MGIC Investment (NYSE:MTG) Stock Price Target Raised at Barclays

Key Points

• Barclays raised MGIC Investment’s price target from $28 to $29 while maintaining an “equal weight” rating, implying 7.38% upside from the stock’s reported $27.01 price.
• Analyst sentiment is broadly positive, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $30.80; targets from other firms range as high as $35.
• MGIC exceeded quarterly EPS expectations, reporting $0.87 versus the $0.76 consensus, although revenue declined 2.9% year over year. Insiders sold 217,114 shares worth $5.9 million in the last quarter.

MGIC Investment (NYSE:MTG - Get Free Report) had its price target raised by Barclays from $28.00 to $29.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the insurance provider's stock. Barclays's price objective suggests a potential upside of 7.38% from the company's current price.

A number of other equities analysts also recently weighed in on the company. Weiss Ratings upgraded MGIC Investment from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods lifted their price target on MGIC Investment from $29.00 to $30.00 and gave the stock a "market perform" rating in a report on Friday, July 31st. Zacks Research raised MGIC Investment from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Royal Bank Of Canada upped their price objective on MGIC Investment from $28.00 to $32.00 and gave the company a "sector perform" rating in a research note on Friday, July 31st. Finally, Roth Capital reaffirmed a "buy" rating and set a $35.00 target price on shares of MGIC Investment in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $30.80.

MGIC Investment Stock Up 0.2%

MGIC Investment stock traded up $0.06 during midday trading on Monday, hitting $27.01. 469,171 shares of the stock were exchanged, compared to its average volume of 2,050,402. MGIC Investment has a 52-week low of $24.69 and a 52-week high of $31.89. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of 8.45, a price-to-earnings-growth ratio of 0.69 and a beta of 0.67. The business's 50-day moving average price is $30.17 and its 200-day moving average price is $28.09. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.11. The business had revenue of $295.39 million during the quarter, compared to the consensus estimate of $297.54 million. MGIC Investment had a net margin of 59.20% and a return on equity of 13.90%. The firm's quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 EPS. On average, research analysts expect that MGIC Investment will post 3.24 EPS for the current fiscal year.

Insider Transactions at MGIC Investment

In related news, EVP Paula Maggio sold 20,000 shares of MGIC Investment stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $30.30, for a total value of $606,000.00. Following the sale, the executive vice president owned 149,620 shares of the company's stock, valued at approximately $4,533,486. The trade was a 11.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore Miosi sold 30,000 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $26.06, for a total value of $781,800.00. Following the completion of the transaction, the chief operating officer owned 440,951 shares in the company, valued at approximately $11,491,183.06. The trade was a 6.37% decrease in their position. 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. Insiders sold a total of 217,114 shares of company stock worth $5,906,200 in the last quarter. Insiders own 1.34% of the company's stock.

Institutional Trading of MGIC Investment

Several hedge funds have recently made changes to their positions in the company. Baird Financial Group Inc. raised its holdings in MGIC Investment by 3.1% during the 2nd quarter. Baird Financial Group Inc. now owns 13,092 shares of the insurance provider's stock valued at $369,000 after acquiring an additional 392 shares during the period. Compound Planning Inc. boosted its holdings in shares of MGIC Investment by 4.3% in the first quarter. Compound Planning Inc. now owns 10,392 shares of the insurance provider's stock worth $273,000 after acquiring an additional 433 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of MGIC Investment by 1.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider's stock valued at $1,181,000 after purchasing an additional 481 shares in the last quarter. Versant Capital Management Inc grew its position in shares of MGIC Investment by 9.4% in the third quarter. Versant Capital Management Inc now owns 5,917 shares of the insurance provider's stock valued at $153,000 after purchasing an additional 508 shares in the last quarter. Finally, Lido Advisors LLC grew its position in shares of MGIC Investment by 2.4% in the first quarter. Lido Advisors LLC now owns 24,373 shares of the insurance provider's stock valued at $640,000 after purchasing an additional 574 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors.

MGIC Investment Company Profile

MGIC Investment Corporation is a holding company whose principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC), provides private mortgage insurance in the United States. Its insurance helps lenders manage credit risk on residential mortgage loans, particularly loans made to borrowers who provide down payments below traditional thresholds.

MGIC's products are primarily designed for lenders and other mortgage-finance participants, including primary mortgage insurance covering individual residential loans.

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