MGIC Investment (NYSE:MTG) Given New $28.00 Price Target at Keefe, Bruyette & Woods

MGIC Investment (NYSE:MTG) had its target price cut by investment analysts at Keefe, Bruyette & Woods from $29.00 to $28.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 18.54% from the company’s current price.

Several other equities analysts have also issued reports on the company. Royal Bank of Canada cut their target price on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Barclays lifted their price objective on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 8th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their target price for the company from $26.00 to $25.00 in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.86.

MGIC Investment Trading Up 0.8 %

NYSE:MTG opened at $23.62 on Wednesday. The firm has a 50-day simple moving average of $24.55 and a 200-day simple moving average of $24.37. MGIC Investment has a one year low of $18.68 and a one year high of $26.56. The firm has a market cap of $5.98 billion, a P/E ratio of 8.32, a P/E/G ratio of 1.75 and a beta of 1.29. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25.

MGIC Investment (NYSE:MTG) last posted its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. MGIC Investment’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. Equities analysts anticipate that MGIC Investment will post 2.85 EPS for the current fiscal year.

Institutional Investors Weigh In On MGIC Investment

A number of large investors have recently made changes to their positions in MTG. Franklin Resources Inc. lifted its position in MGIC Investment by 6.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after acquiring an additional 98,369 shares during the period. GSA Capital Partners LLP lifted its holdings in shares of MGIC Investment by 154.1% during the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock worth $2,476,000 after purchasing an additional 58,664 shares during the period. Vestcor Inc boosted its position in MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after buying an additional 50,979 shares during the last quarter. Edgestream Partners L.P. raised its position in MGIC Investment by 153.9% during the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock worth $5,279,000 after buying an additional 148,494 shares during the last quarter. Finally, Hancock Whitney Corp acquired a new stake in MGIC Investment during the 3rd quarter valued at approximately $777,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

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.