MGIC Investment (NYSE:MTG – Get Free Report) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.
A number of other equities research analysts also recently commented on the stock. Weiss Ratings upgraded shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, August 19th. Royal Bank Of Canada boosted their target price on MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Roth Capital reiterated a “buy” rating and set a $35.00 target price on shares of MGIC Investment in a research report on Thursday, July 30th. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Finally, BTIG Research started coverage on 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 given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $30.80.
Check Out Our Latest Report on MTG
MGIC Investment Stock Performance
NYSE:MTG opened at $28.14 on Monday. The firm’s fifty day moving average price is $29.45 and its 200 day moving average price is $28.21. MGIC Investment has a 1-year low of $24.69 and a 1-year high of $31.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.19 and a quick ratio of 1.19. The firm has a market cap of $5.77 billion, a price-to-earnings ratio of 8.80, a price-to-earnings-growth ratio of 0.70 and a beta of 0.67.
MGIC Investment (NYSE:MTG – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.11. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The company had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. During the same quarter in the prior year, the firm earned $0.82 EPS. MGIC Investment’s quarterly revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that MGIC Investment will post 3.24 EPS for the current year.
Insiders Place Their Bets
In other MGIC Investment news, COO Salvatore Miosi sold 30,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $26.06, for a total transaction of $781,800.00. Following the transaction, the chief operating officer directly owned 440,951 shares in the company, valued at approximately $11,491,183.06. This represents a 6.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula Maggio sold 20,000 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the completion of the transaction, the executive vice president directly owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. This trade represents 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 three months, insiders have sold 217,114 shares of company stock worth $5,906,200. 1.34% of the stock is owned by company insiders.
Institutional Investors Weigh In On MGIC Investment
Institutional investors and hedge funds have recently modified their holdings of the company. Elevation Wealth Partners LLC increased its position in MGIC Investment by 345.6% during the 3rd quarter. Elevation Wealth Partners LLC now owns 1,123 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 871 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in MGIC Investment by 91.2% in the 3rd quarter. V Square Quantitative Management LLC now owns 1,363 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 650 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in MGIC Investment in the 2nd quarter valued at about $62,000. Harbor Investment Advisory LLC lifted its holdings in MGIC Investment by 613.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 2,574 shares of the insurance provider’s stock valued at $73,000 after purchasing an additional 2,213 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings in MGIC Investment by 100.7% in the 1st quarter. Root Financial Partners LLC now owns 3,022 shares of the insurance provider’s stock valued at $79,000 after purchasing an additional 1,516 shares in the last quarter. Institutional investors and hedge funds 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.
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