MGIC Investment (NYSE:MTG) Upgraded at Royal Bank of Canada

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MGIC Investment (NYSE:MTGGet Rating) was upgraded by analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Thursday, The Fly reports.

Several other research firms also recently weighed in on MTG. StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a research note on Friday, May 13th. BTIG Research cut their price target on MGIC Investment from $18.00 to $17.00 in a research note on Tuesday, April 12th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $17.92.

MTG stock opened at $11.66 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.61 and a current ratio of 0.61. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 5.95, a PEG ratio of 1.03 and a beta of 1.49. MGIC Investment has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The stock has a fifty day moving average of $13.20 and a 200-day moving average of $14.15.

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MGIC Investment (NYSE:MTGGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The insurance provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $294.60 million during the quarter, compared to the consensus estimate of $292.28 million. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 EPS. Equities analysts predict that MGIC Investment will post 2.27 EPS for the current year.

Several large investors have recently added to or reduced their stakes in the business. Verition Fund Management LLC raised its holdings in shares of MGIC Investment by 11.6% in the 1st quarter. Verition Fund Management LLC now owns 36,062 shares of the insurance provider’s stock valued at $489,000 after acquiring an additional 3,748 shares in the last quarter. Midwest Wealth Management Inc. raised its holdings in shares of MGIC Investment by 2.8% in the 1st quarter. Midwest Wealth Management Inc. now owns 95,670 shares of the insurance provider’s stock valued at $1,296,000 after acquiring an additional 2,593 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in shares of MGIC Investment by 42.0% in the 1st quarter. Neuberger Berman Group LLC now owns 53,896 shares of the insurance provider’s stock valued at $730,000 after acquiring an additional 15,936 shares in the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of MGIC Investment in the 1st quarter valued at about $7,791,000. Finally, Virtu Financial LLC raised its holdings in shares of MGIC Investment by 133.7% in the 1st quarter. Virtu Financial LLC now owns 24,030 shares of the insurance provider’s stock valued at $326,000 after acquiring an additional 13,747 shares in the last quarter. 94.10% of the stock is currently owned by hedge funds and other institutional investors.

About MGIC Investment (Get Rating)

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, Puerto Rico, and Guam. 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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