MGIC Investment (NYSE:MTG) Price Target Raised to $28.00

MGIC Investment (NYSE:MTG) had its target price increased by analysts at Keefe, Bruyette & Woods from $27.00 to $28.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential downside of 4.75% from the company’s current price.

MTG has been the topic of several other research reports. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Barclays increased their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “cautious” rating in a research note on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $27.50.

MGIC Investment Stock Up 1.1%

Shares of MTG stock opened at $29.40 on Thursday. The firm’s fifty day moving average price is $27.88 and its two-hundred day moving average price is $27.44. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.12. MGIC Investment has a 1 year low of $21.94 and a 1 year high of $29.61. The firm has a market capitalization of $6.58 billion, a P/E ratio of 9.45, a PEG ratio of 1.62 and a beta of 0.85.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 29th. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.11. The company had revenue of $304.51 million during the quarter, compared to the consensus estimate of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 EPS. On average, equities analysts predict that MGIC Investment will post 2.71 EPS for the current fiscal year.

Insider Activity

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $27.09, for a total value of $3,771,009.27. Following the transaction, the chief executive officer directly owned 961,791 shares of the company’s stock, valued at $26,054,918.19. This represents a 12.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $27.44, for a total transaction of $548,800.00. Following the sale, the executive vice president owned 117,395 shares of the company’s stock, valued at $3,221,318.80. This trade represents a 14.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 219,203 shares of company stock valued at $5,989,909 over the last ninety days. 1.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGIC Investment

Large investors have recently made changes to their positions in the company. Norges Bank bought a new position in MGIC Investment during the 2nd quarter worth $95,857,000. AQR Capital Management LLC grew its stake in shares of MGIC Investment by 92.4% in the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock valued at $176,313,000 after acquiring an additional 3,041,446 shares in the last quarter. First Trust Advisors LP increased its position in MGIC Investment by 48.1% during the second quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock worth $203,295,000 after acquiring an additional 2,370,403 shares during the period. JPMorgan Chase & Co. raised its stake in MGIC Investment by 13.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,331,120 shares of the insurance provider’s stock worth $510,338,000 after purchasing an additional 2,168,940 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in MGIC Investment by 913.6% in the 1st quarter. Millennium Management LLC now owns 2,300,596 shares of the insurance provider’s stock valued at $57,009,000 after purchasing an additional 2,073,633 shares during the period. Institutional investors own 95.58% of the company’s stock.

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.