According to Zacks, “MGIC Investment’s insurance in force has been witnessing growth owing to the addition of high quality new insurance. Per the September operating statistics, the company’s insurance in force grew 4.3% year over year. Going ahead, we expect this metric to rise further. Also, positive credit trends, low expense ratio are tailwinds. Moreover, an improving housing market as well as declining delinquency will boost the company’s earnings in the coming quarters. However, a competitive environment and pressure to maintain capital at required level will reduce the company’s capital flexibility. The company is set to report third quarter results on Oct 18. The Zacks Consensus Estimate is pegged at $0.17 per share, down 40.5%. However, our proven model state that company will beat estimate as it has the right combination of Zacks Rank #3 that increases predictive power of a beat and Earnings ESP of 7.65%.”
A number of other research firms have also weighed in on MTG. MKM Partners restated a buy rating on shares of MGIC Investment Corp. in a report on Thursday, August 25th. Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment Corp. from $9.00 to $9.50 and gave the stock an outperform rating in a report on Tuesday, October 4th. FBR & Co restated an outperform rating on shares of MGIC Investment Corp. in a report on Friday, September 23rd. Deutsche Bank AG restated a hold rating on shares of MGIC Investment Corp. in a report on Saturday, August 6th. Finally, Compass Point upgraded shares of MGIC Investment Corp. from a neutral rating to a buy rating and upped their target price for the stock from $8.50 to $9.00 in a report on Wednesday, July 20th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $9.80.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 8.44 on Thursday. The firm has a market cap of $2.88 billion, a P/E ratio of 3.48 and a beta of 2.68. The company has a 50 day moving average price of $8.04 and a 200-day moving average price of $7.20. MGIC Investment Corp. has a 52-week low of $5.36 and a 52-week high of $9.90.
MGIC Investment Corp. (NYSE:MTG) last released its quarterly earnings data on Tuesday, October 18th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.06. The company had revenue of $273.90 million for the quarter, compared to analysts’ expectations of $259.57 million. MGIC Investment Corp. had a net margin of 105.16% and a return on equity of 18.40%. The business’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. On average, analysts expect that MGIC Investment Corp. will post $0.83 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Virginia Retirement System purchased a new stake in shares of MGIC Investment Corp. during the first quarter valued at $294,000. Prudential Financial Inc. increased its stake in shares of MGIC Investment Corp. by 3,447.9% in the first quarter. Prudential Financial Inc. now owns 1,008,320 shares of the company’s stock valued at $7,734,000 after buying an additional 979,900 shares in the last quarter. Landscape Capital Management L.L.C. increased its stake in shares of MGIC Investment Corp. by 110.5% in the first quarter. Landscape Capital Management L.L.C. now owns 122,500 shares of the company’s stock valued at $940,000 after buying an additional 64,300 shares in the last quarter. State Street Corp increased its stake in shares of MGIC Investment Corp. by 1.9% in the first quarter. State Street Corp now owns 12,555,928 shares of the company’s stock valued at $96,303,000 after buying an additional 239,143 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of MGIC Investment Corp. by 7.3% in the first quarter. Geode Capital Management LLC now owns 2,198,544 shares of the company’s stock valued at $16,862,000 after buying an additional 149,955 shares in the last quarter. 90.85% of the stock is currently owned by institutional investors and hedge funds.
About MGIC Investment Corp.
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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