MGIC Investment (NYSE:MTG) Stock Rating Cut to “Hold” at Zacks Research

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

Other equities analysts have also issued reports about the stock. Roth Capital reaffirmed a “buy” rating and set a $35.00 target price on shares of MGIC Investment in a report on Thursday, July 30th. Barclays increased their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Monday, October 5th. Royal Bank Of Canada raised their price target on shares of MGIC Investment from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Finally, BTIG Research assumed coverage on shares of MGIC Investment in a report on Tuesday, September 22nd. They issued a “hold” rating for the company. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, MGIC Investment currently has an average rating of “Hold” and a consensus target price of $30.80.

MGIC Investment Stock Up 1.5%

Shares of MTG stock opened at $28.14 on Monday. MGIC Investment has a twelve month low of $24.69 and a twelve month high of $31.89. The stock has a market cap of $5.77 billion, a P/E ratio of 8.64, a P/E/G ratio of 0.70 and a beta of 0.67. The stock has a 50 day moving average of $29.45 and a 200 day moving average of $28.21. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.13.

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

Insiders Place Their Bets

In other news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $26.06, for a total value of $781,800.00. Following the completion of the sale, the chief operating officer directly owned 440,951 shares in the company, valued at $11,491,183.06. The trade was a 6.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $30.30, for a total value of $606,000.00. Following the transaction, the executive vice president directly owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. The trade was a 11.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 217,114 shares of company stock worth $5,906,200. 1.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Baird Financial Group Inc. grew its stake in MGIC Investment by 3.1% in the 2nd quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider’s stock valued at $369,000 after acquiring an additional 392 shares during the period. Compound Planning Inc. raised its position in MGIC Investment by 4.3% during the first quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider’s stock worth $273,000 after acquiring an additional 433 shares during the period. Oregon Public Employees Retirement Fund raised its position in MGIC Investment by 1.1% during the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock worth $1,181,000 after acquiring an additional 481 shares during the period. Versant Capital Management Inc raised its position in MGIC Investment by 9.4% during the third quarter. Versant Capital Management Inc now owns 5,917 shares of the insurance provider’s stock worth $153,000 after acquiring an additional 508 shares during the period. Finally, Lido Advisors LLC lifted its holdings in MGIC Investment by 2.4% during the first quarter. Lido Advisors LLC now owns 24,373 shares of the insurance provider’s stock valued at $640,000 after purchasing an additional 574 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE:MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps protect mortgage lenders and investors against losses when borrowers default, enabling qualified homebuyers to obtain mortgages with smaller down payments.

MGIC primarily offers primary mortgage insurance for residential loans, working with mortgage lenders, banks and other housing-finance institutions.