MGIC Investment Corp. (NYSE:MTG) – Analysts at B. Riley increased their Q3 2019 earnings estimates for shares of MGIC Investment in a research report issued on Monday, October 21st. B. Riley analyst R. Binner now expects that the insurance provider will earn $0.44 per share for the quarter, up from their previous estimate of $0.42. B. Riley has a “Buy” rating on the stock.
Several other research analysts also recently weighed in on the stock. ValuEngine upgraded shares of MGIC Investment from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 4th. Deutsche Bank upped their price objective on shares of MGIC Investment from $18.00 to $18.50 and gave the stock a “buy” rating in a report on Wednesday. Finally, Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Friday, October 11th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $16.13.
MGIC Investment stock opened at $14.12 on Wednesday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.21. The firm’s fifty day moving average is $12.98 and its 200 day moving average is $13.36. MGIC Investment has a 12-month low of $9.41 and a 12-month high of $14.97. The company has a market capitalization of $4.87 billion, a PE ratio of 7.93, a PEG ratio of 1.62 and a beta of 1.52.
MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Tuesday, October 22nd. The insurance provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.05. MGIC Investment had a net margin of 56.84% and a return on equity of 17.55%. The company had revenue of $318.38 million for the quarter, compared to analyst estimates of $299.00 million. During the same period in the prior year, the firm posted $0.48 EPS. The company’s quarterly revenue was up 9.6% on a year-over-year basis.
In other MGIC Investment news, Director Daniel A. Arrigoni acquired 5,000 shares of the stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $12.29 per share, for a total transaction of $61,450.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.81% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. APG Asset Management N.V. raised its holdings in shares of MGIC Investment by 29.3% in the second quarter. APG Asset Management N.V. now owns 11,918,400 shares of the insurance provider’s stock valued at $137,520,000 after purchasing an additional 2,700,000 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of MGIC Investment by 4.1% in the second quarter. Renaissance Technologies LLC now owns 6,338,100 shares of the insurance provider’s stock valued at $83,283,000 after purchasing an additional 250,200 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of MGIC Investment by 47.2% in the second quarter. Point72 Asset Management L.P. now owns 6,094,043 shares of the insurance provider’s stock valued at $80,076,000 after purchasing an additional 1,954,265 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of MGIC Investment by 4.7% in the second quarter. Russell Investments Group Ltd. now owns 4,359,426 shares of the insurance provider’s stock valued at $57,283,000 after purchasing an additional 196,618 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of MGIC Investment by 32.4% in the second quarter. JPMorgan Chase & Co. now owns 3,503,987 shares of the insurance provider’s stock valued at $46,042,000 after purchasing an additional 857,460 shares during the last quarter. Institutional investors own 92.89% of the company’s stock.
MGIC Investment Company Profile
MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.
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