Credit Suisse Increases MGIC Investment Corp. Price Target to $5.50 (MTG)
Equities research analysts at Credit Suisse raised their price target on shares of MGIC Investment Corp. (NYSE:MTG) from $5.00 to $5.50 in a research note issued to investors on Thursday, ARN reports. Credit Suisse’s price objective suggests a potential downside of 23.29% from the company’s current price.
A number of other firms have also recently commented on MTG. Analysts at Zacks reiterated a “neutral” rating on shares of MGIC Investment Corp. (NYSE:MTG) in a research note to investors on Friday, September 20th. They now have a $8.00 price target on the stock. Separately, analysts at JMP Securities initiated coverage on shares of MGIC Investment Corp. (NYSE:MTG) in a research note to investors on Tuesday, September 17th. They set a “market perform” rating on the stock. Finally, analysts at Barclays Capital reiterated an “overweight” rating on shares of MGIC Investment Corp. (NYSE:MTG) in a research note to investors on Wednesday, July 24th. They now have a $9.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. MGIC Investment Corp. presently has an average rating of “Hold” and a consensus price target of $7.07.
Shares of MGIC Investment Corp. (NYSE:MTG) traded down 1.51% during mid-day trading on Thursday, hitting $7.17. The stock had a trading volume of 6,242,113 shares. MGIC Investment Corp. has a 1-year low of $1.42 and a 1-year high of $8.16. The stock’s 50-day moving average is $7.23 and its 200-day moving average is $6.30. The company’s market cap is $2.422 billion.
MGIC Investment Corp. (NYSE:MTG) last announced its earnings results on Tuesday, July 23rd. The company reported $0.04 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.15) by $0.19. The company had revenue of $263.90 million for the quarter, compared to the consensus estimate of $266.24 million. During the same quarter in the prior year, the company posted ($1.36) earnings per share. The company’s quarterly revenue was down 17.8% on a year-over-year basis. On average, analysts predict that MGIC Investment Corp. will post $-0.50 earnings per share for the current fiscal year.
MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
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