MGIC Investment (NYSE:MTG) Price Target Raised to $26.00 at UBS Group

MGIC Investment (NYSE:MTG) had its price objective upped by UBS Group from $25.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. UBS Group’s target price points to a potential upside of 6.40% from the company’s previous close.

Several other brokerages have also weighed in on MTG. Royal Bank of Canada cut their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Compass Point reiterated a “neutral” rating and set a $27.00 price objective (up from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Bank of America lowered shares of MGIC Investment from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a research report on Wednesday, January 8th. Finally, Barclays increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $26.75.

MGIC Investment Price Performance

NYSE:MTG opened at $24.44 on Wednesday. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of 8.43 and a beta of 1.29. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company’s 50-day moving average is $24.36 and its two-hundred day moving average is $24.78. MGIC Investment has a 12-month low of $18.98 and a 12-month high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. Research analysts expect that MGIC Investment will post 2.71 EPS for the current year.

Institutional Trading of MGIC Investment

Several large investors have recently bought and sold shares of MTG. Norges Bank acquired a new stake in MGIC Investment in the fourth quarter valued at approximately $85,908,000. First Trust Advisors LP grew its position in shares of MGIC Investment by 22.4% during the fourth quarter. First Trust Advisors LP now owns 16,008,489 shares of the insurance provider’s stock worth $379,561,000 after buying an additional 2,928,595 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in shares of MGIC Investment by 292.0% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,072,629 shares of the insurance provider’s stock worth $49,142,000 after buying an additional 1,543,908 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of MGIC Investment by 259.4% during the fourth quarter. BNP Paribas Financial Markets now owns 1,105,399 shares of the insurance provider’s stock worth $26,209,000 after buying an additional 797,852 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of MGIC Investment by 16.6% during the fourth quarter. Invesco Ltd. now owns 4,766,195 shares of the insurance provider’s stock worth $113,006,000 after buying an additional 677,227 shares in the last quarter. Institutional investors and hedge funds 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.