MGIC Investment Receives a Hold from Credit SuisseBy Carrie Williams
Credit Suisse analyst Douglas Harter maintained a Hold rating on MGIC Investment (NYSE: MTG) on November 23 and set a price target of $10. The company’s shares opened today at $9.21, close to its 52-week high of $9.67.
According to TipRanks.com, Harter is a 3-star analyst with an average return of 2.2% and a 60.2% success rate. Harter covers the Financial sector, focusing on stocks such as Arlington Asset Investment, Newcastle Investment Corp., and American Capital Mortgage.
MGIC Investment has an analyst consensus of Moderate Buy, with a price target consensus of $10.75.
MGIC Investment’s market cap is currently $3.19B and has a P/E ratio of 11.38. The company has a book value ratio of 1.2331.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MTG in relation to earlier this year. Most recently, in February 2016, Cassandra Carr, a Director at MTG bought 5,000 shares for a total of $31,700.
MGIC Investment Corp. provides private mortgage insurance in the United States. Its products include mortgage insurance and pool mortgage insurance. The mortgage insurance product may be written on a flow basis, in which loans are insured in individual, loan-by-loan transactions or may be written on a bulk basis, in which a portfolio of loans is individually insured in a single and bulk transaction. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp. The company was founded by Max Karl in 1957 and is headquartered in Milwaukee, WI.