MGIC Investment (NYSE:MTG) Price Target Raised to $25.00 at BTIG Research

MGIC Investment (NYSE:MTG) had its price target boosted by investment analysts at BTIG Research from $22.00 to $25.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. BTIG Research’s price objective would suggest a potential upside of 6.93% from the stock’s current price.

Several other research firms also recently weighed in on MTG. Barclays boosted their target price on shares of MGIC Investment from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $24.00 to $25.00 in a research report on Monday, June 3rd. UBS Group boosted their price objective on shares of MGIC Investment from $21.00 to $22.00 and gave the company a “neutral” rating in a research report on Wednesday, May 22nd. Finally, Roth Mkm boosted their price objective on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, MGIC Investment has a consensus rating of “Hold” and a consensus target price of $24.33.

MGIC Investment Trading Down 3.1 %

Shares of MTG traded down $0.76 during mid-day trading on Monday, reaching $23.38. The company had a trading volume of 1,292,615 shares, compared to its average volume of 1,877,969. The stock has a market cap of $6.06 billion, a price-to-earnings ratio of 8.99, a price-to-earnings-growth ratio of 3.02 and a beta of 1.28. The firm has a fifty day simple moving average of $22.03 and a 200-day simple moving average of $20.93. MGIC Investment has a fifty-two week low of $16.30 and a fifty-two week high of $25.93. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. During the same quarter in the previous year, the business posted $0.68 EPS. The business’s quarterly revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts anticipate that MGIC Investment will post 2.54 EPS for the current fiscal year.

Institutional Trading of MGIC Investment

Large investors have recently added to or reduced their stakes in the business. Foster & Motley Inc. boosted its holdings in shares of MGIC Investment by 6.3% during the 2nd quarter. Foster & Motley Inc. now owns 216,289 shares of the insurance provider’s stock worth $4,661,000 after buying an additional 12,727 shares during the period. Larson Financial Group LLC lifted its holdings in shares of MGIC Investment by 2.5% during the second quarter. Larson Financial Group LLC now owns 102,212 shares of the insurance provider’s stock worth $2,203,000 after buying an additional 2,539 shares during the last quarter. Fortem Financial Group LLC boosted its position in shares of MGIC Investment by 1.0% in the second quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after acquiring an additional 747 shares during the period. Versor Investments LP bought a new stake in shares of MGIC Investment in the second quarter valued at approximately $968,000. Finally, Natixis Advisors LLC boosted its position in shares of MGIC Investment by 15.5% in the second quarter. Natixis Advisors LLC now owns 110,316 shares of the insurance provider’s stock valued at $2,377,000 after acquiring an additional 14,828 shares during the period. 95.58% of the stock is owned by 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.