MGIC Investment Corp. (NYSE:MTG) Given Consensus Rating of “Buy” by Analysts

MGIC Investment Corp. (NYSE:MTG) has been assigned a consensus recommendation of “Buy” from the ten brokerages that are currently covering the company, AnalystRatings.NET reports. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $12.00.

Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.91 on Thursday. The company has a market capitalization of $3.03 billion and a PE ratio of 3.43. MGIC Investment Corp. has a one year low of $8.00 and a one year high of $11.72. The stock has a 50 day moving average of $9.25 and a 200-day moving average of $10.11.

MGIC Investment Corp. (NYSE:MTG) last posted its quarterly earnings results on Thursday, October 15th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.08. During the same period last year, the firm posted $0.18 earnings per share. The company earned $269.50 million during the quarter, compared to the consensus estimate of $250.35 million. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, equities analysts forecast that MGIC Investment Corp. will post $1.08 earnings per share for the current fiscal year.

In other news, Director C Edward Chaplin bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 22nd. The shares were acquired at an average price of $9.46 per share, with a total value of $47,300.00. Following the acquisition, the director now owns 5,000 shares of the company’s stock, valued at approximately $47,300. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Several research firms have weighed in on MTG. Zacks Investment Research downgraded shares of MGIC Investment Corp. from a “buy” rating to a “hold” rating in a research note on Monday, November 2nd. Compass Point reaffirmed a “buy” rating and issued a $13.00 price target on shares of MGIC Investment Corp. in a research note on Friday, October 16th. FBR & Co. decreased their price target on shares of MGIC Investment Corp. from $12.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, October 16th. BTIG Research reaffirmed a “buy” rating and issued a $12.00 price target on shares of MGIC Investment Corp. in a research note on Wednesday, October 14th. Finally, Keefe, Bruyette & Woods raised shares of MGIC Investment Corp. from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $11.00 to $11.50 in a research note on Monday, October 12th.

12 Month Chart for NYSE:MTG

MGIC Investment Corporation is a holding company. Through its wholly owned subsidiaries, the Company provides private mortgage insurance and ancillary services. The Company’s subsidiaries include Mortgage Guaranty Insurance Corporation (NYSE:MTG) and MGIC Indemnity Corporation (MIC). 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. Its principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by the Company. Through certain other non-insurance subsidiaries, it also provides various services for the mortgage finance industry, such as contract underwriting and portfolio analysis and retention.

 

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