MGIC Investment (NYSE:MTG) Given “Market Perform” Rating at Keefe, Bruyette & Woods

MGIC Investment (NYSE:MTG)‘s stock had its “market perform” rating restated by equities researchers at Keefe, Bruyette & Woods in a report released on Tuesday, MarketBeat Ratings reports. They presently have a $29.00 price target on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 16.89% from the company’s current price.

MTG has been the subject of a number of other research reports. Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price target for the stock from $26.00 to $25.00 in a report on Monday. Royal Bank of Canada decreased their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Finally, Barclays upped their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.00.

MGIC Investment Price Performance

MTG stock opened at $24.81 on Tuesday. The company’s 50-day moving average price is $25.25 and its two-hundred day moving average price is $23.97. The firm has a market cap of $6.29 billion, a P/E ratio of 8.74, a P/E/G ratio of 1.82 and a beta of 1.27. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment has a 12 month low of $18.16 and a 12 month high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. During the same period last year, the firm posted $0.64 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts anticipate that MGIC Investment will post 2.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue raised its position in shares of MGIC Investment by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock worth $3,858,000 after acquiring an additional 540 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in MGIC Investment by 1.6% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock worth $761,000 after purchasing an additional 565 shares during the last quarter. Lindenwold Advisors INC lifted its position in shares of MGIC Investment by 3.7% in the 3rd quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after purchasing an additional 592 shares during the period. Fortem Financial Group LLC boosted its stake in shares of MGIC Investment by 1.0% in the 2nd quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after purchasing an additional 747 shares during the last quarter. Finally, Financial Strategies Group Inc. increased its position in shares of MGIC Investment by 9.2% during the third quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock worth $295,000 after buying an additional 966 shares during the period. 95.58% of the stock is owned by institutional investors and hedge funds.

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.