Barclays Boosts MGIC Investment (NYSE:MTG) Price Target to $26.00

MGIC Investment (NYSE:MTG) had its target price boosted by research analysts at Barclays from $25.00 to $26.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective points to a potential upside of 2.22% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on MTG. Keefe, Bruyette & Woods reduced their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada dropped their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Compass Point reissued a “neutral” rating and set a $27.00 target price (up from $24.00) on shares of MGIC Investment in a research note on Wednesday. Finally, Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and lowered their target price for the company from $26.00 to $25.00 in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $26.25.

MGIC Investment Trading Down 0.3 %

Shares of NYSE MTG opened at $25.44 on Wednesday. MGIC Investment has a 1 year low of $18.68 and a 1 year high of $26.56. The stock has a market cap of $6.44 billion, a P/E ratio of 8.96, a price-to-earnings-growth ratio of 2.02 and a beta of 1.29. The firm has a 50-day moving average of $24.51 and a 200 day moving average of $24.75. 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 (NYSE:MTG) last announced its quarterly earnings results on Monday, February 3rd. The insurance provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.07. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. As a group, sell-side analysts expect that MGIC Investment will post 2.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MTG. Creative Planning raised its holdings in MGIC Investment by 49.9% in the 2nd quarter. Creative Planning now owns 17,924 shares of the insurance provider’s stock valued at $386,000 after buying an additional 5,969 shares during the period. Sanctuary Advisors LLC purchased a new stake in MGIC Investment in the 2nd quarter valued at about $622,000. SG Americas Securities LLC raised its holdings in MGIC Investment by 11.1% in the 3rd quarter. SG Americas Securities LLC now owns 18,321 shares of the insurance provider’s stock valued at $469,000 after buying an additional 1,832 shares during the period. GAMMA Investing LLC raised its holdings in MGIC Investment by 41.7% in the 3rd quarter. GAMMA Investing LLC now owns 4,352 shares of the insurance provider’s stock valued at $111,000 after buying an additional 1,281 shares during the period. Finally, Diversified Trust Co raised its holdings in MGIC Investment by 48.1% in the 3rd quarter. Diversified Trust Co now owns 25,941 shares of the insurance provider’s stock valued at $664,000 after buying an additional 8,425 shares during the period. Hedge funds and other institutional investors own 95.58% of the company’s stock.

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.