MGIC Investment (NYSE:MTG) Price Target Raised to $29.00 at Barclays

MGIC Investment (NYSE:MTG) had its price target upped by equities researchers at Barclays from $28.00 to $29.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s target price would indicate a potential upside of 8.03% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on MTG. Keefe, Bruyette & Woods lifted their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Weiss Ratings lowered MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, UBS Group reduced their price objective on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.25.

MGIC Investment Price Performance

Shares of NYSE:MTG traded up $0.33 during midday trading on Monday, reaching $26.85. 97,917 shares of the company were exchanged, compared to its average volume of 2,205,308. The stock has a market cap of $5.77 billion, a PE ratio of 8.54, a price-to-earnings-growth ratio of 2.11 and a beta of 0.79. The business’s fifty day moving average is $26.47 and its two-hundred day moving average is $27.48. MGIC Investment has a one year low of $21.94 and a one year high of $29.97. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. During the same period in the prior year, the company posted $0.72 EPS. The business’s revenue was down .9% on a year-over-year basis. As a group, analysts predict that MGIC Investment will post 2.71 earnings per share for the current year.

Insider Activity at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $27.27, for a total value of $818,100.00. Following the completion of the transaction, the chief operating officer owned 454,245 shares in the company, valued at approximately $12,387,261.15. This trade represents a 6.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total value of $3,690,271.53. Following the completion of the transaction, the chief executive officer owned 822,588 shares of the company’s stock, valued at approximately $21,806,807.88. This represents a 14.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 339,336 shares of company stock valued at $9,032,971. Insiders own 1.05% of the company’s stock.

Hedge Funds Weigh In On MGIC Investment

Several large investors have recently modified their holdings of the stock. Compound Planning Inc. lifted its position in MGIC Investment by 5.3% in the third quarter. Compound Planning Inc. now owns 7,788 shares of the insurance provider’s stock worth $221,000 after buying an additional 389 shares during the last quarter. SBI Securities Co. Ltd. increased its position in MGIC Investment by 61.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 395 shares during the last quarter. Waddell & Associates LLC increased its position in MGIC Investment by 5.3% during the third quarter. Waddell & Associates LLC now owns 8,090 shares of the insurance provider’s stock valued at $230,000 after acquiring an additional 410 shares during the last quarter. Clearstead Advisors LLC raised its stake in shares of MGIC Investment by 24.7% in the third quarter. Clearstead Advisors LLC now owns 2,209 shares of the insurance provider’s stock valued at $63,000 after acquiring an additional 438 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of MGIC Investment by 58.0% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,365 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 501 shares during the last quarter. Institutional investors own 95.58% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.