MGIC Investment (NYSE:MTG) Price Target Cut to $27.00 by Analysts at Royal Bank of Canada

MGIC Investment (NYSE:MTG) had its target price lowered by analysts at Royal Bank of Canada from $28.00 to $27.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the insurance provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 10.20% from the company’s previous close.

MTG has been the subject of several other research reports. BTIG Research raised their price target on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Barclays boosted their price target on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. Finally, Roth Mkm increased their price objective on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.50.

MGIC Investment Stock Down 0.2 %

Shares of MTG traded down $0.06 during mid-day trading on Wednesday, reaching $24.50. The company had a trading volume of 145,537 shares, compared to its average volume of 1,770,304. MGIC Investment has a 52 week low of $17.25 and a 52 week high of $26.52. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 8.65, a price-to-earnings-growth ratio of 1.25 and a beta of 1.28. The firm has a 50-day moving average price of $25.24 and a 200 day moving average price of $23.18.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 15.14% and a net margin of 64.09%. The company’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the company earned $0.64 earnings per share. On average, sell-side analysts forecast that MGIC Investment will post 2.76 EPS for the current year.

Institutional Investors Weigh In On MGIC Investment

A number of hedge funds have recently modified their holdings of MTG. BNP Paribas Financial Markets grew its holdings in MGIC Investment by 54.9% during the first quarter. BNP Paribas Financial Markets now owns 179,179 shares of the insurance provider’s stock valued at $4,006,000 after purchasing an additional 63,530 shares during the period. Janney Montgomery Scott LLC increased its holdings in MGIC Investment by 110.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 61,539 shares of the insurance provider’s stock worth $1,376,000 after acquiring an additional 32,358 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in MGIC Investment during the 1st quarter worth approximately $50,000. Daiwa Securities Group Inc. lifted its holdings in MGIC Investment by 600.0% during the first quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the insurance provider’s stock valued at $94,000 after purchasing an additional 3,600 shares in the last quarter. Finally, LSV Asset Management boosted its position in shares of MGIC Investment by 1.6% in the first quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock worth $245,587,000 after purchasing an additional 174,609 shares during the period. Institutional investors own 95.58% of the company’s stock.

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.