MGIC Investment (NYSE:MTG) posted its quarterly earnings data on Thursday. The insurance provider reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.16, Bloomberg Earnings reports. MGIC Investment had a return on equity of 16.41% and a net margin of 41.08%. The company had revenue of $271.50 million during the quarter, compared to analyst estimates of $273.66 million. During the same quarter last year, the company earned $0.28 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis.
MGIC Investment (MTG) traded up $0.47 during mid-day trading on Friday, hitting $15.67. The stock had a trading volume of 5,492,300 shares, compared to its average volume of 2,825,333. The stock has a market cap of $5,810.00, a P/E ratio of 13.75, a P/E/G ratio of 1.24 and a beta of 2.29. MGIC Investment has a 52-week low of $9.68 and a 52-week high of $16.21. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.27.
Hedge funds have recently added to or reduced their stakes in 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 worth $166,798,000 after buying an additional 114,080 shares during the last quarter. First Midwest Bank Trust Division lifted its position in MGIC Investment by 60.7% during the third 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 in the last quarter. Royal Bank of Canada lifted its position in MGIC Investment by 92.3% during the second 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 in the last quarter. Investec Asset Management LTD purchased a new position in MGIC Investment during the third quarter valued at $12,706,000. Finally, JPMorgan Chase & Co. lifted its position in MGIC Investment by 55.6% during the third 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 in the last quarter. Hedge funds and other institutional investors own 91.32% of the company’s stock.
MTG has been the subject of a number of analyst reports. Deutsche Bank lowered MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price objective for the company. in a research report on Friday, November 3rd. Wells Fargo & Co reissued an “outperform” rating and issued a $17.00 target price on shares of MGIC Investment in a report on Tuesday, November 28th. BTIG Research lifted their target price on MGIC Investment from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, December 20th. Royal Bank of Canada assumed coverage on MGIC Investment in a report on Wednesday, December 20th. They issued an “outperform” rating and a $18.00 target price for the company. Finally, Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Monday, October 23rd. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $15.35.
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.
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