Equities Analysts Set Expectations for MGIC Investment Corporation’s FY2017 Earnings (MTG)
MGIC Investment Corporation (NYSE:MTG) – Investment analysts at FBR & Co decreased their FY2017 earnings estimates for MGIC Investment Corporation in a research note issued to investors on Tuesday. FBR & Co analyst R. Binner now expects that the insurance provider will post earnings per share of $1.10 for the year, down from their prior estimate of $1.15. FBR & Co also issued estimates for MGIC Investment Corporation’s FY2018 earnings at $1.15 EPS and FY2019 earnings at $1.20 EPS.
MGIC Investment Corporation (NYSE:MTG) last issued its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. The company had revenue of $263.31 million for the quarter, compared to the consensus estimate of $263.43 million. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. The firm’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS.
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A number of other research firms have also recently weighed in on MTG. Zacks Investment Research raised MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research report on Tuesday, August 22nd. Compass Point reaffirmed a “buy” rating on shares of MGIC Investment Corporation in a research report on Wednesday. BidaskClub raised MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Deutsche Bank AG lifted their price objective on MGIC Investment Corporation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $13.00 price objective on shares of MGIC Investment Corporation in a research report on Thursday, August 31st. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $12.25.
Shares of MGIC Investment Corporation (NYSE MTG) opened at 12.56 on Thursday. The stock has a market capitalization of $4.65 billion, a P/E ratio of 12.94 and a beta of 2.16. MGIC Investment Corporation has a 12-month low of $7.84 and a 12-month high of $12.69. The firm’s 50-day moving average is $11.84 and its 200 day moving average is $11.22.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in MGIC Investment Corporation by 9.9% during the 2nd quarter. Vanguard Group Inc. now owns 34,753,956 shares of the insurance provider’s stock valued at $389,244,000 after purchasing an additional 3,120,511 shares during the period. BlackRock Inc. raised its stake in MGIC Investment Corporation by 1.6% during the 2nd quarter. BlackRock Inc. now owns 25,319,890 shares of the insurance provider’s stock valued at $283,585,000 after purchasing an additional 397,421 shares during the period. Bank of New York Mellon Corp raised its stake in MGIC Investment Corporation by 29.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,197,831 shares of the insurance provider’s stock valued at $147,815,000 after purchasing an additional 3,013,777 shares during the period. State Street Corp raised its stake in MGIC Investment Corporation by 0.7% during the 2nd quarter. State Street Corp now owns 12,909,795 shares of the insurance provider’s stock valued at $144,591,000 after purchasing an additional 86,987 shares during the period. Finally, LSV Asset Management raised its stake in MGIC Investment Corporation by 4.1% during the 2nd quarter. LSV Asset Management now owns 12,560,022 shares of the insurance provider’s stock valued at $140,672,000 after purchasing an additional 490,096 shares during the period. 89.58% of the stock is currently owned by institutional investors.
About MGIC Investment Corporation
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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