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MGIC Investment Corp. (NYSE:MTG)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Friday, American Banking and Market News reports. They currently have a $9.75 price objective on the stock. Zacks‘ target price would suggest a potential upside of 6.09% from the stock’s previous close.

Zacks‘ analyst wrote, “MGIC Investment Corp. reported breakeven bottom-line results in fourth-quarter 2013. The result beat the Zacks Consensus Estimate and also significantly improved on a year-over-year basis. The improvement was boosted by increasing volume and quality of new business writings and a lower claim rate with early-stage delinquencies, combined with a decreasing level of new notices. An improving housing market, along with the outstanding credit quality of the company’s new business and its industry’s growing share of business offers an environment for gradual growth at MGIC Investment. However, factors such as low interest rates and a weak economic environment may adversely affect the results. We thus maintain our Neutral recommendation on the stock. “

MGIC Investment Corp. (NYSE:MTG) traded down 7.18% during mid-day trading on Friday, hitting $8.53. 8,829,584 shares of the company’s stock traded hands. MGIC Investment Corp. has a one year low of $2.36 and a one year high of $9.08. The stock’s 50-day moving average is $8.49 and its 200-day moving average is $7.69. The company’s market cap is $2.881 billion.

MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings data on Thursday, January 23rd. The company reported ($0.01) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.03) by $0.02. The company had revenue of $251.90 million for the quarter, compared to the consensus estimate of $254.67 million. During the same quarter last year, the company posted ($1.91) earnings per share. MGIC Investment Corp.’s revenue was down 32.2% compared to the same quarter last year. Analysts expect that MGIC Investment Corp. will post $-0.27 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at FBR Capital Markets raised their price target on shares of MGIC Investment Corp. from $8.00 to $10.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Separately, analysts at Compass Point upgraded shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Friday, December 20th. They now have a $10.00 price target on the stock, up previously from $6.50. Finally, analysts at Goldman Sachs Group Inc. initiated coverage on shares of MGIC Investment Corp. in a research note to investors on Thursday, December 5th. They set a “conviction-buy” rating and a $10.00 price target on the stock. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $9.03.

MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.

To view Zacks’ full report, visit www.zacks.com

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