MGIC Investment (NYSE:MTG) Price Target Cut to $28.00 by Analysts at UBS Group

Key Points

• UBS cut its price target on MGIC Investment to $28.00 (from $29.50) and maintained a "neutral" rating, implying roughly a 7.17% upside from the current share price.
• The stock's consensus remains a "Hold" with a $28.00 average price target from analysts (one Buy, four Hold ratings reported).
• Company insiders have been selling recently — CEO Timothy Mattke sold 139,203 shares and the EVP sold 20,000, with insiders offloading 189,203 shares (~$5.06M) over the last three months.

MGIC Investment (NYSE:MTG - Get Free Report) had its target price reduced by equities research analysts at UBS Group from $29.50 to $28.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the insurance provider's stock. UBS Group's target price would indicate a potential upside of 7.17% from the company's current price.

A number of other brokerages have also recently weighed in on MTG. Weiss Ratings cut MGIC Investment from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods upped their target price on shares of MGIC Investment from $27.00 to $28.00 and gave the stock a "market perform" rating in a report on Thursday, December 18th. Finally, Barclays dropped their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 4th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $28.00.

MGIC Investment Stock Up 1.0%

NYSE MTG traded up $0.25 during mid-day trading on Thursday, reaching $26.13. 2,341,623 shares of the company's stock traded hands, compared to its average volume of 2,362,410. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 8.32, a P/E/G ratio of 2.10 and a beta of 0.83. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13. MGIC Investment has a 1-year low of $21.94 and a 1-year high of $29.97. The company has a fifty day simple moving average of $26.98 and a 200-day simple moving average of $27.73.

MGIC Investment (NYSE:MTG - Get Free Report) last issued its earnings results on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, beating analysts' consensus estimates 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 company earned $0.72 earnings per share. The business's revenue was down .9% on a year-over-year basis. As a group, equities research analysts expect that MGIC Investment will post 2.71 EPS for the current year.

Insider Activity at MGIC Investment

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 transaction, the chief executive officer owned 822,588 shares in the company, valued at $21,806,807.88. This represents a 14.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Paula C. Maggio sold 20,000 shares of MGIC Investment stock in a transaction dated Friday, February 6th. The shares were 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 of the company's stock, 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 sold 189,203 shares of company stock worth $5,058,572 over the last three months. Company insiders own 1.05% of the company's stock.

Institutional Investors Weigh In On MGIC Investment

Several institutional investors and hedge funds have recently bought and sold shares of MTG. Alpine Bank Wealth Management bought a new position in shares of MGIC Investment during the third quarter valued at approximately $28,000. Newbridge Financial Services Group Inc. bought a new position in MGIC Investment in the 3rd quarter worth $28,000. SBI Securities Co. Ltd. lifted its holdings in MGIC Investment by 61.1% during the third 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. Employees Retirement System of Texas purchased a new stake in shares of MGIC Investment during the second quarter worth about $32,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in MGIC Investment by 118.0% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,308 shares of the insurance provider's stock valued at $36,000 after acquiring an additional 708 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

MGIC Investment Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.