MGIC Investment (MTG) Downgraded by Zacks Investment Research to Hold

MGIC Investment (NYSE:MTG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, March 12th.

According to Zacks, “Shares of MGIC Investment have outperformed the industry in a year. The company remains well-poised to deliver improved earnings, banking on declining delinquency, lower claims payments and improving housing market. MGIC Investment expects to write about $50 billion new business as 2018 and also estimates insurance in force to improve. This apart, the company remains focused in enhancing shareholders’ value. Also, positive credit trends, increasing persistency and low expense ratio are tailwinds. MGIC Investment has a solid track of delivering positive earnings surprise for the last seven quarters. However, a competitive environment and pressure to maintain capital at the required level will reduce the company’s capital flexibility. The company has also seen estimates for 2018 and 2019 moving south over the last 60 days.”

MTG has been the topic of a number of other reports. B. Riley reissued a “buy” rating and issued a $19.00 price target on shares of MGIC Investment in a research note on Thursday, January 18th. Deutsche Bank raised MGIC Investment from a “hold” rating to a “buy” rating and lifted their price objective for the company from $15.00 to $18.00 in a research note on Monday, January 8th. Royal Bank of Canada began coverage on MGIC Investment in a research note on Wednesday, December 20th. They issued an “outperform” rating and a $18.00 price objective on the stock. BTIG Research boosted their price target on MGIC Investment from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Finally, Wells Fargo reissued a “buy” rating on shares of MGIC Investment in a research report on Friday, December 8th. One analyst has rated the stock with a sell rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $16.44.

Shares of NYSE MTG opened at $12.82 on Monday. MGIC Investment has a 1-year low of $9.95 and a 1-year high of $16.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.18 and a quick ratio of 0.18. The firm has a market cap of $4,765.58, a P/E ratio of 9.43, a P/E/G ratio of 1.28 and a beta of 1.95.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.16. The business had revenue of $271.50 million during the quarter, compared to analysts’ expectations of $273.66 million. MGIC Investment had a return on equity of 17.36% and a net margin of 33.37%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $0.28 earnings per share. sell-side analysts predict that MGIC Investment will post 1.43 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in MTG. BlackRock Inc. lifted its holdings in shares of MGIC Investment by 1.6% in the fourth quarter. BlackRock Inc. now owns 24,706,723 shares of the insurance provider’s stock valued at $348,611,000 after buying an additional 397,372 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of MGIC Investment by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 13,311,911 shares of the insurance provider’s stock valued at $166,798,000 after buying an additional 114,080 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of MGIC Investment by 4.1% in the fourth quarter. Clearbridge Investments LLC now owns 5,764,294 shares of the insurance provider’s stock valued at $81,334,000 after buying an additional 228,163 shares during the period. Macquarie Group Ltd. raised its position in shares of MGIC Investment by 10.4% during the third quarter. Macquarie Group Ltd. now owns 4,867,921 shares of the insurance provider’s stock worth $60,995,000 after purchasing an additional 458,528 shares during the period. Finally, Millennium Management LLC raised its position in shares of MGIC Investment by 23.0% during the fourth quarter. Millennium Management LLC now owns 4,621,941 shares of the insurance provider’s stock worth $65,216,000 after purchasing an additional 864,077 shares during the period. Institutional investors own 92.75% of the company’s stock.

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MGIC Investment Company Profile

MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.

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