In a report released today, Mark Palmer from BTIG reiterated a Buy rating on MGIC Investment (MTG), with a price target of $13.00. The company’s shares closed last Wednesday at $8.46.
According to TipRanks.com, Palmer is a top 100 analyst with an average return of 16.9% and a 69.1% success rate. Palmer covers the Financial sector, focusing on stocks such as International Money Express, Genworth Financial, and Oportun Financial.
Currently, the analyst consensus on MGIC Investment is a Moderate Buy with an average price target of $11.16, representing a 31.9% upside. In a report released yesterday, B.Riley FBR also maintained a Buy rating on the stock with a $13.00 price target.
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Based on MGIC Investment’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $307 million and net profit of $150 million. In comparison, last year the company earned revenue of $292 million and had a net profit of $152 million.
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.
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MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. 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.
