MGIC Investment Corp. (NYSE:MTG)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Wednesday, American Banking News reports. They currently have a $8.75 price objective on the stock. Zacks‘ target price indicates a potential upside of 4.04% from the company’s current price.
Zacks‘ analyst wrote, “MGIC Investment Corp. reported third quarter operating profit of $0.04 per share, in contrast to the Zacks Consensus Estimate of a loss of $0.12 per share. MGIC had reported an operating loss of $1.25 per share in the year-ago quarter. The quarter marked MGIC’s second quarterly profit, thereby continuing with favorable performance during the previous quarter which was its first quarterly profit, since the second quarter of 2010. Results were helped by lower claim rate on early-stage delinquencies, combined with a decreasing level of new notices. An improving housing market, along with the outstanding credit quality of the company s new business and its industry’s growing share of business offers an environment for gradual growth at MGIC. However, factors such as low interest rates and a weak economic environment may adversely affect the results. We thus maintain our Neutral recommendation on the company. “
MGIC Investment Corp. (NYSE:MTG) traded down 2.73% during mid-day trading on Wednesday, hitting $8.18. 3,097,643 shares of the company’s stock traded hands. MGIC Investment Corp. has a 52-week low of $2.08 and a 52-week high of $8.64. The stock has a 50-day moving average of $8.04 and a 200-day moving average of $7.21. The company’s market cap is $2.763 billion.
MGIC Investment Corp. (NYSE:MTG) last announced its earnings results on Wednesday, October 16th. The company reported $0.04 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.13) by $0.17. The company had revenue of $254.40 million for the quarter, compared to the consensus estimate of $260.92 million. During the same quarter in the previous year, the company posted ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, analysts predict that MGIC Investment Corp. will post $-0.26 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. initiated coverage on shares of MGIC Investment Corp. in a research note to investors on Thursday, December 5th. They set a “conviction-buy” rating and a $10.00 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods upgraded shares of MGIC Investment Corp. from a “market perform” rating to an “outperform” rating in a research note to investors on Tuesday, November 5th. They now have a $10.00 price target on the stock, up previously from $9.00. Finally, analysts at Compass Point raised their price target on shares of MGIC Investment Corp. from $5.00 to $6.50 in a research note to investors on Wednesday, October 16th. They now have a “neutral” rating on the stock. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $8.08.
MGIC Investment Corporation (NYSE:MTG) is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States.
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