MGIC Investment (MTG) Downgraded by Wells Fargo

Wells Fargo cut shares of MGIC Investment (NYSE:MTG) from an outperform rating to a market perform rating in a report issued on Thursday. The brokerage currently has $12.00 price target on the insurance provider’s stock, up from their previous price target of $10.50.

A number of other brokerages also recently weighed in on MTG. B. Riley reaffirmed a buy rating and set a $19.00 price target on shares of MGIC Investment in a report on Thursday, January 18th. ValuEngine raised shares of MGIC Investment from a buy rating to a strong-buy rating in a report on Friday, February 2nd. Royal Bank of Canada began coverage on shares of MGIC Investment in a report on Wednesday, December 20th. They set an outperform rating and a $18.00 price target for the company. BTIG Research upped their price target on shares of MGIC Investment from $16.00 to $18.00 and gave the stock a buy rating in a report on Wednesday, December 20th. Finally, Deutsche Bank raised shares of MGIC Investment from a hold rating to a buy rating and upped their price target for the stock from $15.00 to $18.00 in a report on Monday, January 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $15.87.

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Shares of MGIC Investment stock opened at $10.61 on Thursday. MGIC Investment has a 1-year low of $10.03 and a 1-year high of $16.21. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.26. The company has a market cap of $3,934.85, a PE ratio of 7.80, a PEG ratio of 1.09 and a beta of 1.95.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, April 18th. The insurance provider reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.03. MGIC Investment had a net margin of 38.25% and a return on equity of 17.62%. The company had revenue of $265.80 million during the quarter, compared to the consensus estimate of $273.94 million. During the same quarter in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. research analysts forecast that MGIC Investment will post 1.39 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB bought a new position in MGIC Investment in the 4th quarter valued at approximately $451,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in MGIC Investment by 57.7% in the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 220,816 shares of the insurance provider’s stock valued at $3,116,000 after purchasing an additional 80,800 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in MGIC Investment in the 4th quarter valued at approximately $2,339,000. Jump Trading LLC bought a new position in MGIC Investment in the 4th quarter valued at approximately $223,000. Finally, Jane Street Group LLC lifted its stake in MGIC Investment by 110.8% in the 4th quarter. Jane Street Group LLC now owns 55,306 shares of the insurance provider’s stock valued at $780,000 after purchasing an additional 29,074 shares during the last quarter. 91.95% of the stock is owned by institutional investors and hedge funds.

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About MGIC Investment

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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