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MGIC and Radian Surge on Upgrade

MGIC and Radian Surge on Upgrade
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MGIC Investment Group (NYSE: MTG) and Radian Group (NYSE: RDN) are riding high Monday after analysts at Keefe Bruyette & Woods upgraded Radian to Outperform.

MGIC, which operates in largely the same sector as Radian, missed Wall Street consensus of estimates a $1.77 loss during the fourth quarter, instead losing an adjusted $1.91 per share.

Radian, for its part, reported a loss of $1.34 per share during the fourth quarter, falling far below the $0.50 loss analysts expected. Yet, the Philadelphia insurance firm didn't suffer much of a setback in the market.

The stock dropped around three percent in the aftermath of the February 11 release and rebounded with a six percent gain the following day. Since the brief decline, the stock has risen nearly every day and is up approximately 41 percent.

The latest upswing in Radian's stock is just the tip of the iceberg in terms of the company's performance over the past year.

On Friday, March 2, 2012, Radian closed at $3.54. Between then and Friday, March 1, the stock grew by 159 percent. Add today's surge and the stock has risen around 177 percent over the past 52 weeks.

MGIC has experienced an impressive surge on Monday, climbing to a 10-month high and eclipsing $4 for the first time in the same period. The stock is up approximately 14 percent on Monday.

Radian has experienced a smaller, yet significant boost from the latest housing data. The stock continues its surge toward $10 and is at its highest point in the past 28 months.

Radian is up around 6.5 percent on Monday.

Latest Ratings for RDN

Oct 2016Bank of AmericaInitiates Coverage OnBuy
Jul 2016FBR CapitalMaintainsOutperform
Jun 2016FBR CapitalUpgradesMarket PerformOutperform

View More Analyst Ratings for RDN
View the Latest Analyst Ratings

Posted-In: News Upgrades Intraday Update Analyst Ratings Movers Best of Benzinga


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