MGIC Investment (NYSE:MTG) PT Raised to $21.00

MGIC Investment (NYSE:MTG) had its price objective increased by Barclays from $20.00 to $21.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price target suggests a potential downside of 3.05% from the stock’s previous close.

MTG has been the topic of a number of other research reports. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $24.00 to $25.00 in a report on Monday, June 3rd. UBS Group increased their price objective on shares of MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research note on Wednesday, May 22nd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $22.17.

MGIC Investment Trading Up 1.2 %

MTG opened at $21.66 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.05 and a quick ratio of 1.05. MGIC Investment has a fifty-two week low of $15.78 and a fifty-two week high of $22.43. The firm has a market capitalization of $5.77 billion, a PE ratio of 8.33, a P/E/G ratio of 7.17 and a beta of 1.28. The company’s 50-day moving average is $21.06 and its 200 day moving average is $20.39.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The company had revenue of $294.40 million for the quarter, compared to analyst estimates of $301.62 million. During the same quarter in the prior year, the business posted $0.54 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. As a group, research analysts predict that MGIC Investment will post 2.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Louisiana State Employees Retirement System grew its position in shares of MGIC Investment by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 78,400 shares of the insurance provider’s stock valued at $1,753,000 after acquiring an additional 500 shares during the period. QRG Capital Management Inc. grew its position in shares of MGIC Investment by 4.1% during the 4th quarter. QRG Capital Management Inc. now owns 14,703 shares of the insurance provider’s stock valued at $284,000 after acquiring an additional 584 shares during the period. Crossmark Global Holdings Inc. grew its position in shares of MGIC Investment by 0.7% during the 4th quarter. Crossmark Global Holdings Inc. now owns 117,517 shares of the insurance provider’s stock valued at $2,267,000 after acquiring an additional 774 shares during the period. Asset Management One Co. Ltd. grew its position in shares of MGIC Investment by 2.1% during the 4th quarter. Asset Management One Co. Ltd. now owns 39,747 shares of the insurance provider’s stock valued at $774,000 after acquiring an additional 812 shares during the period. Finally, Blue Trust Inc. grew its position in shares of MGIC Investment by 49.2% during the 4th quarter. Blue Trust Inc. now owns 2,576 shares of the insurance provider’s stock valued at $50,000 after acquiring an additional 849 shares during the period. 95.58% of the stock is owned by institutional investors.

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.