Royal Bank of Canada Has Lowered Expectations for MGIC Investment (NYSE:MTG) Stock Price

MGIC Investment (NYSE:MTG) had its price target decreased by equities research analysts at Royal Bank of Canada from $28.00 to $27.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the insurance provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 11.02% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Barclays boosted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Roth Mkm boosted their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, BTIG Research boosted their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, MGIC Investment has a consensus rating of “Moderate Buy” and an average target price of $25.50.

MGIC Investment Stock Up 2.0 %

Shares of NYSE:MTG traded up $0.47 during midday trading on Wednesday, hitting $24.32. The stock had a trading volume of 841,957 shares, compared to its average volume of 1,764,991. MGIC Investment has a 12 month low of $17.25 and a 12 month high of $26.52. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. The business’s 50-day simple moving average is $25.26 and its 200-day simple moving average is $23.16. The company has a market cap of $6.30 billion, a P/E ratio of 9.01, a PEG ratio of 1.25 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last released its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. The business had revenue of $306.65 million during the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same period last year, the business earned $0.64 earnings per share. On average, sell-side analysts forecast that MGIC Investment will post 2.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vident Advisory LLC raised its stake in MGIC Investment by 21.1% during the first quarter. Vident Advisory LLC now owns 212,660 shares of the insurance provider’s stock worth $4,755,000 after acquiring an additional 37,030 shares in the last quarter. LSV Asset Management raised its stake in MGIC Investment by 1.6% during the first quarter. LSV Asset Management now owns 10,983,325 shares of the insurance provider’s stock worth $245,587,000 after acquiring an additional 174,609 shares in the last quarter. Sei Investments Co. raised its stake in MGIC Investment by 31.7% during the first quarter. Sei Investments Co. now owns 496,778 shares of the insurance provider’s stock worth $11,108,000 after acquiring an additional 119,476 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in MGIC Investment by 110.9% during the first quarter. Janney Montgomery Scott LLC now owns 61,539 shares of the insurance provider’s stock worth $1,376,000 after acquiring an additional 32,358 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in MGIC Investment by 24.9% during the first quarter. DekaBank Deutsche Girozentrale now owns 369,053 shares of the insurance provider’s stock worth $8,132,000 after acquiring an additional 73,474 shares in 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.