Dallas, Texas 04/08/2014 (FINANCIALSTRENDS) – MGIC Investment Corp. (NYSE:MTG) is the mortgage insurer which offers several financial services through its various subsidiaries. The holding company differs from other financial services providers because it targets a segment which requires atypical products in the mortgage segment – private mortgage insurance.
Analysts recommend Buy
MGIC Investment Corp. (NYSE:MTG) is currently receiving wide analyst attention, with consensus recommendation of Buy, by over 11 analysts. Detractor includes three analysts who prefer to recommend Hold on this insurers stock, while one analyst has been very particular, recommending Buy rating. Besides, the target price recommended by analysts has been $9.89.
MGIC Investment Corp. (NYSE:MTG) has tailored its financial products, over the years to align with necessities of this private sector. It addresses homeowner defaults which are related to residential mortgage loans. It typically looks at either lowering the instance of loan or may even look at absorbing the losses for the institution which has provided insurance coverage. The likely losses occur when the homeowner defaults on the loans.
Index slides and poor performance of financial sector
However, with financial sectors stocks reporting slide on most indices, MTG too has dropped in the recent weeks. The slide on last trading session, Monday, April 7, was nearly 2.13%, with the stock eventually settling at the $8.26 price points per share.
MGIC Investment Corp. (NYSE:MTG) has notched prices of $9.46 as highest on its 52 week radar, while the least on this annual price benchmark was $4.55. During the last trading session, the stock has achieved a high of $8.53 and has reported trade volume of 4.62 million shares.
Research Firms offer Notes
MGIC Investment Corp. (NYSE:MTG) has now been extensively covered by research firms as well, with Zacks offering Neutral rating, followed by Ned Davis Research which incidentally upgraded the stock from Sell to Neutral.