Keefe, Bruyette & Woods Lowers MGIC Investment (NYSE:MTG) Price Target to $28.00

MGIC Investment (NYSE:MTG) had its price target lowered by investment analysts at Keefe, Bruyette & Woods from $29.00 to $28.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 19.76% from the company’s previous close.

A number of other equities analysts have also commented on the company. Royal Bank of Canada dropped their price target on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price objective for the stock from $26.00 to $25.00 in a research note on Monday, December 9th. Finally, Barclays upped their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $25.86.

MGIC Investment Price Performance

Shares of MTG traded down $0.06 during mid-day trading on Wednesday, reaching $23.38. The stock had a trading volume of 288,393 shares, compared to its average volume of 1,334,267. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of 8.23, a PEG ratio of 1.75 and a beta of 1.29. MGIC Investment has a 12 month low of $18.68 and a 12 month high of $26.56. The business has a fifty day moving average of $24.62 and a 200 day moving average of $24.38. 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 (NYSE:MTG) last posted its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The business had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $0.64 earnings per share. Equities analysts predict that MGIC Investment will post 2.85 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Hara Capital LLC bought a new position in MGIC Investment in the third quarter worth approximately $25,000. V Square Quantitative Management LLC purchased a new stake in MGIC Investment in the third quarter valued at approximately $33,000. Brooklyn Investment Group purchased a new stake in MGIC Investment in the third quarter valued at $69,000. Covestor Ltd grew its holdings in MGIC Investment by 65.5% during the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider’s stock worth $87,000 after acquiring an additional 1,341 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of MGIC Investment by 41.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,352 shares of the insurance provider’s stock valued at $111,000 after purchasing an additional 1,281 shares in the last quarter. Hedge funds and other 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.