. The firm has a market cap of $5,528.86, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.45 and a beta of 2.26. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $270.30 million during the quarter, compared to analyst estimates of $267.85 million. During the same quarter in the previous year, the business earned $0.14 EPS. The firm’s revenue was down 1.3% on a year-over-year basis. sell-side analysts predict that MGIC Investment will post 1.21 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealthcare Advisory Partners LLC bought a new stake in MGIC Investment in the 3rd quarter valued at $107,000. Advisors Asset Management Inc. bought a new stake in MGIC Investment in the 2nd quarter valued at $121,000. Sawgrass Asset Management LLC bought a new stake in MGIC Investment in the 2nd quarter valued at $123,000. Arrowstreet Capital Limited Partnership bought a new stake in MGIC Investment in the 2nd quarter valued at $132,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in 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 acquiring an additional 1,312 shares in the last quarter. 91.11% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for MGIC Investment (NYSE:MTG)

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