MGIC Investment Corporation (NYSE:MTG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $15.00 price target on the insurance provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 8.93% from the company’s previous close.

According to Zacks, “MGIC Investment’s third-quarter bottom line beat estimates on lower losses incurred. Insurance in force improved while claims declined year over year. Also, expense ratio remained low.  Shares of MGIC Investment have outperformed the industry, since it posted better than third quarter earnings. The company remains well poised to deliver improved earnings banking on declining delinquency, lower claims payments and improving housing market. The company expects to write about the same amount of new business as 2016, and also estimates insurance in force to improve in 2017. This apart, the company remains focused in enhancing shareholders’ value. Also, positive credit trends, low expense ratio are tailwinds. However, a competitive environment and pressure to maintain capital at required level will reduce the company’s capital flexibility.”

Several other research analysts have also weighed in on the stock. Bank of America Corporation raised their price objective on shares of MGIC Investment Corporation from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Friday. MKM Partners raised their price objective on shares of MGIC Investment Corporation to $16.00 and gave the stock a “buy” rating in a report on Thursday. Barclays PLC raised their price objective on shares of MGIC Investment Corporation from $13.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday. FBR & Co reissued a “buy” rating on shares of MGIC Investment Corporation in a report on Wednesday, October 18th. Finally, BTIG Research reissued a “buy” rating and set a $14.00 price objective on shares of MGIC Investment Corporation in a report on Saturday, October 14th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $14.08.

MGIC Investment Corporation (NYSE MTG) traded down 0.29% during midday trading on Monday, hitting $13.73. 740,807 shares of the stock traded hands. The company has a market cap of $5.09 billion, a PE ratio of 14.14 and a beta of 2.16. The company’s 50-day moving average is $12.18 and its 200-day moving average is $11.38. MGIC Investment Corporation has a one year low of $7.94 and a one year high of $14.02.

MGIC Investment Corporation (NYSE:MTG) last announced its quarterly earnings data on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.06. The company had revenue of $270.30 million during the quarter, compared to analyst estimates of $267.85 million. MGIC Investment Corporation had a net margin of 41.08% and a return on equity of 17.01%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the business earned $0.14 EPS. Equities research analysts expect that MGIC Investment Corporation will post $1.17 EPS for the current fiscal year.

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Several institutional investors have recently bought and sold shares of MTG. UBS Asset Management Americas Inc. lifted its position in shares of MGIC Investment Corporation by 30.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 222,565 shares of the insurance provider’s stock worth $2,255,000 after buying an additional 51,709 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of MGIC Investment Corporation in the 1st quarter worth about $431,000. Stifel Financial Corp lifted its position in shares of MGIC Investment Corporation by 167.1% in the 1st quarter. Stifel Financial Corp now owns 33,441 shares of the insurance provider’s stock worth $341,000 after buying an additional 20,923 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of MGIC Investment Corporation by 4.4% in the 1st quarter. Teachers Advisors LLC now owns 2,769,502 shares of the insurance provider’s stock worth $28,055,000 after buying an additional 116,384 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its position in shares of MGIC Investment Corporation by 2.3% in the 1st quarter. TIAA CREF Investment Management LLC now owns 1,511,903 shares of the insurance provider’s stock worth $15,316,000 after buying an additional 34,497 shares during the last quarter. Institutional investors own 89.43% of the company’s stock.

MGIC Investment Corporation 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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Analyst Recommendations for MGIC Investment Corporation (NYSE:MTG)

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