MGIC Investment Corporation (MTG) : Traders are bullish on MGIC Investment Corporation (MTG) as it has outperformed the S&P 500 by a wide margin of 21% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 3.73%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 4.17% in the last 1 week, and is up 24.01% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
MGIC Investment Corporation (NYSE:MTG): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $7.47 and $7.42 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $7.56. The buying momentum continued till the end and the stock did not give up its gains. It closed at $7.49, notching a gain of 1.22% for the day. The total traded volume was 5,589,567 . The stock had closed at $7.40 on the previous day.
The stock has recorded a 20-day Moving Average of 9.88% and the 50-Day Moving Average is 15.06%. MGIC Investment Corp. is up 11.96% in the last 3-month period. Year-to-Date the stock performance stands at -15.18%.
MGIC Investment Corporation (MTG) : 4 Wall Street analysts covering MGIC Investment Corporation (MTG) believe that the average level the stock could reach for the short term is $9.25. The maximum price target given is $10 and the minimum target for short term is around $9, hence the standard deviation is calculated at $0.5.
MGIC Investment Corporation is a holding company. Through its wholly owned subsidiaries, the Company provides private mortgage insurance and ancillary services. The Companys subsidiaries include Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC). The Company provides mortgage insurance to lenders throughout the United States and to Government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. Its principal product is primary mortgage insurance. Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure or sale approved by the Company. Through certain other non-insurance subsidiaries, it also provides various services for the mortgage finance industry, such as contract underwriting and portfolio analysis and retention.