Shares of MGIC Investment Corp. (NYSE:MTG) have been given a consensus recommendation of “Buy” by the sixteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $15.43.
Several analysts recently weighed in on the stock. Deutsche Bank upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and lifted their price target for the company from $15.00 to $18.00 in a report on Monday. Zacks Investment Research cut shares of MGIC Investment from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. MKM Partners lifted their price target on shares of MGIC Investment to $16.00 and gave the company a “buy” rating in a report on Thursday, October 19th. FBR & Co reiterated a “buy” rating on shares of MGIC Investment in a report on Wednesday, October 18th. Finally, Compass Point reiterated a “buy” rating and issued a $15.25 price target (up previously from $13.00) on shares of MGIC Investment in a report on Wednesday, October 11th.
Hedge funds have recently made changes to their positions in the company. Wealthcare Advisory Partners LLC bought a new stake in shares of MGIC Investment during the 3rd quarter valued at $107,000. Sawgrass Asset Management LLC bought a new stake in shares of MGIC Investment during the 2nd quarter valued at $123,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of MGIC Investment during the 2nd quarter valued at $132,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of MGIC Investment by 11.2% during the 2nd 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. Finally, Zeke Capital Advisors LLC bought a new stake in shares of MGIC Investment during the 3rd quarter valued at $150,000. Hedge funds and other institutional investors own 91.11% of the company’s stock.
MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $270.30 million for the quarter, compared to analysts’ expectations of $267.85 million. During the same quarter last year, the business earned $0.14 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. analysts forecast that MGIC Investment will post 1.21 earnings per share for the current year.
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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.
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