MGIC Investment (NYSE:MTG) Stock Gets Price Target Boost from Barclays

MGIC Investment (NYSE:MTG) had its price objective boosted by equities research analysts at Barclays from $28.00 to $29.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price target would suggest a potential upside of 6.01% from the stock’s current price.

Several other brokerages have also recently commented on MTG. Royal Bank Of Canada raised their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Roth Capital restated a “buy” rating and issued a $35.00 price objective on shares of MGIC Investment in a research note on Thursday, July 30th. BTIG Research began coverage on shares of MGIC Investment in a report on Tuesday, September 22nd. They set a “hold” rating for the company. Finally, Zacks Research raised shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.80.

MGIC Investment Stock Up 0.9%

NYSE MTG opened at $27.36 on Monday. MGIC Investment has a twelve month low of $24.69 and a twelve month high of $31.89. The stock has a market cap of $5.61 billion, a PE ratio of 8.55, a PEG ratio of 0.69 and a beta of 0.67. The firm has a 50-day simple moving average of $30.05 and a 200 day simple moving average of $28.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm had revenue of $295.39 million during the quarter, compared to analysts’ expectations of $297.54 million. During the same quarter in the prior year, the firm posted $0.82 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, research analysts forecast that MGIC Investment will post 3.24 EPS for the current year.

Insider Transactions at MGIC Investment

In related news, COO Salvatore A. Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $26.06, for a total transaction of $781,800.00. Following the completion of the transaction, the chief operating officer directly owned 440,951 shares of the company’s stock, valued at $11,491,183.06. This trade represents a 6.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the transaction, the executive vice president owned 149,620 shares in the company, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 217,114 shares of company stock valued at $5,906,200. 1.34% of the stock is owned by insiders.

Institutional Trading of MGIC Investment

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of MGIC Investment in the 2nd quarter worth approximately $618,467,000. Allianz Asset Management GmbH increased its holdings in MGIC Investment by 1.0% during the 4th quarter. Allianz Asset Management GmbH now owns 5,010,157 shares of the insurance provider’s stock valued at $146,397,000 after purchasing an additional 48,064 shares in the last quarter. Caisse de depot et placement du Quebec bought a new position in MGIC Investment in the 2nd quarter valued at $98,074,000. NewEdge Wealth LLC bought a new position in MGIC Investment in the 2nd quarter valued at $71,375,000. Finally, Bank of New York Mellon Corp acquired a new position in MGIC Investment in the second quarter worth $51,059,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Company Profile

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC’s products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.