MGIC Investment (NYSE:MTG) Given New $28.00 Price Target at Keefe, Bruyette & Woods

MGIC Investment (NYSE:MTG) had its price objective boosted by equities researchers at Keefe, Bruyette & Woods from $27.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target points to a potential downside of 4.75% from the stock’s previous close.

MTG has been the subject of several other research reports. Weiss Ratings reiterated a “buy (a-)” rating on shares of MGIC Investment in a research report on Wednesday, October 8th. Barclays lifted their price objective on MGIC Investment from $27.00 to $28.00 and gave the stock a “cautious” rating in a research note on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $27.50.

MGIC Investment Stock Performance

Shares of NYSE:MTG opened at $29.40 on Thursday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.12. MGIC Investment has a 1-year low of $21.94 and a 1-year high of $29.61. The stock has a market capitalization of $6.58 billion, a P/E ratio of 9.45, a P/E/G ratio of 1.62 and a beta of 0.85. The business has a 50-day moving average price of $27.88 and a two-hundred day moving average price of $27.44.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, October 29th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.11. The company had revenue of $304.51 million for the quarter, compared to analyst estimates of $308.16 million. MGIC Investment had a net margin of 61.96% and a return on equity of 14.62%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS. Equities analysts predict that MGIC Investment will post 2.71 earnings per share for the current year.

Insiders Place Their Bets

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $27.44, for a total value of $548,800.00. Following the completion of the transaction, the executive vice president directly owned 117,395 shares of the company’s stock, valued at approximately $3,221,318.80. The trade was a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Salvatore A. Miosi sold 30,000 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $28.15, for a total value of $844,500.00. Following the completion of the sale, the chief operating officer owned 189,401 shares of the company’s stock, valued at $5,331,638.15. This trade represents a 13.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 219,203 shares of company stock worth $5,989,909. Corporate insiders own 1.05% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG increased its position in shares of MGIC Investment by 1.4% during the first quarter. Deutsche Bank AG now owns 87,747 shares of the insurance provider’s stock worth $2,174,000 after acquiring an additional 1,217 shares in the last quarter. Nuveen LLC bought a new position in MGIC Investment during the 1st quarter worth about $13,266,000. HighTower Advisors LLC raised its stake in shares of MGIC Investment by 10.1% in the 1st quarter. HighTower Advisors LLC now owns 43,702 shares of the insurance provider’s stock valued at $1,083,000 after purchasing an additional 4,014 shares during the period. Brooklyn Investment Group lifted its holdings in shares of MGIC Investment by 15.5% in the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 416 shares in the last quarter. Finally, Capital Fund Management S.A. boosted its position in shares of MGIC Investment by 178.9% during the first quarter. Capital Fund Management S.A. now owns 173,965 shares of the insurance provider’s stock worth $4,311,000 after buying an additional 111,584 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Company Profile

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.