MGIC Investment (NYSE:MTG) Stock Price Expected to Rise, Compass Point Analyst Says

MGIC Investment (NYSE:MTG - Get Free Report) had its price objective increased by research analysts at Compass Point from $27.00 to $28.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the insurance provider's stock. Compass Point's price target suggests a potential upside of 7.14% from the stock's previous close.

MTG has been the subject of several other reports. Barclays upped their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. UBS Group increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Keefe, Bruyette & Woods decreased their target price on MGIC Investment from $28.00 to $26.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, MGIC Investment has a consensus rating of "Hold" and a consensus target price of $26.63.

MGIC Investment Stock Up 0.6%

MGIC Investment stock opened at $26.13 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25. MGIC Investment has a fifty-two week low of $20.11 and a fifty-two week high of $26.92. The firm has a fifty day moving average price of $24.74 and a two-hundred day moving average price of $24.56. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of 9.01 and a beta of 0.91.

MGIC Investment (NYSE:MTG - Get Free Report) last posted its quarterly earnings data 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. MGIC Investment had a return on equity of 14.86% and a net margin of 63.18%. The business had revenue of $306.23 million during the quarter, compared to analysts' expectations of $306.66 million. During the same quarter in the previous year, the firm earned $0.65 EPS. The firm's revenue was up 4.0% compared to the same quarter last year. As a group, analysts forecast that MGIC Investment will post 2.71 earnings per share for the current year.

MGIC Investment declared that its Board of Directors has initiated a share 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 shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Institutional Trading of MGIC Investment

Several institutional investors have recently bought and sold shares of MTG. Janney Montgomery Scott LLC boosted its stake in shares of MGIC Investment by 33.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider's stock valued at $958,000 after purchasing an additional 10,130 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in MGIC Investment by 311.0% during the 4th quarter. Asset Management One Co. Ltd. now owns 66,493 shares of the insurance provider's stock valued at $1,575,000 after purchasing an additional 50,316 shares during the last quarter. Empowered Funds LLC acquired a new position in MGIC Investment in the fourth quarter valued at about $1,166,000. Allianz Asset Management GmbH grew its stake in MGIC Investment by 8.2% during the fourth quarter. Allianz Asset Management GmbH now owns 5,495,115 shares of the insurance provider's stock worth $130,289,000 after buying an additional 415,586 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in MGIC Investment by 14.8% during the fourth quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider's stock worth $2,157,000 after buying an additional 11,721 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.

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.

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