MGIC Investment (NYSE:MTG) PT Raised to $23.00

MGIC Investment (NYSE:MTG) had its price objective raised by analysts at Barclays from $21.00 to $23.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s target price would indicate a potential downside of 4.72% from the company’s previous close.

MTG has been the topic of a number of other research reports. Keefe, Bruyette & Woods upgraded shares of MGIC Investment from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $24.00 to $25.00 in a 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 company a “neutral” rating in a research note on Wednesday, May 22nd. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $24.20.

MGIC Investment Stock Performance

Shares of MGIC Investment stock opened at $24.14 on Friday. The company’s 50 day moving average price is $22.03 and its two-hundred day moving average price is $20.91. The firm has a market capitalization of $6.26 billion, a P/E ratio of 9.28, a P/E/G ratio of 3.02 and a beta of 1.28. MGIC Investment has a fifty-two week low of $16.30 and a fifty-two week high of $25.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.05.

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

Institutional Investors Weigh In On MGIC Investment

Institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in MGIC Investment by 4.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 14,412,645 shares of the insurance provider’s stock worth $278,023,000 after acquiring an additional 553,155 shares during the last quarter. First Trust Advisors LP boosted its holdings in MGIC Investment by 3.6% during the fourth quarter. First Trust Advisors LP now owns 12,067,181 shares of the insurance provider’s stock worth $232,776,000 after purchasing an additional 415,628 shares during the last quarter. LSV Asset Management increased its stake in MGIC Investment by 1.6% in the 1st quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock valued at $245,587,000 after buying an additional 174,609 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of MGIC Investment by 2.4% during the 1st quarter. Clearbridge Investments LLC now owns 6,008,042 shares of the insurance provider’s stock worth $134,340,000 after buying an additional 139,562 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of MGIC Investment in the 4th quarter worth approximately $62,047,000. Institutional investors own 95.58% of the company’s stock.

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.