MGIC Investment (NYSE:MTG) Price Target Raised to $25.00 at BTIG Research

MGIC Investment (NYSE:MTG) had its price target hoisted by research analysts at BTIG Research from $22.00 to $25.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. BTIG Research’s target price would suggest a potential upside of 6.93% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Barclays boosted their price target on MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Friday. Roth Mkm boosted their price target on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a report on Friday. Keefe, Bruyette & Woods raised MGIC Investment from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. Finally, UBS Group upped their target price on MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday, May 22nd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $24.33.

MGIC Investment Price Performance

Shares of MGIC Investment stock traded down $0.76 during trading on Monday, reaching $23.38. The company’s stock had a trading volume of 1,292,615 shares, compared to its average volume of 1,877,969. The business has a 50 day moving average price of $22.03 and a 200-day moving average price of $20.93. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $6.06 billion, a P/E ratio of 8.99, a price-to-earnings-growth ratio of 3.02 and a beta of 1.28. MGIC Investment has a 12-month low of $16.30 and a 12-month high of $25.93.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a return on equity of 14.97% and a net margin of 63.19%. The company had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. During the same period in the previous year, the business earned $0.68 earnings per share. MGIC Investment’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGIC Investment will post 2.54 EPS for the current year.

Institutional Investors Weigh In On MGIC Investment

Large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in MGIC Investment in the 4th quarter worth about $62,047,000. NFC Investments LLC acquired a new position in MGIC Investment in the 4th quarter worth approximately $37,183,000. Jupiter Asset Management Ltd. lifted its stake in MGIC Investment by 134.8% in the 1st quarter. Jupiter Asset Management Ltd. now owns 1,537,972 shares of the insurance provider’s stock worth $34,389,000 after acquiring an additional 882,984 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of MGIC Investment by 33.6% during the 4th quarter. Allianz Asset Management GmbH now owns 3,008,255 shares of the insurance provider’s stock valued at $58,029,000 after acquiring an additional 757,021 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in MGIC Investment by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 14,412,645 shares of the insurance provider’s stock valued at $278,023,000 after acquiring an additional 553,155 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.