MGIC Investment (NYSE:MTG) Earns Neutral Rating from Compass Point

MGIC Investment (NYSE:MTG - Get Free Report)'s stock had its "neutral" rating reissued by equities research analysts at Compass Point in a research report issued to clients and investors on Friday, Marketbeat reports. They currently have a $28.00 price target on the insurance provider's stock, up from their previous price target of $27.00. Compass Point's price target would suggest a potential upside of 5.40% from the stock's previous close.

Several other equities research analysts have also recently commented on MTG. UBS Group increased their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods reduced their target price on shares of MGIC Investment from $28.00 to $26.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. Finally, Barclays upped their price objective on MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $26.63.

MGIC Investment Trading Down 0.2%

Shares of MGIC Investment stock traded down $0.06 during trading hours on Friday, hitting $26.57. The company's stock had a trading volume of 651,202 shares, compared to its average volume of 1,794,762. MGIC Investment has a 12 month low of $20.11 and a 12 month high of $26.92. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. The company has a market capitalization of $6.31 billion, a PE ratio of 9.16 and a beta of 0.91. The stock has a 50 day moving average of $24.91 and a 200 day moving average of $24.60.

MGIC Investment (NYSE:MTG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.09. The firm had revenue of $306.23 million during the quarter, compared to analyst estimates of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The company's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.65 EPS. Analysts predict that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has approved a stock buyback program on Thursday, April 24th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 12.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On MGIC Investment

Hedge funds have recently made changes to their positions in the stock. Barclays PLC lifted its stake in shares of MGIC Investment by 75.1% in the 3rd quarter. Barclays PLC now owns 457,706 shares of the insurance provider's stock valued at $11,716,000 after acquiring an additional 196,252 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of MGIC Investment by 131.9% in the fourth quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock worth $39,000 after acquiring an additional 938 shares during the period. Crossmark Global Holdings Inc. lifted its position in shares of MGIC Investment by 13.5% in the 4th quarter. Crossmark Global Holdings Inc. now owns 61,173 shares of the insurance provider's stock worth $1,450,000 after purchasing an additional 7,290 shares during the period. Janney Montgomery Scott LLC boosted its position in MGIC Investment by 33.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider's stock valued at $958,000 after acquiring an additional 10,130 shares during the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of MGIC Investment by 4.8% during the 4th quarter. Inspire Investing LLC now owns 16,883 shares of the insurance provider's stock worth $400,000 after buying an additional 766 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

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.