MGIC Investment (NYSE:MTG) Price Target Lowered to $12.00 at B. Riley

MGIC Investment (NYSE:MTG) had its target price reduced by B. Riley from $14.00 to $12.00 in a report issued on Monday morning, BenzingaRatingsTable reports. B. Riley currently has a buy rating on the insurance provider’s stock. B. Riley also issued estimates for MGIC Investment’s Q1 2020 earnings at $0.36 EPS, FY2020 earnings at $1.50 EPS and FY2021 earnings at $1.50 EPS.

MTG has been the topic of a number of other research reports. Bank of America raised MGIC Investment from an underperform rating to a buy rating in a research report on Wednesday, April 1st. Royal Bank of Canada lowered their target price on MGIC Investment from $16.00 to $9.00 and set a sector perform rating on the stock in a research report on Thursday, March 26th. ValuEngine downgraded MGIC Investment from a sell rating to a strong sell rating in a research report on Thursday, April 2nd. Finally, BTIG Research reaffirmed a buy rating and issued a $18.00 target price on shares of MGIC Investment in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $14.30.

MTG opened at $7.44 on Monday. The business’s 50-day moving average price is $9.55 and its two-hundred day moving average price is $12.77. MGIC Investment has a 1 year low of $4.34 and a 1 year high of $15.24. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 3.68, a P/E/G ratio of 0.95 and a beta of 1.90. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.32.

MGIC Investment (NYSE:MTG) last released its earnings results on Tuesday, February 4th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. The business had revenue of $311.60 million for the quarter, compared to the consensus estimate of $307.10 million. MGIC Investment had a return on equity of 16.41% and a net margin of 55.50%. MGIC Investment’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 earnings per share. Sell-side analysts anticipate that MGIC Investment will post 1.44 earnings per share for the current fiscal year.

In related news, CAO Julie K. Sperber sold 5,535 shares of MGIC Investment stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $14.28, for a total transaction of $79,039.80. Following the completion of the transaction, the chief accounting officer now owns 82,239 shares in the company, valued at $1,174,372.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.

Several large investors have recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of MGIC Investment during the fourth quarter worth approximately $3,531,000. Macquarie Group Ltd. boosted its holdings in shares of MGIC Investment by 6.3% during the fourth quarter. Macquarie Group Ltd. now owns 4,465,342 shares of the insurance provider’s stock worth $63,274,000 after acquiring an additional 263,001 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of MGIC Investment by 25.1% during the fourth quarter. Nuveen Asset Management LLC now owns 4,386,241 shares of the insurance provider’s stock worth $62,153,000 after acquiring an additional 881,387 shares during the period. Norges Bank bought a new stake in shares of MGIC Investment during the fourth quarter worth approximately $52,203,000. Finally, Pearl River Capital LLC bought a new stake in shares of MGIC Investment during the fourth quarter worth approximately $389,000. Institutional investors own 91.33% 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 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.

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Analyst Recommendations for MGIC Investment (NYSE:MTG)

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