MGIC Investment (NYSE:MTG) Given New $28.00 Price Target at Keefe, Bruyette & Woods

MGIC Investment (NYSE:MTG - Get Free Report) had its target price dropped by research analysts at Keefe, Bruyette & Woods from $29.00 to $28.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "market perform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 18.54% from the stock's current price.

Several other analysts also recently issued reports on MTG. Barclays upped their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, October 8th. Royal Bank of Canada dropped their price target on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Finally, Bank of America downgraded MGIC Investment from a "buy" rating to an "underperform" rating and reduced their target price for the stock from $26.00 to $25.00 in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, MGIC Investment currently has an average rating of "Hold" and an average price target of $25.86.

MGIC Investment Price Performance

Shares of MGIC Investment stock traded up $0.18 during trading on Wednesday, reaching $23.62. The company's stock had a trading volume of 1,729,791 shares, compared to its average volume of 1,635,308. The business has a 50 day moving average price of $24.58 and a 200-day moving average price of $24.38. MGIC Investment has a 12-month low of $18.68 and a 12-month high of $26.56. The company has a market capitalization of $5.98 billion, a P/E ratio of 8.32, a price-to-earnings-growth ratio of 1.75 and a beta of 1.29. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12.

MGIC Investment (NYSE:MTG - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. MGIC Investment's quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. As a group, sell-side analysts anticipate that MGIC Investment will post 2.85 EPS for the current year.

Hedge Funds Weigh In On MGIC Investment

Large investors have recently modified their holdings of the stock. Hara Capital LLC bought a new stake in shares of MGIC Investment in the 3rd quarter worth approximately $25,000. V Square Quantitative Management LLC bought a new stake in shares of MGIC Investment in the 3rd quarter worth $33,000. Brooklyn Investment Group acquired a new stake in MGIC Investment in the 3rd quarter valued at about $69,000. Covestor Ltd boosted its holdings in MGIC Investment by 65.5% during the third quarter. Covestor Ltd now owns 3,387 shares of the insurance provider's stock worth $87,000 after buying an additional 1,341 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of MGIC Investment by 41.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,352 shares of the insurance provider's stock worth $111,000 after acquiring an additional 1,281 shares in the last quarter. 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.