MGIC Investment (NYSE:MTG – Get Free Report) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.
A number of other equities research analysts have also recently issued reports on MTG. Royal Bank Of Canada upped their price objective on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Weiss Ratings upgraded MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Barclays reduced their price target on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Roth Capital reissued a “buy” rating and set a $35.00 price objective on shares of MGIC Investment in a report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods raised their price objective on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.60.
Read Our Latest Analysis on MTG
MGIC Investment Stock Performance
MGIC Investment (NYSE:MTG – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.76 by $0.11. The company had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. MGIC Investment’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.82 EPS. As a group, equities analysts anticipate that MGIC Investment will post 3.24 EPS for the current fiscal year.
Insider Buying and Selling at MGIC Investment
In other MGIC Investment news, EVP Paula C. Maggio sold 20,937 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the completion of the sale, the executive vice president directly owned 169,620 shares in the company, valued at $4,333,791. This represents a 10.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore A. Miosi sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the sale, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 70,937 shares of company stock worth $1,902,340 in the last quarter. Insiders own 1.34% of the company’s stock.
Institutional Trading of MGIC Investment
Several hedge funds have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. increased its position in shares of MGIC Investment by 40.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,461 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 420 shares during the period. Compound Planning Inc. lifted 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 purchasing an additional 433 shares during the period. Oregon Public Employees Retirement Fund grew its stake 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 buying an additional 481 shares in the last quarter. Lido Advisors LLC grew its stake in MGIC Investment by 2.2% during the fourth quarter. Lido Advisors LLC now owns 23,799 shares of the insurance provider’s stock worth $689,000 after buying an additional 522 shares in the last quarter. Finally, Victory Financial Group LLC increased its holdings in MGIC Investment by 1.9% in the 3rd quarter. Victory Financial Group LLC now owns 27,994 shares of the insurance provider’s stock valued at $794,000 after buying an additional 535 shares during the period. Institutional investors own 95.58% of the company’s stock.
About MGIC Investment
MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.
The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.
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