MGIC Investment’s (MTG) “Market Perform” Rating Reaffirmed at Wells Fargo

MGIC Investment (NYSE:MTG)‘s stock had its “market perform” rating reaffirmed by equities researchers at Wells Fargo in a report issued on Wednesday, Marketbeat.com reports. They currently have a $17.00 price objective on the insurance provider’s stock. Wells Fargo’s target price suggests a potential upside of 62.37% from the company’s previous close.

The analysts wrote, “We expect the focus to be less on the quarter and more on 1) MTG’s recent announcement of a price cut, and 2) the recently¬≠announced Freddie Mac pilot program with a panel of reinsurers.””

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Several other analysts have also recently commented on the stock. Barclays decreased their price objective on shares of MGIC Investment from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, April 11th. Susquehanna Bancshares set a $16.00 price objective on shares of MGIC Investment and gave the company a “buy” rating in a research note on Tuesday, April 10th. Deutsche Bank decreased their target price on shares of MGIC Investment from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, April 10th. B. Riley decreased their target price on shares of MGIC Investment from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, April 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $20.00 target price (up from $12.00) on shares of MGIC Investment in a research note on Tuesday, April 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $15.87.

NYSE MTG traded down $0.03 on Wednesday, hitting $10.47. 2,010,873 shares of the company’s stock traded hands, compared to its average volume of 4,015,064. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.26. MGIC Investment has a 1-year low of $10.03 and a 1-year high of $16.21. The stock has a market cap of $3,994.19, a price-to-earnings ratio of 7.72, a PEG ratio of 1.10 and a beta of 1.95.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, April 18th. The insurance provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.35 by $0.03. MGIC Investment had a net margin of 33.37% and a return on equity of 17.36%. The business had revenue of $265.80 million during the quarter, compared to analysts’ expectations of $273.94 million. During the same period in the previous year, the business posted $0.31 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. analysts forecast that MGIC Investment will post 1.41 EPS for the current year.

A number of large investors have recently bought and sold shares of the business. Legal & General Group Plc grew its holdings in shares of MGIC Investment by 24.4% during the third quarter. Legal & General Group Plc now owns 194,143 shares of the insurance provider’s stock worth $2,434,000 after buying an additional 38,104 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of MGIC Investment by 11.1% during the third quarter. Allianz Asset Management GmbH now owns 451,531 shares of the insurance provider’s stock worth $5,657,000 after buying an additional 44,935 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of MGIC Investment by 540.2% during the third quarter. Public Employees Retirement System of Ohio now owns 319,825 shares of the insurance provider’s stock worth $4,007,000 after buying an additional 269,870 shares in the last quarter. AXA purchased a new stake in shares of MGIC Investment during the third quarter worth $11,924,000. Finally, Parametric Portfolio Associates LLC grew its holdings in shares of MGIC Investment by 11.1% during the third quarter. Parametric Portfolio Associates LLC now owns 1,032,915 shares of the insurance provider’s stock worth $12,942,000 after buying an additional 102,991 shares in the last quarter. Institutional investors own 91.95% of the company’s stock.

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MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. 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.

Analyst Recommendations for MGIC Investment (NYSE:MTG)

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