Keefe, Bruyette & Woods Lowers MGIC Investment (NYSE:MTG) Price Target to $28.00

MGIC Investment (NYSE:MTG) had its price target cut by equities research analysts at Keefe, Bruyette & Woods from $29.00 to $28.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 18.54% from the stock’s previous close.

MTG has been the topic of a number of other research reports. Bank of America downgraded shares of MGIC Investment from a “buy” rating to an “underperform” rating and decreased their price target for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Barclays increased their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, October 8th. Finally, Royal Bank of Canada decreased their price objective on MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, MGIC Investment has an average rating of “Hold” and an average target price of $25.86.

MGIC Investment Stock Up 0.8 %

Shares of MTG stock opened at $23.62 on Wednesday. The stock has a market cap of $5.98 billion, a P/E ratio of 8.32, a PEG ratio of 1.75 and a beta of 1.29. The company’s fifty day simple moving average is $24.55 and its two-hundred day simple moving average is $24.37. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment has a 52 week low of $18.68 and a 52 week high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The company had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.64 earnings per share. Analysts predict that MGIC Investment will post 2.85 EPS for the current fiscal year.

Institutional Investors Weigh In On MGIC Investment

Institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC boosted its stake in shares of MGIC Investment by 89.2% during the second quarter. Acadian Asset Management LLC now owns 300,968 shares of the insurance provider’s stock valued at $6,480,000 after purchasing an additional 141,888 shares during the period. Quest Partners LLC grew its stake in MGIC Investment by 906,600.0% in the 2nd quarter. Quest Partners LLC now owns 9,067 shares of the insurance provider’s stock worth $195,000 after acquiring an additional 9,066 shares in the last quarter. United Services Automobile Association increased its position in shares of MGIC Investment by 9.2% during the second quarter. United Services Automobile Association now owns 21,497 shares of the insurance provider’s stock worth $463,000 after acquiring an additional 1,807 shares during the period. American Century Companies Inc. raised its stake in shares of MGIC Investment by 1.5% during the second quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock valued at $73,167,000 after acquiring an additional 50,307 shares in the last quarter. Finally, Vest Financial LLC boosted its holdings in shares of MGIC Investment by 22.7% in the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock valued at $23,139,000 after purchasing an additional 198,553 shares during the period. 95.58% of the stock is owned by institutional investors.

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.