MGIC Investment Corporation (MTG) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of MGIC Investment Corporation (NYSE:MTG) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

Other research analysts have also issued reports about the stock. BTIG Research reaffirmed a buy rating and issued a $14.00 price target (up from $12.00) on shares of MGIC Investment Corporation in a report on Saturday, July 22nd. ValuEngine raised shares of MGIC Investment Corporation from a buy rating to a strong-buy rating in a research note on Friday, June 2nd. MKM Partners reissued a buy rating and set a $13.00 target price (up from $10.00) on shares of MGIC Investment Corporation in a research note on Tuesday, April 25th. Deutsche Bank AG boosted their target price on shares of MGIC Investment Corporation from $13.00 to $13.50 and gave the company a buy rating in a research note on Friday, July 21st. Finally, Zacks Investment Research lowered shares of MGIC Investment Corporation from a buy rating to a hold rating in a research note on Thursday, May 11th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. MGIC Investment Corporation presently has an average rating of Buy and an average target price of $11.80.

MGIC Investment Corporation (MTG) opened at 11.26 on Friday. MGIC Investment Corporation has a 52 week low of $7.78 and a 52 week high of $12.25. The firm has a market cap of $4.17 billion, a P/E ratio of 11.60 and a beta of 2.08. The company’s 50 day moving average is $11.61 and its 200-day moving average is $10.93.

MGIC Investment Corporation (NYSE:MTG) last posted its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.06. MGIC Investment Corporation had a net margin of 34.99% and a return on equity of 16.56%. The business had revenue of $263.31 million during the quarter, compared to analyst estimates of $263.43 million. During the same period in the previous year, the business posted $0.26 EPS. The company’s quarterly revenue was down .1% on a year-over-year basis. Equities analysts expect that MGIC Investment Corporation will post $1.13 earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in MTG. Chicago Equity Partners LLC increased its stake in MGIC Investment Corporation by 16.0% in the first quarter. Chicago Equity Partners LLC now owns 320,225 shares of the insurance provider’s stock worth $3,244,000 after buying an additional 44,205 shares during the period. LSV Asset Management increased its stake in MGIC Investment Corporation by 16.1% in the first quarter. LSV Asset Management now owns 12,069,926 shares of the insurance provider’s stock worth $122,268,000 after buying an additional 1,678,249 shares during the period. Heartland Advisors Inc. increased its stake in MGIC Investment Corporation by 10.0% in the first quarter. Heartland Advisors Inc. now owns 2,373,935 shares of the insurance provider’s stock worth $24,048,000 after buying an additional 215,039 shares during the period. Canada Pension Plan Investment Board bought a new stake in MGIC Investment Corporation during the first quarter worth approximately $299,000. Finally, First Midwest Bank Trust Division increased its stake in MGIC Investment Corporation by 9.2% in the first quarter. First Midwest Bank Trust Division now owns 53,192 shares of the insurance provider’s stock worth $539,000 after buying an additional 4,460 shares during the period. Institutional investors own 87.91% of the company’s stock.

MGIC Investment Corporation 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.

Analyst Recommendations for MGIC Investment Corporation (NYSE:MTG)

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