MGIC Investment (NYSE:MTG) announced its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.16, Bloomberg Earnings reports. MGIC Investment had a net margin of 33.37% and a return on equity of 17.70%. The company had revenue of $271.50 million during the quarter, compared to analysts’ expectations of $273.66 million. During the same quarter in the prior year, the company posted $0.28 EPS. The business’s revenue was up 1.9% on a year-over-year basis.
Shares of MGIC Investment (NYSE MTG) traded up $0.15 during trading on Friday, hitting $14.01. 3,594,315 shares of the company were exchanged, compared to its average volume of 2,809,826. The firm has a market cap of $5,191.64, a PE ratio of 14.90, a P/E/G ratio of 1.39 and a beta of 2.28. 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.
MTG has been the subject of a number of recent research reports. Wells Fargo & Co restated a “buy” rating on shares of MGIC Investment in a research note on Friday, December 8th. Deutsche Bank upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and increased their price objective for the company from $15.00 to $18.00 in a research note on Monday, January 8th. BTIG Research increased their price objective on shares of MGIC Investment from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, December 20th. Zacks Investment Research upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Monday, October 23rd. Finally, Bank of America increased their price objective on shares of MGIC Investment from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, October 20th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $16.10.
Several institutional investors have recently made changes to their positions in the stock. Suntrust Banks Inc. acquired a new stake in shares of MGIC Investment during the 4th quarter worth about $419,000. Arrowstreet Capital Limited Partnership increased its position in shares of MGIC Investment by 38.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 45,400 shares of the insurance provider’s stock worth $641,000 after purchasing an additional 12,700 shares in the last quarter. Virtu Financial LLC bought a new stake in MGIC Investment during the 4th quarter worth about $837,000. Royce & Associates LP grew its holdings in MGIC Investment by 15.3% during the 4th quarter. Royce & Associates LP now owns 714,185 shares of the insurance provider’s stock worth $10,077,000 after acquiring an additional 95,000 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in MGIC Investment by 1.6% during the 4th quarter. BlackRock Inc. now owns 24,706,723 shares of the insurance provider’s stock worth $348,611,000 after acquiring an additional 397,372 shares during the last quarter. Institutional investors and hedge funds own 92.24% of the company’s stock.
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About MGIC Investment
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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