MGIC Investment Corp. (NYSE:MTG) has earned an average rating of “Hold” from the nine analysts that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $16.81.
MTG has been the subject of a number of research analyst reports. ValuEngine cut MGIC Investment from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. Zacks Investment Research cut MGIC Investment from a “hold” rating to a “sell” rating in a research note on Wednesday, April 17th.
Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its position in MGIC Investment by 3,345.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,445 shares of the insurance provider’s stock worth $36,000 after purchasing an additional 3,345 shares during the last quarter. Toronto Dominion Bank acquired a new position in MGIC Investment during the 4th quarter valued at about $77,000. Ffcm LLC boosted its stake in MGIC Investment by 2,241.6% during the 4th quarter. Ffcm LLC now owns 9,390 shares of the insurance provider’s stock valued at $98,000 after purchasing an additional 8,989 shares during the last quarter. Advisor Group Inc. boosted its stake in MGIC Investment by 16.5% during the 4th quarter. Advisor Group Inc. now owns 10,777 shares of the insurance provider’s stock valued at $111,000 after purchasing an additional 1,526 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in MGIC Investment during the 1st quarter valued at about $114,000. Institutional investors own 92.00% of the company’s stock.
MGIC Investment (NYSE:MTG) last posted its earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. MGIC Investment had a return on equity of 19.06% and a net margin of 59.01%. The firm had revenue of $291.65 million during the quarter, compared to analysts’ expectations of $286.01 million. During the same period in the previous year, the firm earned $0.38 earnings per share. The company’s revenue was up 9.7% on a year-over-year basis. As a group, equities research analysts anticipate that MGIC Investment will post 1.66 earnings per share for the current fiscal year.
MGIC Investment announced that its Board of Directors has approved a share repurchase plan on Wednesday, March 20th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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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