Credit Suisse Group AG reaffirmed their hold rating on shares of MGIC Investment Corp. (NYSE:MTG) in a research report sent to investors on Monday morning. The firm currently has a $10.00 target price on the stock.
“We are increasing our 2017-18 EPS estimates to reflect our updated share repurchase outlook, and are raising our target price to $10 (from $8). We see three paths to be able to fund the buyback: 1. Cash on hand: As of 9/30, MTG had $330 million of hold co cash, of which $145 million is being held for the 2017 debt maturity and $40 million for completing the buyback as part of the 3Q debt issuance/convert repurchase. This leaves MTG with about $145 million of available cash. With no near-term debt maturities (2023 is next), and the dividend from the MI subsidiary covering interest, MTG has limited needs to hold substantial hold co cash.”,” Credit Suisse Group AG’s analyst wrote.
A number of other analysts have also issued reports on the company. Zacks Investment Research lowered MGIC Investment Corp. from a strong-buy rating to a hold rating in a research note on Thursday, October 13th. Compass Point lowered MGIC Investment Corp. from a buy rating to a hold rating and set a $10.00 price target on the stock. in a research note on Wednesday, October 19th. Keefe, Bruyette & Woods raised their price target on MGIC Investment Corp. from $9.00 to $9.50 and gave the stock an outperform rating in a research note on Tuesday, October 4th. MKM Partners reissued a buy rating on shares of MGIC Investment Corp. in a research note on Thursday, August 25th. Finally, Bank of America Corp. initiated coverage on MGIC Investment Corp. in a research note on Monday, October 17th. They issued a buy rating and a $10.00 price target on the stock. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $9.89.
Shares of MGIC Investment Corp. (NYSE:MTG) opened at 9.22 on Monday. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 11.14 and a beta of 2.41. The company’s 50 day moving average is $8.53 and its 200-day moving average is $7.49. MGIC Investment Corp. has a 1-year low of $5.36 and a 1-year high of $9.66.
MGIC Investment Corp. (NYSE:MTG) last issued its quarterly earnings results on Tuesday, October 18th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.06. MGIC Investment Corp. had a return on equity of 16.64% and a net margin of 32.02%. The firm had revenue of $273.90 million for the quarter, compared to analyst estimates of $259.57 million. During the same period last year, the company earned $0.29 EPS. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. Equities analysts anticipate that MGIC Investment Corp. will post $0.86 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Three Corner Global Investors LP bought a new stake in shares of MGIC Investment Corp. during the second quarter valued at approximately $14,197,000. Investment Counselors of Maryland LLC acquired a new stake in MGIC Investment Corp. during the third quarter valued at about $15,809,000. Teachers Advisors LLC increased its stake in MGIC Investment Corp. by 319.4% in the third quarter. Teachers Advisors LLC now owns 2,387,069 shares of the company’s stock valued at $19,097,000 after buying an additional 1,817,926 shares in the last quarter. AQR Capital Management LLC increased its stake in MGIC Investment Corp. by 196.6% in the second quarter. AQR Capital Management LLC now owns 2,241,643 shares of the company’s stock valued at $13,337,000 after buying an additional 1,485,829 shares in the last quarter. Finally, NFC Investments LLC acquired a new stake in MGIC Investment Corp. during the second quarter valued at about $8,746,000. Institutional investors and hedge funds own 89.17% of the company’s stock.
MGIC Investment Corp. Company Profile