Analysts Set MGIC Investment Corp. (NYSE:MTG) Target Price at $16.81

MGIC Investment Corp. (NYSE:MTG) has received a consensus rating of “Hold” from the nine ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $16.81.

Separately, Zacks Investment Research cut shares of Heritage Insurance from a “hold” rating to a “strong sell” rating in a research note on Friday, April 26th.

Several hedge funds and other institutional investors have recently made changes to their positions in MTG. PNC Financial Services Group Inc. lifted its holdings in MGIC Investment by 3,345.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,445 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 3,345 shares during the period. New York State Common Retirement Fund lifted its holdings in MGIC Investment by 27.2% in the fourth quarter. New York State Common Retirement Fund now owns 605,197 shares of the insurance provider’s stock valued at $6,330,000 after acquiring an additional 129,264 shares during the period. BlackRock Inc. lifted its holdings in MGIC Investment by 2.4% in the fourth quarter. BlackRock Inc. now owns 26,172,069 shares of the insurance provider’s stock valued at $273,759,000 after acquiring an additional 602,849 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in MGIC Investment by 2.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 33,240 shares of the insurance provider’s stock valued at $348,000 after acquiring an additional 844 shares during the period. Finally, Advisor Group Inc. lifted its holdings in MGIC Investment by 16.5% in the fourth quarter. Advisor Group Inc. now owns 10,777 shares of the insurance provider’s stock valued at $111,000 after acquiring an additional 1,526 shares during the period. 92.02% of the stock is owned by institutional investors.

MTG stock traded down $0.11 during midday trading on Friday, hitting $13.29. The stock had a trading volume of 3,008,753 shares, compared to its average volume of 6,574,977. The company has a market cap of $4.73 billion, a price-to-earnings ratio of 7.47, a PEG ratio of 1.62 and a beta of 1.64. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.22. MGIC Investment has a 12-month low of $9.41 and a 12-month high of $14.97. The business has a 50-day moving average price of $13.65.

MGIC Investment (NYSE:MTG) last released its earnings results on Tuesday, April 23rd. The insurance provider reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.04. The firm had revenue of $291.65 million during the quarter, compared to analysts’ expectations of $286.01 million. MGIC Investment had a net margin of 59.01% and a return on equity of 19.06%. MGIC Investment’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS. On average, equities research analysts anticipate that MGIC Investment will post 1.65 EPS for the current fiscal year.

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 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.

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Analyst Recommendations for MGIC Investment (NYSE:MTG)

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