An issue of MGIC Investment Corp. (NYSE:MTG) debt fell 1% as a percentage of its face value during trading on Tuesday after B. Riley lowered their price target on the stock from $19.00 to $18.00. The high-yield issue of debt has a 5.75% coupon and will mature on August 15, 2023. The debt is now trading at $103.78. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.
Other analysts have also recently issued research reports about the stock. ValuEngine cut shares of MGIC Investment from a “strong-buy” rating to a “buy” rating in a research note on Monday. Wells Fargo set a $18.00 price objective on shares of MGIC Investment and gave the stock a “buy” rating in a research note on Monday. Deutsche Bank upgraded shares of MGIC Investment from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $15.00 to $18.00 in a research note on Monday, January 8th. BTIG Research lifted their price objective on shares of MGIC Investment from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $16.00 price objective on shares of MGIC Investment in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $16.25.
Several large investors have recently modified their holdings of MTG. Nisa Investment Advisors LLC raised its position in shares of MGIC Investment by 125.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,190 shares of the insurance provider’s stock valued at $101,000 after buying an additional 4,000 shares in the last quarter. Wealthcare Advisory Partners LLC acquired a new position in shares of MGIC Investment in the 3rd quarter valued at approximately $107,000. Eqis Capital Management Inc. acquired a new position in shares of MGIC Investment in the 4th quarter valued at approximately $144,000. Signition LP acquired a new position in shares of MGIC Investment in the 4th quarter valued at approximately $156,000. Finally, BlueCrest Capital Management Ltd acquired a new position in shares of MGIC Investment in the 4th quarter valued at approximately $164,000. Institutional investors own 92.74% of the company’s stock.
The stock has a market cap of $4,754.45, a P/E ratio of 7.99, a P/E/G ratio of 1.28 and a beta of 1.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.18 and a current ratio of 0.18.
MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.16. The business had revenue of $271.50 million during the quarter, compared to analysts’ expectations of $273.66 million. MGIC Investment had a net margin of 33.37% and a return on equity of 17.36%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.28 EPS. equities research analysts forecast that MGIC Investment Corp. will post 1.43 EPS for the current year.
MGIC Investment Company Profile
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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