MGIC Investment (NYSE:MTG)‘s stock had its “outperform” rating restated by Wells Fargo & Company in a research note issued on Tuesday, November 28th, MarketBeat Ratings reports. They currently have a $17.00 price target on the insurance provider’s stock. Wells Fargo & Company’s target price points to a potential upside of 10.53% from the stock’s previous close.
The analysts wrote, “We are resuming coverage on MGIC Investment Corp. with a change in analyst, an Outperform rating, and a price target of $17 per share, based on a 1.7x multiple on our forecasted Q3 2018E book value per share of roughly $9.74 per share. Our EPS estimates are $1.22 for 2017E, $1.25 for 2018E, and $1.40 for 2019E. MTG is a story less about top line growth and more about credit experience driving favorable development and upwardly-revised earnings estimates, in our view.””
Other equities research analysts also recently issued research reports about the stock. B. Riley reissued a “buy” rating on shares of MGIC Investment in a research note on Monday, November 6th. Deutsche Bank cut shares of MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price target on the stock. in a report on Friday, November 3rd. Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Monday, October 23rd. Bank of America lifted their target price on shares of MGIC Investment from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. Finally, MKM Partners lifted their price objective on shares of MGIC Investment to $16.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. MGIC Investment has a consensus rating of “Buy” and a consensus price target of $14.34.
MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, October 18th. The insurance provider reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.06. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The firm had revenue of $270.30 million during the quarter, compared to analysts’ expectations of $267.85 million. During the same period in the prior year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. analysts predict that MGIC Investment will post 1.21 earnings per share for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the business. Wealthcare Advisory Partners LLC acquired a new stake in MGIC Investment during the 3rd quarter worth $107,000. Appleton Group LLC acquired a new stake in MGIC Investment during the 2nd quarter worth $119,000. Advisors Asset Management Inc. acquired a new stake in MGIC Investment during the 2nd quarter worth $121,000. Sawgrass Asset Management LLC acquired a new stake in MGIC Investment during the 2nd quarter worth $123,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of MGIC Investment during the 2nd quarter valued at about $132,000. 91.31% of the stock is currently owned by institutional investors.
About MGIC Investment
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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