MGIC Investment (MTG) Receives Buy Rating from Wells Fargo & Co

MGIC Investment (NYSE:MTG)‘s stock had its “buy” rating reaffirmed by equities researchers at Wells Fargo & Co in a research note issued to investors on Thursday, February 8th.

Other analysts have also recently issued research reports about the company. ValuEngine cut MGIC Investment from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 10th. Deutsche Bank upgraded MGIC Investment from a “hold” rating to a “buy” rating and upped their price objective for the company from $15.00 to $18.00 in a research note on Monday, January 8th. MKM Partners upped their price objective on MGIC Investment to $16.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. FBR & Co restated a “buy” rating on shares of MGIC Investment in a research note on Wednesday, October 18th. Finally, BTIG Research restated a “buy” rating and set a $14.00 price objective on shares of MGIC Investment in a research note on Saturday, October 14th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $16.39.

Shares of MGIC Investment (NYSE:MTG) traded down $0.35 during midday trading on Thursday, reaching $14.30. The company’s stock had a trading volume of 1,604,203 shares, compared to its average volume of 2,850,089. MGIC Investment has a 12-month low of $9.68 and a 12-month high of $16.21. The firm has a market capitalization of $5,213.88, a PE ratio of 15.17, a P/E/G ratio of 1.40 and a beta of 2.28. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.27 and a quick ratio of 0.27.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.16. MGIC Investment had a return on equity of 17.70% and a net margin of 33.37%. The firm had revenue of $271.50 million for the quarter, compared to analysts’ expectations of $273.66 million. During the same quarter in the prior year, the firm posted $0.28 earnings per share. MGIC Investment’s revenue for the quarter was up 1.9% compared to the same quarter last year. research analysts anticipate that MGIC Investment will post 1.44 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of MGIC Investment by 0.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 13,311,911 shares of the insurance provider’s stock worth $166,798,000 after purchasing an additional 114,080 shares during the period. First Midwest Bank Trust Division raised its position in shares of MGIC Investment by 60.7% during the 3rd quarter. First Midwest Bank Trust Division now owns 87,474 shares of the insurance provider’s stock worth $1,096,000 after purchasing an additional 33,026 shares during the period. Copper Rock Capital Partners LLC raised its position in shares of MGIC Investment by 3.6% during the 4th quarter. Copper Rock Capital Partners LLC now owns 2,927,105 shares of the insurance provider’s stock worth $42,180,000 after purchasing an additional 101,603 shares during the period. Royal Bank of Canada raised its position in shares of MGIC Investment by 92.3% during the 2nd quarter. Royal Bank of Canada now owns 40,756 shares of the insurance provider’s stock worth $457,000 after purchasing an additional 19,567 shares during the period. Finally, Investec Asset Management LTD bought a new position in MGIC Investment in the 3rd quarter worth approximately $12,706,000. Institutional investors and hedge funds own 92.26% of the company’s stock.

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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.

Analyst Recommendations for MGIC Investment (NYSE:MTG)

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