FBR & Co Equities Analysts Cut Earnings Estimates for MGIC Investment Corporation (MTG)

MGIC Investment Corporation (NYSE:MTG) – Stock analysts at FBR & Co cut their FY2017 earnings per share estimates for MGIC Investment Corporation in a report released on Tuesday. FBR & Co analyst R. Binner now forecasts that the insurance provider will post earnings of $1.05 per share for the year, down from their prior estimate of $1.10. FBR & Co also issued estimates for MGIC Investment Corporation’s FY2018 earnings at $1.10 EPS.

Several other brokerages also recently issued reports on MTG. BidaskClub raised shares of MGIC Investment Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. BTIG Research reissued a “buy” rating and set a $12.00 price objective on shares of MGIC Investment Corporation in a research report on Wednesday, April 19th. MKM Partners reissued a “buy” rating and set a $13.00 price objective (up previously from $10.00) on shares of MGIC Investment Corporation in a research report on Tuesday, April 25th. Deutsche Bank AG reissued a “buy” rating and set a $13.00 price objective (up previously from $12.00) on shares of MGIC Investment Corporation in a research report on Sunday, April 23rd. Finally, ValuEngine raised shares of MGIC Investment Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $11.55.

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MGIC Investment Corporation (NYSE:MTG) opened at 10.71 on Thursday. MGIC Investment Corporation has a 12-month low of $5.36 and a 12-month high of $11.40. The stock has a market capitalization of $3.97 billion, a PE ratio of 11.58 and a beta of 2.10. The stock’s 50 day moving average is $10.80 and its 200 day moving average is $10.56.

MGIC Investment Corporation (NYSE:MTG) last posted its quarterly earnings results on Thursday, April 20th. The insurance provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.24 by $0.07. MGIC Investment Corporation had a net margin of 34.10% and a return on equity of 17.00%. The business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $262.97 million. During the same period in the previous year, the company posted $0.17 EPS. MGIC Investment Corporation’s revenue was up .9% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MTG. World Asset Management Inc increased its position in MGIC Investment Corporation by 0.7% in the first quarter. World Asset Management Inc now owns 12,157 shares of the insurance provider’s stock worth $123,000 after buying an additional 81 shares during the period. Princeton Alpha Management LP acquired a new position in MGIC Investment Corporation during the first quarter worth $127,000. Comerica Bank acquired a new position in MGIC Investment Corporation during the fourth quarter worth $128,000. Private Advisor Group LLC increased its position in MGIC Investment Corporation by 0.5% in the fourth quarter. Private Advisor Group LLC now owns 12,552 shares of the insurance provider’s stock worth $130,000 after buying an additional 68 shares during the period. Finally, Commerzbank Aktiengesellschaft FI acquired a new position in MGIC Investment Corporation during the fourth quarter worth $131,000. 86.14% of the stock is owned by institutional investors and hedge funds.

About MGIC Investment Corporation

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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