MGIC Investment Corp. (MTG) Now Covered by Bank of America Corp.
Equities researchers at Bank of America Corp. initiated coverage on shares of MGIC Investment Corp. (NYSE:MTG) in a report released on Monday, The Fly reports. The brokerage set a “buy” rating on the stock.
A number of other research firms have also issued reports on MTG. Deutsche Bank AG reiterated a “hold” rating on shares of MGIC Investment Corp. in a report on Saturday, August 6th. Zacks Investment Research cut MGIC Investment Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 20th. FBR & Co upgraded MGIC Investment Corp. from a “market perform” rating to an “outperform” rating and set a $7.50 price target on the stock in a research note on Thursday, June 30th. Compass Point upgraded MGIC Investment Corp. from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.50 to $9.00 in a research note on Wednesday, July 20th. Finally, MKM Partners restated a “buy” rating on shares of MGIC Investment Corp. in a research note on Thursday, August 25th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $9.78.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 7.99 on Monday. MGIC Investment Corp. has a 52 week low of $5.36 and a 52 week high of $9.96. The stock has a 50 day moving average price of $8.03 and a 200-day moving average price of $7.20. The stock has a market cap of $2.72 billion, a P/E ratio of 3.30 and a beta of 2.68.
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MGIC Investment Corp. (NYSE:MTG) last released its earnings results on Tuesday, July 19th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.06. The firm earned $263.50 million during the quarter, compared to analyst estimates of $255.01 million. MGIC Investment Corp. had a return on equity of 18.40% and a net margin of 105.16%. During the same period last year, the business posted $0.28 earnings per share. Equities analysts predict that MGIC Investment Corp. will post $0.83 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of MTG. Boothbay Fund Management LLC boosted its stake in MGIC Investment Corp. by 2.0% in the first quarter. Boothbay Fund Management LLC now owns 16,808 shares of the company’s stock worth $129,000 after buying an additional 333 shares during the period. Seven Eight Capital LLC boosted its stake in MGIC Investment Corp. by 345.1% in the first quarter. Seven Eight Capital LLC now owns 144,200 shares of the company’s stock worth $1,106,000 after buying an additional 111,800 shares during the period. Goldentree Asset Management LP boosted its stake in MGIC Investment Corp. by 6.3% in the first quarter. Goldentree Asset Management LP now owns 1,775,227 shares of the company’s stock worth $13,616,000 after buying an additional 105,714 shares during the period. Endeavour Capital Advisors Inc. boosted its stake in MGIC Investment Corp. by 75.3% in the first quarter. Endeavour Capital Advisors Inc. now owns 2,490,606 shares of the company’s stock worth $19,103,000 after buying an additional 1,070,175 shares during the period. Finally, LPL Financial LLC boosted its stake in MGIC Investment Corp. by 11.2% in the first quarter. LPL Financial LLC now owns 226,694 shares of the company’s stock worth $1,650,000 after buying an additional 22,796 shares during the period. Institutional investors and hedge funds own 90.85% of the company’s stock.
MGIC Investment Corp. Company Profile
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.
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