Compass Point Reiterates “Neutral” Rating for MGIC Investment (NYSE:MTG)

MGIC Investment (NYSE:MTG)‘s stock had its “neutral” rating reaffirmed by analysts at Compass Point in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $27.00 price target on the insurance provider’s stock, up from their previous price target of $24.00. Compass Point’s price target suggests a potential upside of 6.15% from the company’s current price.

Several other research firms have also weighed in on MTG. Keefe, Bruyette & Woods reduced their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research note on Wednesday, January 8th. Royal Bank of Canada reduced their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Barclays lifted their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their price objective for the stock 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, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.25.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $25.44 on Wednesday. The business’s fifty day moving average price is $24.51 and its two-hundred day moving average price is $24.75. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment has a fifty-two week low of $18.68 and a fifty-two week high of $26.56. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 8.96, a price-to-earnings-growth ratio of 2.02 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last released its quarterly 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 net margin of 64.09% and a return on equity of 14.99%. As a group, analysts predict that MGIC Investment will post 2.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its holdings in MGIC Investment by 6.5% in the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after purchasing an additional 98,369 shares in the last quarter. GSA Capital Partners LLP increased its position in MGIC Investment by 154.1% in the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock valued at $2,476,000 after buying an additional 58,664 shares in the last quarter. Vestcor Inc boosted its holdings in MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock worth $1,538,000 after acquiring an additional 50,979 shares in the last quarter. Ritholtz Wealth Management increased its holdings in shares of MGIC Investment by 13.4% during the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after acquiring an additional 10,864 shares in the last quarter. Finally, Hancock Whitney Corp bought a new position in shares of MGIC Investment in the 3rd quarter worth $777,000. 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.