MGIC Investment Corporation (MTG) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of MGIC Investment Corporation (NYSE:MTG) from a buy rating to a hold rating in a report released on Wednesday.
According to Zacks, “Shares of MGIC Investment have outperformed the industry, year to date. The company also seen its 2017 and 2018 estimates moving north over the last 60 days. MGIC Investment remains well poised to deliver improved earnings banking on declining delinquency, lower claims payments and improving housing market. The company expects to write about the same amount of new business as 2016, and also estimates insurance in force to improve in 2017. This apart, the company remains focused in enhancing shareholders’ value and is a major contributor to housing finance policy. Also, positive credit trends, low expense ratio are tailwinds. However, a competitive environment and pressure to maintain capital at required level will reduce the company’s capital flexibility.”
A number of other brokerages have also recently weighed in on MTG. BidaskClub raised shares of MGIC Investment Corporation from a hold rating to a buy rating in a research note on Friday, August 18th. Deutsche Bank AG raised their price objective on shares of MGIC Investment Corporation from $13.00 to $13.50 and gave the stock a buy rating in a research note on Friday, July 21st. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $13.00 target price on shares of MGIC Investment Corporation in a research note on Thursday, August 31st. Finally, BTIG Research reaffirmed a buy rating and issued a $14.00 target price (up from $12.00) on shares of MGIC Investment Corporation in a research note on Saturday, July 22nd. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $12.25.
MGIC Investment Corporation (MTG) traded up 1.21% on Wednesday, reaching $12.58. The company had a trading volume of 2,377,284 shares. The stock has a 50 day moving average price of $11.69 and a 200 day moving average price of $11.14. MGIC Investment Corporation has a 52-week low of $7.78 and a 52-week high of $12.65. The stock has a market capitalization of $4.66 billion, a PE ratio of 12.96 and a beta of 2.16.
MGIC Investment Corporation (NYSE:MTG) last issued its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.31 earnings per share for the quarter, topping the Zacks’ 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 analysts’ expectations of $263.43 million. During the same period last year, the company posted $0.26 EPS. The company’s revenue was down .1% on a year-over-year basis. Analysts expect that MGIC Investment Corporation will post $1.14 EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in MTG. World Asset Management Inc grew its stake in MGIC Investment Corporation by 0.7% in the 1st quarter. World Asset Management Inc now owns 12,157 shares of the insurance provider’s stock worth $123,000 after acquiring an additional 81 shares during the period. UBS Asset Management Americas Inc. boosted its holdings in shares of MGIC Investment Corporation by 30.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 222,565 shares of the insurance provider’s stock valued at $2,255,000 after purchasing an additional 51,709 shares during the last quarter. Karp Capital Management Corp acquired a new position in shares of MGIC Investment Corporation in the 1st quarter valued at $431,000. Sei Investments Co. boosted its holdings in shares of MGIC Investment Corporation by 10,856.3% in the 1st quarter. Sei Investments Co. now owns 78,885 shares of the insurance provider’s stock valued at $800,000 after purchasing an additional 78,165 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in shares of MGIC Investment Corporation by 40.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 902,441 shares of the insurance provider’s stock valued at $9,142,000 after purchasing an additional 259,606 shares during the last quarter. 89.58% of the stock is owned by hedge funds and other institutional investors.
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.
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