Investment analysts at Macquarie began coverage on shares of MGIC Investment (NYSE:MTG) in a research note issued to investors on Wednesday, The Fly reports. The brokerage set an “outperform” rating on the insurance provider’s stock.
MTG has been the topic of several other reports. B. Riley reissued a “buy” rating and set a $19.00 price objective on shares of MGIC Investment in a research report on Thursday, January 18th. Deutsche Bank raised shares of MGIC Investment from a “hold” rating to a “buy” rating and raised their price objective for the stock from $15.00 to $18.00 in a research report on Monday, January 8th. Zacks Investment Research downgraded shares of MGIC Investment from a “buy” rating to a “hold” rating in a research report on Monday. Royal Bank of Canada started coverage on shares of MGIC Investment in a research report on Wednesday, December 20th. They set an “outperform” rating and a $18.00 price objective on the stock. Finally, BTIG Research raised their price objective on shares of MGIC Investment from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, December 20th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. MGIC Investment has a consensus rating of “Buy” and an average price target of $16.39.
Shares of MGIC Investment (NYSE:MTG) traded down $0.54 during trading on Wednesday, reaching $12.78. 6,155,962 shares of the company’s stock traded hands, compared to its average volume of 2,982,070. MGIC Investment has a 52 week low of $9.68 and a 52 week high of $16.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.18 and a quick ratio of 0.18. The stock has a market cap of $4,954.72, a P/E ratio of 13.60, a P/E/G ratio of 1.33 and a beta of 2.27.
A number of hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB purchased a new stake in MGIC Investment during the fourth quarter worth about $451,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in MGIC Investment by 57.7% during the fourth 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 worth $3,116,000 after buying an additional 80,800 shares in the last quarter. MetLife Investment Advisors LLC purchased a new stake in MGIC Investment during the fourth quarter worth about $2,339,000. Jump Trading LLC purchased a new stake in MGIC Investment during the fourth quarter worth about $223,000. Finally, Jane Street Group LLC raised its position in MGIC Investment by 110.8% during the fourth quarter. Jane Street Group LLC now owns 55,306 shares of the insurance provider’s stock worth $780,000 after acquiring an additional 29,074 shares during the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.
MGIC Investment Company Profile
MGIC Investment Corporation is a holding company. The Company, through its subsidiaries, provides private mortgage insurance and ancillary services. The Company provides mortgage insurance to lenders throughout the United States and to government-sponsored entities to protect against loss from defaults on low down payment residential mortgage loans.
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