Keefe, Bruyette & Woods Issues Pessimistic Forecast for MGIC Investment (NYSE:MTG) Stock Price

MGIC Investment (NYSE:MTG) had its target price reduced by stock analysts at Keefe, Bruyette & Woods from $28.00 to $26.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 12.59% from the stock’s current price.

Several other research firms have also recently weighed in on MTG. UBS Group boosted their price target on MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Barclays boosted their target price on MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their price target for the company from $26.00 to $25.00 in a report on Monday, December 9th. Finally, Compass Point reissued a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $26.50.

MGIC Investment Stock Up 2.5 %

Shares of MGIC Investment stock traded up $0.57 during trading on Tuesday, hitting $23.09. The company’s stock had a trading volume of 626,292 shares, compared to its average volume of 1,783,558. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 0.48. The company has a fifty day simple moving average of $24.27 and a two-hundred day simple moving average of $24.63. MGIC Investment has a 52 week low of $19.26 and a 52 week high of $26.56. The company has a market capitalization of $5.60 billion, a PE ratio of 7.96 and a beta of 0.93.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Equities research analysts predict that MGIC Investment will post 2.71 earnings per share for the current year.

Insider Buying and Selling

In other MGIC Investment news, CAO Julie K. Sperber sold 4,600 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $24.55, for a total transaction of $112,930.00. Following the completion of the transaction, the chief accounting officer now owns 75,070 shares in the company, valued at $1,842,968.50. The trade was a 5.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.05% of the stock is owned by corporate insiders.

Institutional Trading of MGIC Investment

A number of hedge funds and other institutional investors have recently bought and sold shares of MTG. Norges Bank bought a new stake in MGIC Investment during the 4th quarter valued at about $85,908,000. First Trust Advisors LP boosted its holdings in shares of MGIC Investment by 22.4% in the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider’s stock valued at $379,561,000 after purchasing an additional 2,928,595 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in MGIC Investment by 292.0% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider’s stock valued at $49,142,000 after purchasing an additional 1,543,908 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of MGIC Investment by 259.4% during the 4th quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider’s stock worth $26,209,000 after buying an additional 797,852 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in MGIC Investment by 16.6% during the 4th quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider’s stock worth $113,006,000 after acquiring an additional 677,227 shares in the last quarter. Hedge funds and other 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.