MGIC Investment (NYSE:MTG) Stock Price Expected to Rise, UBS Group Analyst Says

MGIC Investment (NYSE:MTG) had its target price boosted by UBS Group from $25.00 to $26.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. UBS Group’s price objective would indicate a potential upside of 5.82% from the company’s current price.

A number of other analysts also recently commented on the company. Bank of America downgraded MGIC Investment from a “buy” rating to an “underperform” rating and cut their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. 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 report on Wednesday, November 6th. Keefe, Bruyette & Woods dropped their price target on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday, January 8th. Barclays raised their price target on MGIC Investment from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Compass Point reaffirmed a “neutral” rating and set a $27.00 price target (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $26.75.

MGIC Investment Stock Performance

MTG opened at $24.57 on Wednesday. The firm has a market capitalization of $6.23 billion, a P/E ratio of 8.46 and a beta of 1.29. The stock’s 50 day moving average price is $24.36 and its two-hundred day moving average price is $24.78. The company has a quick ratio of 1.25, a current ratio of 0.48 and a debt-to-equity ratio of 0.12. MGIC Investment has a 12-month low of $18.98 and a 12-month high of $26.56.

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 14.86% and a net margin of 63.18%. On average, equities analysts forecast that MGIC Investment will post 2.71 earnings per share for the current year.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors have recently made changes to their positions in MTG. Franklin Resources Inc. lifted its holdings in MGIC Investment by 6.5% during the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after acquiring an additional 98,369 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of MGIC Investment by 154.1% in the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock valued at $2,476,000 after purchasing an additional 58,664 shares in the last quarter. Vestcor Inc lifted its holdings in shares of MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock valued at $1,538,000 after purchasing an additional 50,979 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in shares of MGIC Investment by 13.4% in the fourth quarter. Ritholtz Wealth Management now owns 91,690 shares of the insurance provider’s stock valued at $2,174,000 after purchasing an additional 10,864 shares in the last quarter. Finally, Hancock Whitney Corp bought a new stake in MGIC Investment during the third quarter worth about $777,000. 95.58% of the stock is owned by institutional investors and hedge funds.

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.