Brokers Issue Forecasts for MGIC Investment Corp.’s FY2018 Earnings (MTG)

MGIC Investment Corp. (NYSE:MTG) – Analysts at B. Riley increased their FY2018 earnings per share estimates for MGIC Investment in a note issued to investors on Thursday. B. Riley analyst R. Binner now anticipates that the insurance provider will post earnings of $1.40 per share for the year, up from their previous estimate of $1.20. B. Riley currently has a “Buy” rating on the stock. B. Riley also issued estimates for MGIC Investment’s FY2019 earnings at $1.50 EPS.

A number of other brokerages have also recently weighed in on MTG. Wells Fargo & Co restated an “outperform” rating and issued a $17.00 price objective on shares of MGIC Investment in a report on Tuesday, November 28th. Compass Point restated a “buy” rating and issued a $15.25 price objective (up previously from $13.00) on shares of MGIC Investment in a report on Wednesday, October 11th. MKM Partners upped their price objective on shares of MGIC Investment to $16.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. Royal Bank of Canada assumed coverage on shares of MGIC Investment in a research note on Wednesday, December 20th. They issued an “outperform” rating and a $18.00 target price on the stock. Finally, Bank of America upped their target price on shares of MGIC Investment from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $14.98.

Shares of MGIC Investment (NYSE:MTG) traded up $0.15 during midday trading on Friday, hitting $14.28. 2,437,800 shares of the company traded hands, compared to its average volume of 2,531,100. MGIC Investment has a one year low of $9.68 and a one year high of $15.64. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.27 and a quick ratio of 0.27. The stock has a market capitalization of $5,340.00, a PE ratio of 12.53, a P/E/G ratio of 1.32 and a beta of 2.29.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.06. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The company had revenue of $270.30 million for the quarter, compared to analysts’ expectations of $267.85 million. During the same quarter in the previous year, the company earned $0.14 earnings per share. MGIC Investment’s quarterly revenue was down 1.3% on a year-over-year basis.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC lifted its position in MGIC Investment by 11.1% during the third quarter. Parametric Portfolio Associates LLC now owns 1,032,915 shares of the insurance provider’s stock valued at $12,942,000 after purchasing an additional 102,991 shares during the period. AXA bought a new position in MGIC Investment during the third quarter valued at approximately $11,924,000. Public Employees Retirement System of Ohio lifted its position in MGIC Investment by 540.2% during the third quarter. Public Employees Retirement System of Ohio now owns 319,825 shares of the insurance provider’s stock valued at $4,007,000 after purchasing an additional 269,870 shares during the period. Wealthcare Advisory Partners LLC bought a new position in MGIC Investment during the third quarter valued at approximately $107,000. Finally, Janus Henderson Group PLC lifted its position in MGIC Investment by 0.9% during the third quarter. Janus Henderson Group PLC now owns 4,062,785 shares of the insurance provider’s stock valued at $50,907,000 after purchasing an additional 34,512 shares during the period. Hedge funds and other institutional investors own 91.11% of the company’s stock.

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MGIC Investment 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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