Analysts Set MGIC Investment Corp. (NYSE:MTG) Target Price at $16.81

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Shares of MGIC Investment Corp. (NYSE:MTG) have received an average rating of “Hold” from the nine brokerages that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $16.81.

Separately, Zacks Investment Research lowered shares of Heritage Insurance from a “hold” rating to a “strong sell” rating in a research report on Friday, April 26th.

Shares of NYSE MTG opened at $13.33 on Friday. MGIC Investment has a 1 year low of $9.41 and a 1 year high of $14.97. The stock’s 50 day moving average price is $13.68. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of 7.49, a P/E/G ratio of 1.67 and a beta of 1.64. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.37 and a current ratio of 0.37.

MGIC Investment (NYSE:MTG) last announced its earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.04. MGIC Investment had a net margin of 59.01% and a return on equity of 19.06%. The firm had revenue of $291.65 million for the quarter, compared to analyst estimates of $286.01 million. During the same quarter last year, the business earned $0.38 earnings per share. MGIC Investment’s revenue was up 9.7% compared to the same quarter last year. Analysts anticipate that MGIC Investment will post 1.65 EPS for the current fiscal year.

MGIC Investment declared that its Board of Directors has authorized a share buyback plan on Wednesday, March 20th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Hawaiian Bank increased its stake in MGIC Investment by 14.9% during the 2nd quarter. First Hawaiian Bank now owns 27,460 shares of the insurance provider’s stock worth $361,000 after buying an additional 3,560 shares during the period. Clark Capital Management Group Inc. increased its stake in MGIC Investment by 6.2% during the 2nd quarter. Clark Capital Management Group Inc. now owns 398,517 shares of the insurance provider’s stock worth $5,237,000 after buying an additional 23,161 shares during the period. NN Investment Partners Holdings N.V. increased its stake in MGIC Investment by 47.6% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 140,684 shares of the insurance provider’s stock worth $1,848,000 after buying an additional 45,387 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in MGIC Investment during the 2nd quarter worth $823,000. Finally, WINTON GROUP Ltd bought a new stake in shares of MGIC Investment in the 2nd quarter worth about $678,000. Institutional investors own 92.02% of the company’s stock.

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 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.

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Analyst Recommendations for MGIC Investment (NYSE:MTG)

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