MGIC Investment Corporation (NYSE:MTG) Stock Rating Reaffirmed by B. Riley

B. Riley reissued their buy rating on shares of MGIC Investment Corporation (NYSE:MTG) in a report issued on Monday, November 6th. B. Riley also issued estimates for MGIC Investment’s FY2017 earnings at $1.20 EPS, FY2018 earnings at $1.20 EPS and FY2019 earnings at $1.30 EPS.

Other research analysts have also issued research reports about the stock. BTIG Research reiterated a buy rating and issued a $14.00 price objective (up previously from $12.00) on shares of MGIC Investment in a report on Saturday, July 22nd. Deutsche Bank AG raised their price objective on shares of MGIC Investment from $13.00 to $13.50 and gave the company a buy rating in a report on Friday, July 21st. Bank of America Corporation raised their price objective on shares of MGIC Investment from $13.00 to $16.00 and gave the company a buy rating in a report on Friday, October 20th. MKM Partners raised their price target on shares of MGIC Investment to $16.00 and gave the stock a buy rating in a report on Thursday, October 19th. Finally, Keefe, Bruyette & Woods restated a buy rating and set a $13.00 price target on shares of MGIC Investment in a report on Thursday, August 31st. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. MGIC Investment presently has a consensus rating of Buy and an average price target of $14.08.

MGIC Investment (NYSE:MTG) traded up $0.02 on Monday, hitting $14.49. 422,754 shares of the stock were exchanged, compared to its average volume of 2,762,421. MGIC Investment has a one year low of $9.00 and a one year high of $14.74. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.27. The firm has a market cap of $5,362.10, a P/E ratio of 11.86, a P/E/G ratio of 2.40 and a beta of 2.28.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The company had revenue of $270.30 million for the quarter, compared to the consensus estimate of $267.85 million. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period last year, the company posted $0.14 EPS. equities analysts predict that MGIC Investment will post 1.21 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Evanston Investments Inc. dba Evanston Advisors boosted its holdings in MGIC Investment by 3.4% during the 2nd quarter. Evanston Investments Inc. dba Evanston Advisors now owns 285,807 shares of the insurance provider’s stock worth $3,201,000 after acquiring an additional 9,521 shares during the last quarter. James Investment Research Inc. boosted its holdings in MGIC Investment by 304.4% during the 2nd quarter. James Investment Research Inc. now owns 164,289 shares of the insurance provider’s stock worth $1,840,000 after acquiring an additional 123,667 shares during the last quarter. Prudential Financial Inc. boosted its holdings in MGIC Investment by 40.9% during the 2nd quarter. Prudential Financial Inc. now owns 2,426,760 shares of the insurance provider’s stock worth $27,180,000 after acquiring an additional 704,210 shares during the last quarter. First Midwest Bank Trust Division boosted its holdings in 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 acquiring an additional 33,026 shares during the last quarter. Finally, CI Investments Inc. boosted its holdings in MGIC Investment by 375.2% during the 2nd quarter. CI Investments Inc. now owns 109,300 shares of the insurance provider’s stock worth $1,224,000 after acquiring an additional 86,300 shares during the last quarter. 91.57% of the stock is owned by institutional investors.

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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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