MGIC Investment (NYSE:MTG – Get Free Report) had its price objective hoisted by analysts at Barclays from $23.00 to $24.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s target price suggests a potential downside of 6.10% from the company’s previous close.
A number of other equities analysts also recently commented on the company. BTIG Research lifted their target price on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Roth Mkm increased their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, MGIC Investment has a consensus rating of “Moderate Buy” and an average price target of $24.50.
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MGIC Investment Stock Up 1.8 %
MGIC Investment (NYSE:MTG – Get Free Report) last released its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm had revenue of $305.28 million during the quarter, compared to analyst estimates of $301.02 million. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that MGIC Investment will post 2.76 EPS for the current year.
Hedge Funds Weigh In On MGIC Investment
Several large investors have recently bought and sold shares of the stock. Caxton Associates LP bought a new stake in MGIC Investment during the fourth quarter worth approximately $1,804,000. Bragg Financial Advisors Inc lifted its holdings in shares of MGIC Investment by 0.4% in the fourth quarter. Bragg Financial Advisors Inc now owns 798,525 shares of the insurance provider’s stock valued at $15,404,000 after buying an additional 3,511 shares during the period. Quarry LP lifted its holdings in shares of MGIC Investment by 244.4% in the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock valued at $38,000 after buying an additional 1,403 shares during the period. CWM LLC boosted its stake in MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after buying an additional 1,552 shares in the last quarter. Finally, Bank of New Hampshire acquired a new position in MGIC Investment during the first quarter worth about $1,726,000. Institutional investors and hedge funds own 95.58% 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 District of Columbia, Puerto Rico, and Guam. 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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