Dallas, Texas 05/20/2014 (FINANCIALSTRENDS) – Provider of private mortgage insurance and ancillary services, MGIC Investment Corp. (NYSE:MTG)’s stock yesterday received a price target of $7 by equities research analysts at Credit Suisse. Earlier they had set a price target of $6 for the stock. However, this new target also suggests potential downside from stock’s previous closing of $8.40. They currently maintain an “underperform” rating on the stock.
A number of other equity research firms have also commented on the stock of MGIC Investment Corp. (NYSE:MTG). Among them, investment analysts at Zacks reaffirmed a “neutral” rating on the stock with a price target of $9. Equities research analysts at Ned Davis Research upgraded their rating on the stock from a “sell” to a “neutral” rating.
The stock of MGIC Investment Corp. has been given a “sell” rating by one research analyst; a “hold” rating by two research analysts; a “buy” rating by six research analysts; and a “strong buy” rating by one analyst. The stock of the company presently has an average rating of “buy” with a consensus price target of $10.06 which suggests a potential upside of 19.76% from stock’s previous closing.
April Business Updates:
MGIC Investment Corp. (NYSE:MTG) recently also posted its monthly business stats for the month of April 2014. The company reported 4.2% year over year decline in its primary new insurance written which was $2.3 billion during April 2014. However, on sequential basis it grew 15%. Delinquent inventory declined 28% year over year and was reported at 87,987 for April 2014. On a sequential basis it decreased by 4.2%.
Senior management at the company is positive on growing demand for home purchases. for FY13, the company reported $29.8 billion in primary new insurance written, which was considerably better than $24.1 billion in FY12 and $14.2 billion in FY11.
The stock of MGIC Investment Corp. yesterday closed at $8.40, gaining 1.57% from its previous close.