MGIC Investment (MTG) Rises as Home Prices Make Notable Gains (RDN)
Tweet
Share
E-mailGet Alerts MTG Hot Sheet
Up)Join SI Premium – FREE
MGIC Investment (NYSE: MTG) shares are strong on the session following new housing data issued earlier.
The S&P/Case-Shiller 20-city index rose a better-than-expected 4.3 percent for the three-months ended in October. The Street was looking for a 3.9 percent rise while prices rose 3 percent in September.
Rising home prices are a boon for companies like MGIC and peer Radian Group (NYSE: RDN), which are private mortgage insurers. As prices rise, the gap between what a borrower owes versus the recovery value of the home narrows.
Shares of MGIC are up 9.6 percent today while Radian is up about 4.5 percent.
The S&P/Case-Shiller 20-city index rose a better-than-expected 4.3 percent for the three-months ended in October. The Street was looking for a 3.9 percent rise while prices rose 3 percent in September.
Rising home prices are a boon for companies like MGIC and peer Radian Group (NYSE: RDN), which are private mortgage insurers. As prices rise, the gap between what a borrower owes versus the recovery value of the home narrows.
Shares of MGIC are up 9.6 percent today while Radian is up about 4.5 percent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Visa (V) stock rises as Q2 earnings, revenue come ahead of estimates
- Global S&P Futures mixed in premarket
- Humana (HUM) surges on Q1 beat, reiterated adjusted earnings outlook
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
Standard & Poor's, S&P/Case-Shiller Home Price IndexSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
