Barclays Increases MGIC Investment (NYSE:MTG) Price Target to $29.00

MGIC Investment (NYSE:MTG) had its price target lifted by research analysts at Barclays from $28.00 to $29.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price target suggests a potential upside of 8.03% from the stock’s previous close.

A number of other research firms have also weighed in on MTG. Keefe, Bruyette & Woods increased their target price on MGIC Investment from $27.00 to $28.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Weiss Ratings lowered shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, February 5th. Finally, UBS Group cut their price target on shares of MGIC Investment from $29.50 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and a consensus price target of $28.25.

MGIC Investment Trading Up 1.2%

Shares of NYSE:MTG traded up $0.33 during trading hours on Monday, hitting $26.85. 97,917 shares of the company’s stock traded hands, compared to its average volume of 2,205,308. The firm has a market capitalization of $5.77 billion, a P/E ratio of 8.54, a price-to-earnings-growth ratio of 2.11 and a beta of 0.79. The business has a fifty day moving average price of $26.47 and a 200-day moving average price of $27.48. MGIC Investment has a 1 year low of $21.94 and a 1 year high of $29.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.52 and a quick ratio of 1.52.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.During the same period in the prior year, the business earned $0.72 EPS. The business’s revenue for the quarter was down .9% on a year-over-year basis. Equities analysts expect that MGIC Investment will post 2.71 earnings per share for the current year.

Insiders Place Their Bets

In other MGIC Investment news, CEO Timothy J. Mattke sold 139,203 shares of the company’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total value of $3,690,271.53. Following the completion of the sale, the chief executive officer directly owned 822,588 shares in the company, valued at approximately $21,806,807.88. This represents a 14.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paula C. Maggio sold 20,000 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president directly owned 114,689 shares in the company, valued at $3,155,094.39. The trade was a 14.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 339,336 shares of company stock worth $9,032,971 in the last ninety days. 1.05% of the stock is owned by company insiders.

Institutional Trading of MGIC Investment

A number of hedge funds have recently added to or reduced their stakes in MTG. Alpine Bank Wealth Management bought a new position in MGIC Investment during the 3rd quarter worth about $28,000. Newbridge Financial Services Group Inc. bought a new stake in shares of MGIC Investment in the 3rd quarter valued at about $28,000. SBI Securities Co. Ltd. raised its holdings in shares of MGIC Investment by 61.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 395 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of MGIC Investment in the 4th quarter worth approximately $36,000. Finally, Root Financial Partners LLC purchased a new stake in shares of MGIC Investment in the 3rd quarter worth approximately $38,000. 95.58% of the stock is owned by hedge funds and other institutional investors.

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.