MGIC Investment (MTG) Given “Buy” Rating at B. Riley

MGIC Investment (NYSE:MTG)‘s stock had its “buy” rating reissued by equities researchers at B. Riley in a research report issued to clients and investors on Thursday. They presently have a $19.00 target price on the insurance provider’s stock. B. Riley’s price target indicates a potential upside of 21.17% from the company’s previous close.

Other analysts have also issued research reports about the company. Wells Fargo & Co reissued an “outperform” rating and set a $17.00 price objective on shares of MGIC Investment in a research note on Tuesday, November 28th. ValuEngine lowered MGIC Investment from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 10th. Barclays increased their price objective on MGIC Investment from $13.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, October 19th. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Monday, October 23rd. Finally, FBR & Co reissued a “buy” rating on shares of MGIC Investment in a research note on Wednesday, October 18th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. MGIC Investment has an average rating of “Buy” and an average target price of $15.63.

Shares of MGIC Investment (NYSE MTG) traded up $0.01 during midday trading on Thursday, reaching $15.68. 2,032,027 shares of the company’s stock were exchanged, compared to its average volume of 2,767,331. MGIC Investment has a twelve month low of $9.68 and a twelve month high of $16.21. 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 company has a market capitalization of $5,810.00, a PE ratio of 13.75, a P/E/G ratio of 1.24 and a beta of 2.29.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.16. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The business had revenue of $271.50 million for the quarter, compared to analysts’ expectations of $273.66 million. During the same period last year, the business earned $0.28 earnings per share. The business’s quarterly revenue was up 1.9% on a year-over-year basis. sell-side analysts forecast that MGIC Investment will post 1.21 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in MTG. Janus Henderson Group PLC purchased a new stake in MGIC Investment in the second quarter worth $45,117,000. Vanguard Group Inc. lifted its stake in MGIC Investment by 9.9% in the second quarter. Vanguard Group Inc. now owns 34,753,956 shares of the insurance provider’s stock worth $389,244,000 after acquiring an additional 3,120,511 shares during the period. Monarch Partners Asset Management LLC purchased a new stake in MGIC Investment in the third quarter worth $20,412,000. APG Asset Management N.V. purchased a new stake in MGIC Investment in the third quarter worth $15,536,000. Finally, Macquarie Group Ltd. lifted its stake in MGIC Investment by 37.5% in the second quarter. Macquarie Group Ltd. now owns 4,409,393 shares of the insurance provider’s stock worth $49,385,000 after acquiring an additional 1,201,682 shares during the period. 91.32% of the stock is owned by institutional investors.

COPYRIGHT VIOLATION NOTICE: This piece was first reported by American Banking News and is the sole property of of American Banking News. If you are viewing this piece on another site, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2018/01/19/mgic-investment-mtg-given-buy-rating-at-b-riley.html.

About MGIC Investment

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.

Analyst Recommendations for MGIC Investment (NYSE:MTG)

Receive News & Ratings for MGIC Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGIC Investment and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply