MGIC Investment (NYSE:MTG) Given Market Perform Rating at Keefe, Bruyette & Woods

MGIC Investment (NYSE:MTG)‘s stock had its “market perform” rating reiterated by equities researchers at Keefe, Bruyette & Woods in a report released on Tuesday, Marketbeat.com reports. They presently have a $29.00 price target on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 17.77% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Royal Bank of Canada dropped their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Barclays lifted their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Finally, Bank of America cut 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 research report on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $26.00.

MGIC Investment Stock Performance

NYSE:MTG opened at $24.63 on Tuesday. The firm has a market cap of $6.24 billion, a price-to-earnings ratio of 8.67, a price-to-earnings-growth ratio of 1.82 and a beta of 1.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 1.25. MGIC Investment has a 1-year low of $18.04 and a 1-year high of $26.56. The firm’s fifty day moving average price is $25.28 and its 200 day moving average price is $23.93.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same period in the prior year, the business posted $0.64 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that MGIC Investment will post 2.85 EPS for the current year.

Institutional Investors Weigh In On MGIC Investment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in shares of MGIC Investment by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after purchasing an additional 556,859 shares in the last quarter. State Street Corp grew its position in MGIC Investment by 0.8% in the third quarter. State Street Corp now owns 9,092,453 shares of the insurance provider’s stock valued at $232,767,000 after acquiring an additional 73,851 shares in the last quarter. American Century Companies Inc. lifted its position 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 worth $73,167,000 after purchasing an additional 50,307 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of MGIC Investment by 6.5% in the third quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock valued at $41,836,000 after purchasing an additional 98,369 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in MGIC Investment by 0.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,438,727 shares of the insurance provider’s stock valued at $31,005,000 after purchasing an additional 4,602 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.