MGIC Investment Corp. Price Target Raised to $11.00 at Barclays (MTG)
Investment analysts at Barclays increased their target price on shares of MGIC Investment Corp. (NYSE:MTG) from $9.00 to $11.00 in a note issued to investors on Friday, American Banking News reports. The firm currently has an “overweight” rating on the stock. Barclays’ target price would indicate a potential upside of 19.70% from the company’s current price.
A number of other analysts have also recently weighed in on MTG. Analysts at Zacks reiterated a “neutral” rating on shares of MGIC Investment Corp. in a research note to investors on Friday. They now have a $9.75 price target on the stock. Separately, 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. Finally, 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. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. MGIC Investment Corp. currently has an average rating of “Buy” and an average target price of $9.25.
Shares of MGIC Investment Corp. (NYSE:MTG) traded down 7.13% on Friday, hitting $8.535. The stock had a trading volume of 10,599,777 shares. MGIC Investment Corp. has a 52 week low of $2.36 and a 52 week 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 $2.883 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.
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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