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MGIC Investment Corporation (NYSE: MTG): Moving Toward A Higher Share Price

MGIC Investment Corporation (NYSE:MTG) shares, rose in value on Thursday, June 23, with the stock price up by 5.49% to the previous day’s close as strong demand from buyers drove the stock to $12.30.

Actively observing the price movement in the recent trading, the stock is buoying the session at $11.66, falling within a range of $11.47 and $11.74. The value of beta (5-year monthly) is 1.58 whereas the PE ratio is 5.94 over 12-month period. Referring to stock’s 52-week performance, its high was $16.84, and the low was $11.38. On the whole, MTG has fluctuated by -11.33% over the past month.

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With the market capitalization of MGIC Investment Corporation currently standing at about $3.51 billion, investors are eagerly awaiting this quarter’s results, scheduled for Feb 21, 2022 – Feb 25, 2022. The company’s Forward Dividend Ratio is 0.32, with its dividend yield at 2.74%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.5, which is expected to increase to $0.55 for fiscal year $2.12 and then to about $2.13 by fiscal year 2023. Data indicates that the EPS growth is expected to be 9.80% in 2023, while the next year’s EPS growth is forecast to be 0.50%.

Analysts have estimated the company’s revenue for the quarter at $292.37 million, with a low estimate of $278.8 million and a high estimate of $311.4 million. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $1.18 billion, representing a decrease of -0.90% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 3 upward and no downward review(s) in last seven days. We see that MTG’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0.59, with the price of MTG currently trading nearly -6.07% and -6.81% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 42.81, while the 7-day volatility ratio is showing 4.23% which for the 30-day chart, stands at 3.03%. Furthermore, MGIC Investment Corporation (MTG)’s beta value is 1.50, and its average true range (ATR) is 0.46. The company’s stock has been forecasted to trade at an average price of $18.00 over the course of the next 52 weeks, with a low of $15.00 and a high of $23.00. Based on these price targets, the low is -21.95% off current price, whereas the price has to move -86.99% to reach the yearly target high. Additionally, analysts’ median price of $18.00 is likely to be welcomed by investors because it represents a decrease of -46.34% from the current levels.

A comparison of MGIC Investment Corporation (MTG) with its peers suggests the former has fared considerably weaker in the market. MTG showed an intraday change of 5.49% in today’s session so far, and over the past year, it shrunk by -15.93%%. In comparison, Rocket Companies Inc. (RKT) has moved higher at 2.80% today and is down -60.82% over the past 12 months. On the other hand, the price of UWM Holdings Corporation (UWMC) has risen 3.41% today. The stock, however, is off -62.84% from where it was a year ago. Additionally, there is a gain of 1.18% for Walker & Dunlop Inc. (WD) in recent trading while the stock has seen an overall depriciation of -12.61%% over the past year. The PE ratio stands at 5.94 for MGIC Investment Corporation, compared to 11.14 for Rocket Companies Inc., and 6.06 for UWM Holdings Corporation. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.82%. Meanwhile, the Dow Jones Industrial Improved by 0.49%.

Data on historical trading for MGIC Investment Corporation (NYSE:MTG) indicates that the trading volumes over the past 3 months, they’ve averaged 2.96 million. According to company’s latest data on outstanding shares, there are 315.98 million shares outstanding.

Nearly 0.70% of MGIC Investment Corporation’s shares belong to company insiders and institutional investors own 97.60% of the company’s shares. The stock has fallen by -19.14% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MTG stock heading into the next quarter.

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