MGIC Investment Corp. (NYSE:MTG) has received an average rating of “Buy” from the thirteen research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $16.41.
Several equities analysts have recently weighed in on the stock. B. Riley lifted their target price on shares of MGIC Investment from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. Susquehanna Bancshares set a $17.00 target price on shares of MGIC Investment and gave the stock a “buy” rating in a research note on Thursday, October 18th. Bank of America lifted their target price on shares of MGIC Investment from $13.00 to $23.00 and gave the stock an “underperform” rating in a research note on Monday, August 13th. ValuEngine upgraded shares of MGIC Investment from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. Finally, Compass Point lifted their target price on shares of MGIC Investment from $14.50 to $16.50 and gave the stock a “buy” rating in a research note on Monday, October 22nd.
Shares of MTG stock opened at $11.70 on Friday. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 8.60, a P/E/G ratio of 1.35 and a beta of 1.76. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.35 and a current ratio of 0.35. MGIC Investment has a 52 week low of $9.97 and a 52 week high of $16.21.
MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, October 17th. The insurance provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.13. The firm had revenue of $290.50 million during the quarter, compared to the consensus estimate of $274.36 million. MGIC Investment had a net margin of 48.63% and a return on equity of 20.48%. The company’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the company earned $0.32 earnings per share. Research analysts predict that MGIC Investment will post 1.74 earnings per share for the current year.
In other news, Director Michael E. Lehman acquired 7,000 shares of MGIC Investment stock in a transaction that occurred on Friday, October 26th. The stock was bought at an average price of $11.70 per share, with a total value of $81,900.00. Following the completion of the purchase, the director now owns 29,989 shares in the company, valued at $350,871.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.01% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the stock. Kepos Capital LP purchased a new position in MGIC Investment during the third quarter valued at approximately $524,000. Teachers Advisors LLC grew its stake in MGIC Investment by 62.5% during the third quarter. Teachers Advisors LLC now owns 1,641,484 shares of the insurance provider’s stock valued at $21,848,000 after acquiring an additional 631,143 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its stake in MGIC Investment by 205.8% during the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 428,116 shares of the insurance provider’s stock valued at $5,698,000 after acquiring an additional 288,100 shares in the last quarter. Redhawk Wealth Advisors Inc. purchased a new position in MGIC Investment during the third quarter valued at approximately $529,000. Finally, AQR Capital Management LLC grew its stake in MGIC Investment by 4.8% during the third quarter. AQR Capital Management LLC now owns 2,266,121 shares of the insurance provider’s stock valued at $30,162,000 after acquiring an additional 104,438 shares in the last quarter. 91.05% of the stock is owned by institutional investors.
MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.
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.