MGIC Investment’s (MTG) Neutral Rating Reaffirmed at Compass Point

MGIC Investment (NYSE:MTG)‘s stock had its “neutral” rating reissued by equities researchers at Compass Point in a report released on Wednesday,Benzinga reports. They currently have a $27.00 target price on the insurance provider’s stock, up from their prior target price of $24.00. Compass Point’s target price would suggest a potential upside of 5.58% from the company’s previous close.

MTG has been the subject of several other reports. Keefe, Bruyette & Woods cut their price target on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Royal Bank of Canada dropped their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Barclays increased their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Finally, Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and reduced their price target for the company from $26.00 to $25.00 in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.00.

MGIC Investment Price Performance

Shares of MTG opened at $25.57 on Wednesday. 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 has a fifty-two week low of $18.68 and a fifty-two week high of $26.56. The firm has a 50-day simple moving average of $24.53 and a 200-day simple moving average of $24.72. The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of 9.00, a price-to-earnings-growth ratio of 2.02 and a beta of 1.29.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. On average, equities research analysts anticipate that MGIC Investment will post 2.85 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Wealth LLC boosted its position in MGIC Investment by 11.6% during the fourth quarter. NewEdge Wealth LLC now owns 1,837,821 shares of the insurance provider’s stock worth $43,575,000 after acquiring an additional 190,450 shares during the last quarter. Allianz Asset Management GmbH grew its position in shares of MGIC Investment by 8.2% in the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider’s stock valued at $130,289,000 after purchasing an additional 415,586 shares during the period. Handelsbanken Fonder AB increased its stake in MGIC Investment by 11.6% in the fourth quarter. Handelsbanken Fonder AB now owns 67,482 shares of the insurance provider’s stock valued at $1,600,000 after purchasing an additional 7,000 shares during the last quarter. New York State Common Retirement Fund boosted its stake in MGIC Investment by 25.8% in the 4th quarter. New York State Common Retirement Fund now owns 360,028 shares of the insurance provider’s stock worth $8,536,000 after buying an additional 73,837 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in MGIC Investment by 102.1% in the 4th quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider’s stock valued at $43,000 after buying an additional 918 shares during the period. 95.58% of the stock is currently 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.