MGIC Investment’s (MTG) “Buy” Rating Reaffirmed at B. Riley

B. Riley reaffirmed their buy rating on shares of MGIC Investment (NYSE:MTG) in a research report report published on Thursday. B. Riley currently has a $19.00 price objective on the insurance provider’s stock.

MTG has been the subject of a number of other research reports. BTIG Research increased their target price on shares of MGIC Investment from $16.00 to $18.00 and gave the stock a buy rating in a research report on Wednesday, December 20th. Zacks Investment Research cut shares of MGIC Investment from a buy rating to a hold rating in a research report on Wednesday, October 4th. Deutsche Bank upgraded shares of MGIC Investment from a hold rating to a buy rating and raised their price objective for the company from $15.00 to $18.00 in a research report on Monday, January 8th. ValuEngine cut shares of MGIC Investment from a strong-buy rating to a buy rating in a research report on Wednesday, January 10th. Finally, Barclays raised their price objective on shares of MGIC Investment from $13.00 to $15.00 and gave the company an overweight rating in a research report on Thursday, October 19th. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $15.63.

Shares of MGIC Investment (NYSE:MTG) traded up $0.01 during trading on Thursday, hitting $15.68. 2,032,027 shares of the company were exchanged, compared to its average volume of 2,767,331. The firm has a market cap of $5,810.00, a PE ratio of 13.75, a P/E/G ratio of 1.24 and a beta of 2.29. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27. MGIC Investment has a 1-year low of $9.68 and a 1-year high of $16.21.

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 analysts’ consensus estimates of $0.27 by $0.16. The business had revenue of $271.50 million during the quarter, compared to analysts’ expectations of $273.66 million. MGIC Investment had a net margin of 41.08% and a return on equity of 16.41%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the company posted $0.28 EPS. equities analysts predict that MGIC Investment will post 1.21 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of MGIC Investment by 0.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 13,311,911 shares of the insurance provider’s stock valued at $166,798,000 after purchasing an additional 114,080 shares during the last quarter. First Midwest Bank Trust Division boosted its stake in shares of MGIC Investment by 60.7% in the 3rd quarter. First Midwest Bank Trust Division now owns 87,474 shares of the insurance provider’s stock valued at $1,096,000 after purchasing an additional 33,026 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of MGIC Investment by 92.3% in the 2nd quarter. Royal Bank of Canada now owns 40,756 shares of the insurance provider’s stock valued at $457,000 after purchasing an additional 19,567 shares during the last quarter. Investec Asset Management LTD bought a new position in shares of MGIC Investment in the 3rd quarter valued at about $12,706,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of MGIC Investment by 55.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,399,762 shares of the insurance provider’s stock valued at $17,567,000 after purchasing an additional 499,890 shares during the last quarter. 91.32% of the stock is currently 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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