The stock of MGIC Investment Corp. (NYSE:MTG) is a huge mover today! About 8.92M shares traded hands or 135.36% up from the average. MGIC Investment Corp. (NYSE:MTG) has risen 8.37% since March 15, 2016 and is uptrending. It has outperformed by 2.88% the S&P500.
The move comes after 5 months positive chart setup for the $2.87 billion company. It was reported on Oct, 18 by Barchart.com. We have $13.76 PT which if reached, will make NYSE:MTG worth $1.84 billion more.
Analysts await MGIC Investment Corp. (NYSE:MTG) to report earnings on October, 20. They expect $0.17 EPS, down 41.38% or $0.12 from last year’s $0.29 per share. MTG’s profit will be $58.15 million for 12.34 P/E if the $0.17 EPS becomes a reality. After $0.26 actual EPS reported by MGIC Investment Corp. for the previous quarter, Wall Street now forecasts -34.62% negative EPS growth.
MGIC Investment Corp. (NYSE:MTG) Ratings Coverage
Out of 7 analysts covering MGIC Investment Corp. (NYSE:MTG), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. MGIC Investment Corp. has been the topic of 15 analyst reports since August 12, 2015 according to StockzIntelligence Inc. Compass Point maintained it with “Neutral” rating and $8.50 target price in Tuesday, May 10 report. On Friday, October 16 the stock rating was maintained by FBR Capital with “Mkt Perform”. The rating was maintained by Compass Point with “Buy” on Wednesday, August 12. The firm has “Outperform” rating by Keefe Bruyette & Woods given on Monday, October 12. The firm has “Outperform” rating by FBR Capital given on Thursday, June 30. FBR Capital maintained the shares of MTG in a report on Wednesday, July 20 with “Outperform” rating. The rating was upgraded by Compass Point on Wednesday, July 20 to “Buy”. The firm earned “Buy” rating on Tuesday, August 25 by M Partners. The firm has “Neutral” rating given on Wednesday, April 20 by Compass Point. The firm earned “Buy” rating on Monday, October 17 by Bank of America.
According to Zacks Investment Research, “MGIC Investment Corporation is a holding company which, through its wholly owned subsidiary, Mortgage Guaranty Insurance Corporation, is the leading provider of private mortgage insurance coverage in the United States to the home mortgage lending industry. Private mortgage insurance covers residential first mortgage loans and expands home ownership opportunities by enabling people to purchase homes with less than 20% down payments. If the home owner defaults, private mortgage insurance reduces and, in some instances, eliminates the loss to the insured institution.”
Insitutional Activity: The institutional sentiment increased to 1.18 in 2016 Q2. Its up 0.27, from 0.91 in 2016Q1. The ratio increased, as 35 funds sold all MGIC Investment Corp. shares owned while 72 reduced positions. 43 funds bought stakes while 83 increased positions. They now own 306.43 million shares or 5.08% less from 322.83 million shares in 2016Q1.
Barclays Public Limited Liability Corp, a United Kingdom-based fund reported 47,662 shares. Hightower Advsr Ltd Co holds 0.02% or 219,410 shares in its portfolio. Netols Asset Management accumulated 1.13M shares or 1.52% of the stock. Bluemountain Capital Mgmt Limited Liability has 31,544 shares for 0% of their US portfolio. Fmr Lc has invested 0.01% of its portfolio in MGIC Investment Corp. (NYSE:MTG). Sg Americas Securities Lc holds 0.01% of its portfolio in MGIC Investment Corp. (NYSE:MTG) for 352,676 shares. The Connecticut-based Trexquant Inv Lp has invested 0.19% in MGIC Investment Corp. (NYSE:MTG). Tealwood Asset Mngmt holds 342,891 shares or 0.92% of its portfolio. Ellington Grp Ltd has 25,900 shares for 0.21% of their US portfolio. Nomura last reported 11,256 shares in the company. Moreover, Invesco Ltd has 0% invested in MGIC Investment Corp. (NYSE:MTG) for 1.35 million shares. Oxbow Advsr Ltd Co has invested 0.24% of its portfolio in MGIC Investment Corp. (NYSE:MTG). Jefferies Ltd Liability Company, a New York-based fund reported 148,331 shares. California Employees Retirement System last reported 760,800 shares in the company. Legg Mason Asset Mgmt (Japan) Ltd holds 0.58% of its portfolio in MGIC Investment Corp. (NYSE:MTG) for 91,000 shares.
More important recent MGIC Investment Corp. (NYSE:MTG) news were published by: Reuters.com which released: “BRIEF-Mgic Investment Corp- reports 1.6 pct jump in qtrly revenue” on October 18, 2016, also Seekingalpha.com published article titled: “MGIC Investment: Deep Value”, Prnewswire.com published: “MGIC Investment Corporation Schedules 3rd Quarter 2016 Earnings Call and …” on October 10, 2016. More interesting news about MGIC Investment Corp. (NYSE:MTG) was released by: Rttnews.com and their article: “MGIC Investment Corp Q3 Earnings Rise 23%” with publication date: October 18, 2016.
MTG Company Profile
MGIC Investment Corporation, incorporated on June 21, 1984, is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company’s subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). The Firm 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. The Company’s principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by the Company. Through certain other non-insurance subsidiaries, the Company also provides various services for the mortgage finance industry, such as contract underwriting, analysis of loan originations and portfolios, and mortgage lead generation.
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