MGIC Investment (NYSE:MTG) Price Target Raised to $26.00 at Barclays

MGIC Investment (NYSE:MTG) had its price objective upped by Barclays from $25.00 to $26.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective points to a potential upside of 1.67% from the stock’s previous close.

Several other research analysts have also recently commented on the stock. Royal Bank of Canada decreased their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Keefe, Bruyette & Woods decreased their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Compass Point restated a “neutral” rating and issued a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research report on Wednesday. Finally, Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $26.25.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $25.57 on Wednesday. The company has a market cap of $6.48 billion, a PE ratio of 9.00, a P/E/G ratio of 2.02 and a beta of 1.29. MGIC Investment has a fifty-two week low of $18.68 and a fifty-two week high of $26.56. The firm has a 50-day simple moving average of $24.53 and a 200 day simple moving average of $24.72. 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 (NYSE:MTG) last posted its earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. On average, sell-side analysts anticipate that MGIC Investment will post 2.85 EPS for the current year.

Hedge Funds Weigh In On MGIC Investment

Hedge funds have recently modified their holdings of the stock. Hara Capital LLC acquired a new stake in MGIC Investment during the 3rd quarter valued at $25,000. V Square Quantitative Management LLC acquired a new position in MGIC Investment during the third quarter valued at $33,000. UMB Bank n.a. lifted its stake in MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 938 shares in the last quarter. Venturi Wealth Management LLC boosted its position in MGIC Investment by 102.1% during the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 918 shares during the period. Finally, Brooklyn Investment Group purchased a new position in MGIC Investment during the 3rd quarter valued at about $69,000. 95.58% of the stock is currently 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.