MGIC Investment (NYSE:MTG) Given New $30.00 Price Target at Barclays

MGIC Investment (NYSE:MTG) had its target price increased by stock analysts at Barclays from $29.00 to $30.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective indicates a potential upside of 5.54% from the stock’s previous close.

A number of other brokerages also recently issued reports on MTG. Keefe, Bruyette & Woods boosted their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, July 31st. BTIG Research assumed coverage on shares of MGIC Investment in a research report on Tuesday, September 22nd. They set a “hold” rating on the stock. Zacks Research downgraded MGIC Investment from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Roth Capital reaffirmed a “buy” rating and issued a $35.00 target price on shares of MGIC Investment in a research report on Thursday, July 30th. Finally, Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $31.00.

MGIC Investment Trading Down 3.2%

Shares of NYSE:MTG traded down $0.93 during midday trading on Friday, hitting $28.42. 513,837 shares of the stock were exchanged, compared to its average volume of 2,078,838. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 8.83, a P/E/G ratio of 1.03 and a beta of 0.64. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The business’s 50-day moving average price is $28.86 and its 200 day moving average price is $27.80. MGIC Investment has a 12 month low of $24.69 and a 12 month high of $31.89.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings data on Wednesday, November 4th. The insurance provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.04. The business had revenue of $299.08 million during the quarter, compared to analyst estimates of $298.66 million. MGIC Investment had a net margin of 58.12% and a return on equity of 13.66%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.83 EPS. Analysts predict that MGIC Investment will post 3.22 earnings per share for the current year.

Insiders Place Their Bets

In other MGIC Investment news, COO Salvatore Miosi sold 30,000 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $26.06, for a total transaction of $781,800.00. Following the transaction, the chief operating officer owned 440,951 shares in the company, valued at approximately $11,491,183.06. This represents a 6.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy Mattke sold 137,114 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $26.23, for a total transaction of $3,596,500.22. Following the transaction, the chief executive officer owned 843,778 shares in the company, valued at approximately $22,132,296.94. The trade was a 13.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 197,114 shares of company stock valued at $5,300,200 in the last 90 days. 1.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGIC Investment

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ethic Inc. lifted its position in MGIC Investment by 3.9% in the 3rd quarter. Ethic Inc. now owns 9,402 shares of the insurance provider’s stock valued at $243,000 after acquiring an additional 351 shares in the last quarter. Baird Financial Group Inc. boosted its stake in MGIC Investment by 3.1% during the 2nd quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider’s stock valued at $369,000 after purchasing an additional 392 shares during the last quarter. Compound Planning Inc. boosted its stake in MGIC Investment by 4.3% during the 1st quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock valued at $273,000 after purchasing an additional 433 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in MGIC Investment by 1.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock worth $1,181,000 after purchasing an additional 481 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in MGIC Investment by 9.4% during the 3rd quarter. Versant Capital Management Inc now owns 5,917 shares of the insurance provider’s stock worth $153,000 after purchasing an additional 508 shares in the last quarter. 95.58% of the stock is owned by institutional investors.

More MGIC Investment News

Here are the key news stories impacting MGIC Investment this week:

• Positive Sentiment: Q3 adjusted operating earnings were $0.85 per share, topping the roughly $0.81 consensus. Revenue of $299.1 million also narrowly exceeded expectations. MGIC Investment Q3 results
• Positive Sentiment: Management indicated operating expenses should come in slightly below its $190 million–$200 million range and extended quota-share reinsurance through 2029, supporting cost control and risk management. Expense outlook and reinsurance extension
• Neutral Sentiment: Stable credit performance and capital returns provide support, though lower sales and margin pressure temper the positive earnings surprise. Q3 results deep dive
• Negative Sentiment: Revenue fell 1.8% year over year, while rising losses and delinquencies are increasing credit-cost concerns. Those pressures may be weighing on sentiment despite the EPS beat. Q3 earnings and credit costs

About MGIC Investment

MGIC Investment Corporation (NYSE:MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.

MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.