Royal Bank of Canada Issues Pessimistic Forecast for MGIC Investment (NYSE:MTG) Stock Price

MGIC Investment (NYSE:MTG) had its price target decreased by equities researchers at Royal Bank of Canada from $28.00 to $27.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the insurance provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 10.20% from the company’s current price.

A number of other equities research analysts have also recently issued reports on MTG. BTIG Research boosted their target price on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a report on Monday, August 5th. Barclays boosted their price objective on MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, Roth Mkm lifted their target price on MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.50.

MGIC Investment Stock Performance

NYSE MTG traded down $0.06 on Wednesday, hitting $24.50. 145,537 shares of the stock traded hands, compared to its average volume of 1,770,304. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.11 and a current ratio of 1.11. The business’s fifty day moving average is $25.24 and its two-hundred day moving average is $23.18. MGIC Investment has a 12 month low of $17.25 and a 12 month high of $26.52. The firm has a market capitalization of $6.35 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 1.25 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 15.14% and a net margin of 64.09%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. As a group, equities analysts anticipate that MGIC Investment will post 2.76 EPS for the current fiscal year.

Institutional Trading of MGIC Investment

Several large investors have recently added to or reduced their stakes in MTG. Versant Capital Management Inc boosted its stake in shares of MGIC Investment by 482.7% during the 2nd 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 in the last quarter. Hara Capital LLC purchased a new position in shares of MGIC Investment during the 3rd quarter worth approximately $25,000. V Square Quantitative Management LLC bought a new position in shares of MGIC Investment in the 3rd quarter worth approximately $33,000. Fidelis Capital Partners LLC purchased a new position in shares of MGIC Investment in the 1st quarter valued at approximately $50,000. Finally, GAMMA Investing LLC boosted its position in shares of MGIC Investment by 76.2% during the second quarter. GAMMA Investing LLC now owns 3,071 shares of the insurance provider’s stock valued at $66,000 after purchasing an additional 1,328 shares in the last quarter. 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.