MGIC Investment (NYSE:MTG) PT Raised to $22.00

MGIC Investment (NYSE:MTG) had its target price raised by equities researchers at UBS Group from $21.00 to $22.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. UBS Group’s target price would suggest a potential upside of 5.16% from the stock’s previous close.

Several other brokerages have also recently commented on MTG. Roth Mkm boosted their target price on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $24.00 price objective (up from $23.50) on shares of MGIC Investment in a research report on Thursday, April 4th. Finally, Royal Bank of Canada lifted their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a research note on Friday, February 2nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $21.67.

MGIC Investment Stock Performance

Shares of NYSE:MTG traded down $0.04 during trading hours on Wednesday, hitting $20.92. The stock had a trading volume of 63,005 shares, compared to its average volume of 1,972,502. The stock’s fifty day simple moving average is $20.85 and its 200 day simple moving average is $19.62. MGIC Investment has a 1-year low of $14.73 and a 1-year high of $22.43. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 8.05, a PEG ratio of 1.67 and a beta of 1.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, beating the consensus estimate 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 last year, the business earned $0.54 earnings per share. MGIC Investment’s revenue was up 3.7% compared to the same quarter last year. Sell-side analysts anticipate that MGIC Investment will post 2.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC bought a new position in shares of MGIC Investment during the 4th quarter worth about $30,000. Pacific Capital Wealth Advisors Inc. bought a new position in shares of MGIC Investment during the 4th quarter worth about $31,000. Quarry LP increased its holdings in shares of MGIC Investment by 244.4% during the 4th quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 1,403 shares during the period. CWM LLC increased its stake in MGIC Investment by 249.1% in the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 1,552 shares during the period. Finally, Fidelis Capital Partners LLC bought a new stake in MGIC Investment in the first quarter valued at about $50,000. Institutional investors and hedge funds 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.