MGIC Investment (NYSE:MTG) Price Target Cut to $14.00

MGIC Investment (NYSE:MTG) had its price target cut by B. Riley from $17.00 to $14.00 in a research note published on Monday, BenzingaRatingsTable reports. They currently have a buy rating on the insurance provider’s stock. B. Riley also issued estimates for MGIC Investment’s FY2020 earnings at $1.65 EPS and FY2021 earnings at $1.65 EPS.

MTG has been the topic of several other reports. ValuEngine upgraded shares of MGIC Investment from a strong sell rating to a sell rating in a research note on Wednesday, January 15th. BTIG Research reiterated a buy rating and issued a $18.00 price target on shares of MGIC Investment in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $14.70.

Shares of MGIC Investment stock traded up $1.70 during trading on Monday, hitting $8.26. 9,781,083 shares of the stock were exchanged, compared to its average volume of 4,381,307. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 4.44, a price-to-earnings-growth ratio of 0.69 and a beta of 1.47. The company has a fifty day moving average price of $11.53 and a 200-day moving average price of $13.19. MGIC Investment has a 1-year low of $4.34 and a 1-year high of $15.24. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19.

MGIC Investment (NYSE:MTG) last released its quarterly earnings data on Tuesday, February 4th. The insurance provider reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.07. The company had revenue of $311.60 million for the quarter, compared to analyst estimates of $307.10 million. MGIC Investment had a net margin of 55.50% and a return on equity of 16.41%. MGIC Investment’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. Equities research analysts forecast that MGIC Investment will post 1.72 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 11th were paid a $0.06 dividend. The ex-dividend date was Monday, February 10th. This represents a $0.24 dividend on an annualized basis and a yield of 2.91%. MGIC Investment’s dividend payout ratio (DPR) is currently 13.04%.

In related news, CAO Julie K. Sperber sold 5,535 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $14.28, for a total value of $79,039.80. Following the transaction, the chief accounting officer now owns 82,239 shares in the company, valued at approximately $1,174,372.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.81% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its holdings in MGIC Investment by 7.7% in the 4th quarter. Parallel Advisors LLC now owns 10,179 shares of the insurance provider’s stock valued at $144,000 after purchasing an additional 728 shares during the period. Smith Asset Management Group LP boosted its holdings in MGIC Investment by 100.0% in the 4th quarter. Smith Asset Management Group LP now owns 1,900 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 950 shares during the period. Advisor Group Inc. boosted its holdings in MGIC Investment by 10.8% in the 4th quarter. Advisor Group Inc. now owns 9,835 shares of the insurance provider’s stock valued at $139,000 after purchasing an additional 957 shares during the period. Rhumbline Advisers boosted its holdings in MGIC Investment by 0.3% in the 4th quarter. Rhumbline Advisers now owns 314,657 shares of the insurance provider’s stock valued at $4,459,000 after purchasing an additional 968 shares during the period. Finally, O Shares Investment Advisers LLC boosted its holdings in MGIC Investment by 1.4% in the 4th quarter. O Shares Investment Advisers LLC now owns 71,680 shares of the insurance provider’s stock valued at $1,016,000 after purchasing an additional 981 shares during the period. Institutional investors and hedge funds own 91.33% 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 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.

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