“We were modeling a February cure ratio of 103.5%. We think the impact of the hurricanes should be fully priced in by the market by this point.”,” Wells Fargo & Co’s analyst wrote.
MTG has been the topic of several other research reports. BTIG Research upped their price target on MGIC Investment from $16.00 to $18.00 and gave the stock a buy rating in a research note on Wednesday, December 20th. Deutsche Bank upgraded MGIC Investment from a hold rating to a buy rating and upped their price target for the stock from $15.00 to $18.00 in a research note on Monday, January 8th. ValuEngine downgraded MGIC Investment from a strong-buy rating to a buy rating in a research note on Wednesday, January 10th. Royal Bank of Canada assumed coverage on MGIC Investment in a research note on Wednesday, December 20th. They issued an outperform rating and a $18.00 price target on the stock. Finally, B. Riley restated a buy rating and issued a $19.00 price target on shares of MGIC Investment in a research note on Thursday, January 18th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. MGIC Investment presently has a consensus rating of Buy and an average target price of $16.39.
MGIC Investment (NYSE:MTG) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.16. The firm had revenue of $271.50 million during the quarter, compared to analyst estimates of $273.66 million. MGIC Investment had a return on equity of 17.36% and a net margin of 33.37%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.28 EPS. research analysts expect that MGIC Investment will post 1.43 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of MTG. APG Asset Management N.V. boosted its stake in MGIC Investment by 221.9% during the 4th quarter. APG Asset Management N.V. now owns 3,991,500 shares of the insurance provider’s stock valued at $46,902,000 after purchasing an additional 2,751,600 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in MGIC Investment by 51.0% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 3,197,825 shares of the insurance provider’s stock valued at $45,121,000 after purchasing an additional 1,079,450 shares during the last quarter. Investec Asset Management LTD purchased a new stake in MGIC Investment during the 3rd quarter valued at $12,706,000. AXA purchased a new stake in MGIC Investment during the 3rd quarter valued at $11,924,000. Finally, Millennium Management LLC boosted its stake in MGIC Investment by 23.0% during the 4th quarter. Millennium Management LLC now owns 4,621,941 shares of the insurance provider’s stock valued at $65,216,000 after purchasing an additional 864,077 shares during the last quarter. Institutional investors and hedge funds own 91.89% 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.
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