MGIC Investment (MTG) Now Covered by Royal Bank of Canada
Equities research analysts at Royal Bank of Canada started coverage on shares of MGIC Investment (NYSE:MTG) in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $18.00 price target on the insurance provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 22.37% from the stock’s previous close.
Several other equities analysts have also issued reports on MTG. Zacks Investment Research raised shares of MGIC Investment from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Tuesday, August 22nd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $13.00 price target on shares of MGIC Investment in a report on Thursday, August 31st. Compass Point reissued a “buy” rating and issued a $15.25 price target (up previously from $13.00) on shares of MGIC Investment in a report on Wednesday, October 11th. BTIG Research reissued a “buy” rating and issued a $14.00 price target on shares of MGIC Investment in a report on Saturday, October 14th. Finally, FBR & Co reissued a “buy” rating on shares of MGIC Investment in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $14.71.
Shares of MGIC Investment (MTG) traded down $0.21 during mid-day trading on Wednesday, hitting $14.71. 2,072,000 shares of the stock traded hands, compared to its average volume of 3,356,229. MGIC Investment has a one year low of $9.68 and a one year high of $15.64. The firm has a market cap of $5,528.86, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.45 and a beta of 2.26. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.27.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealthcare Advisory Partners LLC bought a new stake in MGIC Investment in the 3rd quarter valued at $107,000. Advisors Asset Management Inc. bought a new stake in MGIC Investment in the 2nd quarter valued at $121,000. Sawgrass Asset Management LLC bought a new stake in MGIC Investment in the 2nd quarter valued at $123,000. Arrowstreet Capital Limited Partnership bought a new stake in MGIC Investment in the 2nd quarter valued at $132,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in MGIC Investment by 11.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,009 shares of the insurance provider’s stock valued at $146,000 after acquiring an additional 1,312 shares in the last quarter. 91.11% of the stock is currently owned by institutional investors and hedge funds.
About MGIC Investment
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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