MGIC's Stock Closes Higher After Analyst's Upgrade
MGIC Investment Corp. had the largest percentage gain among Mortgage Industry Equity Composite stocks on Monday, up less than half a percentage point, as JMP Securities upgraded it to outperform.
The mortgage insurer was one of only two MIEC members which closed higher than they did on Friday, the other being Fidelity National Financial. FNF gained 0.3%.
The majority of MIEC stocks were caught in yet another stock market sell-off by investors concerned by overseas emerging markets.
Even though early in the trading day OceanFirst Financial spiked up to a 52-week at $19.47 per share, it ended the day with the biggest percentage loss among MIEC members. It closed down nearly 3.6% from Friday (where it was the only MIEC stock to post a gain) to $17.49 per share.
KB Home was downgraded during the day to underweight by Barclays. That was the contributing factor to the 2.7% day-to-day stock price loss with the homebuilder's trading volume more than double the average.