MGIC Investment Corp. (MTG) Receives $16.41 Average Price Target from Analysts

Shares of MGIC Investment Corp. (NYSE:MTG) have been given an average recommendation of “Buy” by the thirteen brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $16.41.

A number of research analysts have issued reports on the company. ValuEngine raised MGIC Investment from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Compass Point boosted their price target on MGIC Investment from $14.50 to $16.50 and gave the company a “buy” rating in a report on Monday, October 22nd. Royal Bank of Canada reaffirmed a “hold” rating and set a $14.00 target price on shares of MGIC Investment in a research note on Sunday, October 21st. Susquehanna Bancshares set a $17.00 target price on MGIC Investment and gave the stock a “buy” rating in a research note on Thursday, October 18th. Finally, Bank of America upped their target price on MGIC Investment from $13.00 to $23.00 and gave the stock an “underperform” rating in a research note on Monday, August 13th.

In other MGIC Investment news, Director Michael E. Lehman bought 7,000 shares of MGIC Investment stock in a transaction dated Friday, October 26th. The stock was acquired at an average cost of $11.70 per share, with a total value of $81,900.00. Following the purchase, the director now directly owns 29,989 shares in the company, valued at approximately $350,871.30. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.01% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MTG. Vaughan Nelson Investment Management L.P. raised its stake in MGIC Investment by 68.6% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 5,867,422 shares of the insurance provider’s stock valued at $62,899,000 after purchasing an additional 2,386,625 shares during the last quarter. Renaissance Technologies LLC raised its stake in MGIC Investment by 38.6% in the 2nd quarter. Renaissance Technologies LLC now owns 5,816,754 shares of the insurance provider’s stock valued at $62,356,000 after purchasing an additional 1,618,954 shares during the last quarter. First Quadrant L P CA acquired a new position in MGIC Investment in the 3rd quarter valued at $19,758,000. BlackRock Inc. raised its stake in MGIC Investment by 5.4% in the 2nd quarter. BlackRock Inc. now owns 26,467,584 shares of the insurance provider’s stock valued at $283,733,000 after purchasing an additional 1,345,014 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in MGIC Investment by 4,383.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,268,758 shares of the insurance provider’s stock valued at $16,887,000 after purchasing an additional 1,240,458 shares during the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

NYSE:MTG traded up $0.12 during trading hours on Monday, reaching $12.60. The company had a trading volume of 767,253 shares, compared to its average volume of 3,550,573. MGIC Investment has a 1-year low of $9.97 and a 1-year high of $16.21. The company has a market capitalization of $4.54 billion, a PE ratio of 9.26, a PEG ratio of 1.45 and a beta of 1.76. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.25.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, October 17th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.13. MGIC Investment had a return on equity of 20.89% and a net margin of 48.63%. The company had revenue of $290.50 million during the quarter, compared to the consensus estimate of $274.36 million. During the same period in the previous year, the company posted $0.32 earnings per share. MGIC Investment’s revenue for the quarter was up 7.5% on a year-over-year basis. Equities research analysts predict that MGIC Investment will post 1.73 earnings per share for the current fiscal year.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. 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.

See Also: Fundamental Analysis

Analyst Recommendations for MGIC Investment (NYSE:MTG)

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