MGIC Investment (NYSE:MTG) Price Target Raised to $27.00 at Barclays

MGIC Investment (NYSE:MTG - Get Free Report) had its price objective increased by investment analysts at Barclays from $26.00 to $27.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the insurance provider's stock. Barclays's target price would suggest a potential downside of 0.99% from the company's current price.

Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods upped their price objective on MGIC Investment from $26.00 to $27.00 and gave the stock a "market perform" rating in a report on Monday. Compass Point restated a "neutral" rating and issued a $28.00 price objective (up from $27.00) on shares of MGIC Investment in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, MGIC Investment currently has a consensus rating of "Hold" and an average price target of $26.88.

MGIC Investment Trading Down 0.5%

MGIC Investment stock traded down $0.15 during midday trading on Tuesday, reaching $27.27. 2,213,621 shares of the stock traded hands, compared to its average volume of 1,856,620. The company has a 50-day simple moving average of $26.66 and a two-hundred day simple moving average of $25.00. MGIC Investment has a 12-month low of $21.20 and a 12-month high of $28.67. The firm has a market cap of $6.47 billion, a PE ratio of 9.06, a price-to-earnings-growth ratio of 2.51 and a beta of 0.89. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.09. The firm had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. MGIC Investment had a return on equity of 14.96% and a net margin of 63.49%. The firm's revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 earnings per share. Research analysts expect that MGIC Investment will post 2.71 earnings per share for the current fiscal year.

MGIC Investment announced that its board has authorized a stock buyback program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insider Activity at MGIC Investment

In other news, EVP Paula C. Maggio sold 20,000 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president directly owned 157,395 shares in the company, valued at $4,169,393.55. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.41% of the stock is currently owned by company insiders.

Institutional Trading of MGIC Investment

Several large investors have recently made changes to their positions in the business. EP Wealth Advisors LLC lifted its stake in MGIC Investment by 0.9% in the first quarter. EP Wealth Advisors LLC now owns 45,481 shares of the insurance provider's stock valued at $1,127,000 after buying an additional 398 shares during the period. Brooklyn Investment Group grew its stake in MGIC Investment by 15.5% in the first quarter. Brooklyn Investment Group now owns 3,094 shares of the insurance provider's stock valued at $77,000 after purchasing an additional 416 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in MGIC Investment by 21.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,336 shares of the insurance provider's stock valued at $55,000 after purchasing an additional 419 shares in the last quarter. Signaturefd LLC boosted its stake in shares of MGIC Investment by 1.9% during the 1st quarter. Signaturefd LLC now owns 22,112 shares of the insurance provider's stock worth $548,000 after acquiring an additional 421 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of MGIC Investment by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,894 shares of the insurance provider's stock worth $270,000 after acquiring an additional 437 shares during the period. Institutional investors own 95.58% of the company's stock.

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 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.