MGIC Investment Corp. (NYSE:MTG) – B. Riley upped their FY2018 earnings per share (EPS) estimates for shares of MGIC Investment in a research note issued to investors on Thursday. B. Riley analyst R. Binner now forecasts that the insurance provider will earn $1.40 per share for the year, up from their prior forecast 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.
MTG has been the subject of a number of other reports. BTIG Research boosted their price target on MGIC Investment from $16.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, December 20th. Zacks Investment Research downgraded MGIC Investment from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. Deutsche Bank downgraded MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price target for the company. in a report on Friday, November 3rd. Barclays boosted their price target on MGIC Investment from $13.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, October 19th. Finally, FBR & Co reissued a “buy” rating on shares of MGIC Investment in a report on Wednesday, October 18th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $14.98.
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 Zacks’ consensus estimate of $0.26 by $0.06. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The company had revenue of $270.30 million during the quarter, compared to the consensus estimate of $267.85 million. During the same period in the previous year, the company posted $0.14 earnings per share. MGIC Investment’s revenue for the quarter was down 1.3% on a year-over-year basis.
Several institutional investors have recently bought and sold shares of MTG. Wealthcare Advisory Partners LLC purchased a new stake in shares of MGIC Investment in the third quarter valued at approximately $107,000. Advisors Asset Management Inc. purchased a new stake in shares of MGIC Investment in the second quarter valued at approximately $121,000. Sawgrass Asset Management LLC purchased a new stake in shares of MGIC Investment in the second quarter valued at approximately $123,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of MGIC Investment in the second quarter valued at approximately $132,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of MGIC Investment by 11.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock valued at $146,000 after buying an additional 1,312 shares in the last quarter. Institutional investors and hedge funds own 91.11% of the company’s stock.
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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