MGIC Investment Corporation (MTG) Lowered to “Hold” at Deutsche Bank AG

MGIC Investment Corporation (NYSE:MTG) was downgraded by Deutsche Bank AG from a “buy” rating to a “hold” rating in a research report issued on Friday.

A number of other brokerages also recently commented on MTG. Bank of America Corporation increased their price objective on shares of MGIC Investment Corporation from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, October 20th. MKM Partners increased their target price on shares of MGIC Investment Corporation to $16.00 and gave the company a “buy” rating in a research report on Thursday, October 19th. Barclays PLC increased their target price on shares of MGIC Investment Corporation from $13.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, October 19th. Zacks Investment Research raised shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Monday, October 23rd. Finally, FBR & Co reaffirmed a “buy” rating on shares of MGIC Investment Corporation in a research report on Wednesday, October 18th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. MGIC Investment Corporation presently has an average rating of “Buy” and a consensus price target of $14.08.

MGIC Investment Corporation (NYSE:MTG) last announced its quarterly earnings data on Wednesday, October 18th. The insurance provider reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.06. MGIC Investment Corporation had a net margin of 41.08% and a return on equity of 17.01%. The company had revenue of $270.30 million for the quarter, compared to the consensus estimate of $267.85 million. During the same period in the prior year, the firm posted $0.14 EPS. The company’s quarterly revenue was down 1.3% compared to the same quarter last year.

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A number of large investors have recently modified their holdings of MTG. Fox Run Management L.L.C. acquired a new stake in MGIC Investment Corporation during the 2nd quarter worth $116,000. Appleton Group LLC acquired a new stake in MGIC Investment Corporation during the 2nd quarter worth $119,000. Advisors Asset Management Inc. acquired a new stake in MGIC Investment Corporation during the 2nd quarter worth $121,000. Sawgrass Asset Management LLC acquired a new stake in MGIC Investment Corporation during the 2nd quarter worth $123,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in MGIC Investment Corporation during the 2nd quarter worth $132,000. Hedge funds and other institutional investors own 90.98% of the company’s stock.

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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