MGIC Investment Corp. (MTG) was Upgraded by Compass Point to ” Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 9 from a previous price target of $8.50 . Earlier the firm had a rating of “Neutral ” on the company shares. Compass Point advised their investors in a research report released on Jul 20, 2016.
Many Wall Street Analysts have commented on MGIC Investment Corp.. Company shares were Reiterated by FBR Capital on Jul 20, 2016 to “Outperform”, Firm has raised the Price Target to $ 9 from a previous price target of $7.50 .MGIC Investment Corp. was Upgraded by FBR Capital to ” Outperform” on Jun 30, 2016. Shares were Reiterated by Compass Point on May 10, 2016 to “Neutral” and Lowered the Price Target to $ 8.50 from a previous price target of $9 .
On the company’s financial health, MGIC Investment Corp. reported $0.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 19, 2016. Analyst had a consensus of $0.20. The company had revenue of $263.50 million for the quarter, compared to analysts expectations of $254.41 million. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS.
MGIC Investment Corp. closed down -0.02 points or -0.31% at $6.38 with 55,62,152 shares getting traded on Monday. Post opening the session at $6.4, the shares hit an intraday low of $6.32 and an intraday high of $6.43 and the price fluctuated in this range throughout the day.Shares ended Monday 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.