MGIC Investment (NYSE:MTG) PT Raised to $21.00

MGIC Investment (NYSE:MTGGet Free Report) had its price objective hoisted by Barclays from $20.00 to $21.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective would indicate a potential downside of 3.05% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods raised shares of MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $24.00 to $25.00 in a research report on Monday, June 3rd. UBS Group lifted their price objective on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 22nd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $22.17.

Check Out Our Latest Analysis on MGIC Investment

MGIC Investment Trading Up 1.2 %

NYSE:MTG opened at $21.66 on Tuesday. MGIC Investment has a one year low of $15.78 and a one year high of $22.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $5.77 billion, a P/E ratio of 8.33, a P/E/G ratio of 7.17 and a beta of 1.28. The firm has a 50-day simple moving average of $21.06 and a 200-day simple moving average of $20.39.

MGIC Investment (NYSE:MTGGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.60 by $0.05. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The business had revenue of $294.40 million during the quarter, compared to analyst estimates of $301.62 million. During the same quarter in the previous year, the business posted $0.54 EPS. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities analysts anticipate that MGIC Investment will post 2.52 EPS for the current fiscal year.

Institutional Investors Weigh In On MGIC Investment

Large investors have recently modified their holdings of the business. Versant Capital Management Inc grew its holdings in shares of MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares during the period. GAMMA Investing LLC purchased a new position in MGIC Investment in the fourth quarter valued at approximately $30,000. Pacific Capital Wealth Advisors Inc. purchased a new position in MGIC Investment in the fourth quarter valued at approximately $31,000. Quarry LP grew its position in shares of MGIC Investment by 244.4% during the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 1,403 shares during the last quarter. Finally, CWM LLC grew its position in shares of MGIC Investment by 249.1% during the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 1,552 shares during the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

About MGIC Investment

(Get Free Report)

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.

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