MGIC Investment (NYSE:MTG) Now Covered by BTIG Research

Investment analysts at BTIG Research initiated coverage on shares of MGIC Investment (NYSE:MTG) in a research report issued on Tuesday. The brokerage set a “neutral” rating on the insurance provider’s stock.

Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods raised their price target on MGIC Investment from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, July 31st. Royal Bank Of Canada raised their target price on shares of MGIC Investment from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Weiss Ratings raised shares of MGIC Investment from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Zacks Research upgraded shares of MGIC Investment from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 25th. Finally, Roth Capital reissued a “buy” rating and issued a $35.00 price target on shares of MGIC Investment in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, MGIC Investment presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.60.

MGIC Investment Stock Performance

MGIC Investment stock traded up $0.24 during midday trading on Tuesday, reaching $29.69. 32,471 shares of the company’s stock were exchanged, compared to its average volume of 2,003,090. MGIC Investment has a 52 week low of $24.69 and a 52 week high of $31.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of 9.25, a P/E/G ratio of 0.75 and a beta of 0.65. The stock’s 50-day simple moving average is $30.37 and its 200 day simple moving average is $27.99.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Wednesday, July 29th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.11. MGIC Investment had a return on equity of 13.90% and a net margin of 59.20%.The firm had revenue of $295.39 million for the quarter, compared to analyst estimates of $297.54 million. During the same quarter in the prior year, the company earned $0.82 earnings per share. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, analysts expect that MGIC Investment will post 3.24 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Paula Maggio sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.30, for a total transaction of $606,000.00. Following the transaction, the executive vice president directly owned 149,620 shares of the company’s stock, valued at approximately $4,533,486. This trade represents a 11.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Salvatore Miosi sold 30,000 shares of MGIC Investment stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $30.73, for a total transaction of $921,900.00. Following the completion of the sale, the chief operating officer owned 470,951 shares of the company’s stock, valued at $14,472,324.23. This trade represents a 5.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On MGIC Investment

Hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC increased its stake in shares of MGIC Investment by 126.3% in the 2nd quarter. NewEdge Advisors LLC now owns 319,592 shares of the insurance provider’s stock valued at $9,012,000 after purchasing an additional 178,381 shares during the last quarter. Norges Bank acquired a new position in shares of MGIC Investment during the 4th quarter worth $96,248,000. Geode Capital Management LLC lifted its position in shares of MGIC Investment by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 5,371,470 shares of the insurance provider’s stock worth $163,368,000 after buying an additional 146,589 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of MGIC Investment by 24.5% during the 4th quarter. Hsbc Holdings PLC now owns 207,412 shares of the insurance provider’s stock worth $6,089,000 after buying an additional 40,751 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in MGIC Investment by 18.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 308,969 shares of the insurance provider’s stock valued at $9,028,000 after buying an additional 47,277 shares in the last quarter. 95.58% of the stock is currently owned by institutional investors and hedge funds.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a holding company whose principal subsidiary is Mortgage Guaranty Insurance Corporation (MGIC), a provider of private mortgage insurance in the United States. MGIC’s insurance helps lenders manage the risk associated with residential mortgages made to borrowers who have limited down payments, allowing qualified homebuyers to obtain financing with less than 20% down.

MGIC primarily offers primary mortgage insurance to mortgage lenders, banks, credit unions and other residential lending institutions.