Zacks Research Upgrades MGIC Investment (NYSE:MTG) to “Strong-Buy”

MGIC Investment (NYSE:MTG) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods upped their price objective on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Roth Capital reissued a “buy” rating and set a $35.00 target price on shares of MGIC Investment in a research note on Thursday, July 30th. Barclays lowered their price target on shares of MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Royal Bank Of Canada upped their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Finally, Weiss Ratings raised MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, MGIC Investment presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.60.

MGIC Investment Trading Up 0.1%

NYSE:MTG opened at $31.27 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. MGIC Investment has a fifty-two week low of $24.69 and a fifty-two week high of $31.89. The stock’s 50-day moving average is $29.31 and its two-hundred day moving average is $27.50. The stock has a market cap of $6.41 billion, a PE ratio of 9.77, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. The business had revenue of $295.39 million during the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 earnings per share. As a group, equities research analysts forecast that MGIC Investment will post 3.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the sale, the executive vice president owned 169,620 shares of the company’s stock, valued at $4,333,791. This represents a 10.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 70,937 shares of company stock worth $1,902,340 in the last 90 days. 1.34% of the stock is owned by insiders.

Institutional Trading of MGIC Investment

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. bought a new stake in shares of MGIC Investment during the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. increased its holdings in shares of MGIC Investment by 40.3% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 420 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of MGIC Investment by 88.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in MGIC Investment in the 2nd quarter worth approximately $62,000. Finally, Harbor Investment Advisory LLC lifted its holdings in MGIC Investment by 613.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock worth $73,000 after purchasing an additional 2,213 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.