Keefe, Bruyette & Woods Reaffirms Market Perform Rating for MGIC Investment (NYSE:MTG)

MGIC Investment (NYSE:MTG - Get Free Report)'s stock had its "market perform" rating reiterated by stock analysts at Keefe, Bruyette & Woods in a report released on Tuesday, MarketBeat.com reports. They presently have a $29.00 price objective on the insurance provider's stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 18.03% from the stock's previous close.

A number of other equities research analysts also recently commented on the company. Royal Bank of Canada decreased their target price on MGIC Investment from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Barclays upped their price objective 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. Finally, Bank of America lowered MGIC Investment from a "buy" rating to an "underperform" rating and reduced their price objective for the company from $26.00 to $25.00 in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $26.00.

MGIC Investment Stock Performance

Shares of MGIC Investment stock traded down $0.06 during midday trading on Tuesday, hitting $24.57. The company had a trading volume of 1,390,489 shares, compared to its average volume of 1,734,158. The company has a fifty day simple moving average of $25.28 and a 200 day simple moving average of $23.93. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 1.82 and a beta of 1.27. 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 has a 12-month low of $18.04 and a 12-month high of $26.56.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MTG. GSA Capital Partners LLP boosted its stake in MGIC Investment by 154.1% during the 3rd quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider's stock worth $2,476,000 after purchasing an additional 58,664 shares during the last quarter. Edgestream Partners L.P. lifted its stake in shares of MGIC Investment by 153.9% in the second quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider's stock worth $5,279,000 after buying an additional 148,494 shares in the last quarter. Hancock Whitney Corp purchased a new stake in MGIC Investment during the 3rd quarter valued at about $777,000. Panagora Asset Management Inc. grew its stake in MGIC Investment by 14.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 505,155 shares of the insurance provider's stock valued at $10,886,000 after acquiring an additional 65,315 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in MGIC Investment by 2.9% in the 2nd quarter. Mackenzie Financial Corp now owns 879,674 shares of the insurance provider's stock valued at $18,957,000 after acquiring an additional 24,627 shares during the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

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 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.