MGIC Investment Corp. Price Target Increased to $10.00 by Analysts at FBR Capital Markets (MTG)
Stock analysts at FBR Capital Markets boosted their price objective on shares of MGIC Investment Corp. (NYSE:MTG) from $8.00 to $10.00 in a report issued on Friday, StockRatingsNetwork.com reports. The firm currently has an “outperform” rating on the stock. FBR Capital Markets’ price target points to a potential upside of 19.19% from the stock’s previous close.
Shares of MGIC Investment Corp. (NYSE:MTG) traded down 8.71% during mid-day trading on Friday, hitting $8.39. 16,852,426 shares of the company’s stock traded hands. MGIC Investment Corp. has a 1-year low of $2.36 and a 1-year high of $9.46. The stock has a 50-day moving average of $8.52 and a 200-day moving average of $7.71. The company’s market cap is $2.834 billion.
MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings data on Thursday, January 23rd. The company reported ($0.01) EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted ($1.91) earnings per share. The company’s quarterly revenue was down 32.2% on a year-over-year basis. Analysts expect that MGIC Investment Corp. will post $-0.27 EPS for the current fiscal year.
MTG has been the subject of a number of other recent research reports. 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. Separately, analysts at Zacks reiterated a “neutral” rating on shares of MGIC Investment Corp. in a research note to investors on Wednesday, December 11th. They now have a $8.75 price target on the stock. 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. The company has a consensus rating of “Buy” and an average target price of $9.25.
MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.