MGIC Investment (NYSE:MTG) Given “Neutral” Rating at Compass Point

MGIC Investment (NYSE:MTG)‘s stock had its “neutral” rating reissued by equities research analysts at Compass Point in a report issued on Friday, Marketbeat reports. They presently have a $28.00 price objective on the insurance provider’s stock, up from their prior price objective of $27.00. Compass Point’s target price indicates a potential upside of 7.63% from the stock’s current price.

Several other analysts also recently weighed in on MTG. Keefe, Bruyette & Woods dropped their price objective on MGIC Investment from $28.00 to $26.00 and set a “market perform” rating for the company in a research report on Tuesday, April 8th. Barclays increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, UBS Group lifted their price target on shares of MGIC Investment from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, MGIC Investment currently has a consensus rating of “Hold” and an average price target of $26.63.

MGIC Investment Price Performance

Shares of NYSE:MTG opened at $26.02 on Friday. The firm has a 50 day moving average of $24.80 and a 200-day moving average of $24.57. MGIC Investment has a 12 month low of $20.11 and a 12 month high of $26.92. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.18 billion, a PE ratio of 8.97 and a beta of 0.91.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Wednesday, April 30th. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.09. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The business had revenue of $306.23 million for the quarter, compared to analysts’ expectations of $306.66 million. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the firm posted $0.65 earnings per share. On average, equities research analysts predict that MGIC Investment will post 2.71 EPS for the current fiscal year.

MGIC Investment announced that its board has approved a stock repurchase program on Thursday, April 24th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC lifted its holdings in shares of MGIC Investment by 33.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 40,398 shares of the insurance provider’s stock worth $958,000 after purchasing an additional 10,130 shares during the period. Asset Management One Co. Ltd. raised its position 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 worth $1,575,000 after purchasing an additional 50,316 shares during the last quarter. Empowered Funds LLC acquired a new position in MGIC Investment during the 4th quarter worth about $1,166,000. Allianz Asset Management GmbH lifted its holdings in MGIC Investment by 8.2% during the 4th 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 period. Finally, Wells Fargo & Company MN grew its position in shares of MGIC Investment by 14.8% in the 4th quarter. Wells Fargo & Company MN now owns 90,987 shares of the insurance provider’s stock valued at $2,157,000 after buying an additional 11,721 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

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.