MGIC Investment Corp. (MTG) Research Coverage Started at Bank of America Corp.
Equities research analysts at Bank of America Corp. initiated coverage on shares of MGIC Investment Corp. (NYSE:MTG) in a note issued to investors on Monday, The Fly reports. The firm set a “buy” rating on the stock.
MTG has been the topic of a number of other research reports. MKM Partners reissued a “buy” rating on shares of MGIC Investment Corp. in a research note on Thursday, August 25th. Zacks Investment Research raised shares of MGIC Investment Corp. from a “hold” rating to a “strong-buy” rating and set a $9.50 target price on the stock in a research note on Tuesday, September 13th. FBR & Co reissued an “outperform” rating on shares of MGIC Investment Corp. in a research note on Friday, September 23rd. Keefe, Bruyette & Woods raised their target price on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the company an “outperform” rating in a research note on Tuesday, October 4th. Finally, Compass Point raised shares of MGIC Investment Corp. from a “neutral” rating to a “buy” rating and raised their target price for the company from $8.50 to $9.00 in a research note on Wednesday, July 20th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $9.78.
MGIC Investment Corp. (NYSE:MTG) opened at 7.99 on Monday. The company’s 50 day moving average is $8.03 and its 200-day moving average is $7.20. MGIC Investment Corp. has a 52 week low of $5.36 and a 52 week high of $9.96. The firm 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 issued its earnings results on Tuesday, July 19th. The company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.06. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. The business had revenue of $263.50 million for the quarter, compared to the consensus estimate of $255.01 million. During the same quarter last year, the firm posted $0.28 EPS. Equities analysts expect that MGIC Investment Corp. will post $0.83 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Invictus RG raised its position in shares of MGIC Investment Corp. by 116.2% in the first quarter. Invictus RG now owns 13,322 shares of the company’s stock valued at $102,000 after buying an additional 7,160 shares in the last quarter. Pacer Advisors Inc. bought a new position in shares of MGIC Investment Corp. during the second quarter valued at $106,000. Stevens Capital Management LP bought a new position in shares of MGIC Investment Corp. during the second quarter valued at $114,000. Creative Planning raised its position in shares of MGIC Investment Corp. by 3.3% in the third quarter. Creative Planning now owns 14,325 shares of the company’s stock valued at $115,000 after buying an additional 457 shares in the last quarter. Finally, State of Tennessee Treasury Department bought a new position in shares of MGIC Investment Corp. during the second quarter valued at $119,000. 90.85% of the stock is owned by institutional investors.
About MGIC Investment Corp.
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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