MGIC Investment (NYSE:MTG) Price Target Lowered to $26.00 at Keefe, Bruyette & Woods

MGIC Investment (NYSE:MTG) had its target price decreased by analysts at Keefe, Bruyette & Woods from $28.00 to $26.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 8.83% from the company’s previous close.

A number of other research firms have also commented on MTG. Barclays boosted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Compass Point restated a “neutral” rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a research report on Wednesday, February 5th. UBS Group boosted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the company from $26.00 to $25.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, MGIC Investment currently has a consensus rating of “Hold” and an average target price of $26.50.

MGIC Investment Trading Up 6.5 %

Shares of MTG stock opened at $23.89 on Tuesday. The company’s fifty day simple moving average is $24.08 and its two-hundred day simple moving average is $24.57. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment has a 1 year low of $19.26 and a 1 year high of $26.56. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 8.24 and a beta of 0.93.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. As a group, analysts anticipate that MGIC Investment will post 2.71 earnings per share for the current year.

Insider Buying and Selling at MGIC Investment

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at $1,842,968.50. This represents a 5.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.05% of the company’s stock.

Institutional Trading of MGIC Investment

Several institutional investors have recently added to or reduced their stakes in MTG. Norges Bank bought a new position in shares of MGIC Investment during the fourth quarter valued at about $85,908,000. First Trust Advisors LP raised its stake in shares of MGIC Investment by 22.4% during the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider’s stock valued at $379,561,000 after acquiring an additional 2,928,595 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of MGIC Investment by 292.0% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider’s stock valued at $49,142,000 after acquiring an additional 1,543,908 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of MGIC Investment by 259.4% during the fourth quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider’s stock valued at $26,209,000 after acquiring an additional 797,852 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of MGIC Investment by 16.6% during the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider’s stock valued at $113,006,000 after acquiring an additional 677,227 shares during the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

About MGIC Investment

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.