MGIC Investment Corp. (MTG) was Reiterated by Compass Point to “Neutral” while Lowering the Price Target of the company shares to $ 8.50 from a previous price target of $9 . Compass Point advised their investors in a research report released on May 10, 2016.
Many Wall Street Analysts have commented on MGIC Investment Corp.. Shares were Downgraded by Compass Point on Apr 20, 2016 to ” Neutral” and Lowered the Price Target to $ 9 from a previous price target of $10 .Deutsche Bank Initiated MGIC Investment Corp. on Apr 5, 2016 to “Hold”, Price Target of the shares are set at $9.
On the company’s financial health, MGIC Investment Corp. reported $0.17 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Apr 19, 2016. Analyst had a consensus of $0.22. The company had revenue of $258.60 million for the quarter, compared to analysts expectations of $258.57 million. The company’s revenue was down -4.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.32 EPS.
MGIC Investment Corp. closed down -0.11 points or -1.62% at $6.69 with 46,64,748 shares getting traded on Friday. Post opening the session at $6.74, the shares hit an intraday low of $6.61 and an intraday high of $6.84 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
In a different news, on Feb 11, 2016, Cassandra C Carr (director) purchased 5,000 shares at $6.35 per share price. According to the SEC, on Jan 28, 2016, C Edward Chaplin (director) purchased 5,000 shares at $6.40 per share price. On Jan 28, 2016, James J. Hughes (SVP-Sales & Bus. Development) purchased 10,000 shares at $6.38 per share price, according to the Form-4 filing with the securities and exchange commission.
MGIC Investment Corporation is a holding company. Through its wholly owned subsidiaries the Company provides private mortgage insurance and ancillary services. The Companys subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). 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. Its 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 it also provides various services for the mortgage finance industry such as contract underwriting and portfolio analysis and retention.