Equities researchers at Royal Bank of Canada started coverage on shares of MGIC Investment (NYSE:MTG) in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $18.00 price target on the insurance provider’s stock. Royal Bank of Canada’s price target points to a potential upside of 19.05% from the company’s previous close.
A number of other equities research analysts have also commented on the company. Wells Fargo & Company reissued a “buy” rating on shares of MGIC Investment in a research report on Friday, December 8th. B. Riley reissued a “buy” rating on shares of MGIC Investment in a research report on Monday, November 6th. Deutsche Bank lowered MGIC Investment from a “buy” rating to a “hold” rating and set a $13.50 price target for the company. in a research report on Friday, November 3rd. Zacks Investment Research raised MGIC Investment from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Monday, October 23rd. Finally, Bank of America increased their price target on MGIC Investment from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, October 20th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. MGIC Investment presently has a consensus rating of “Buy” and an average target price of $14.98.
Shares of MGIC Investment (MTG) traded up $0.41 during trading hours on Wednesday, hitting $15.12. The stock had a trading volume of 4,639,421 shares, compared to its average volume of 3,361,467. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.27 and a quick ratio of 0.27. MGIC Investment has a one year low of $9.68 and a one year high of $15.64. The firm has a market capitalization of $5,528.86, a price-to-earnings ratio of 12.23, a price-to-earnings-growth ratio of 1.45 and a beta of 2.26.
A number of large investors have recently made changes to their positions in MTG. Aperio Group LLC grew its stake in MGIC Investment by 19.4% in the 2nd quarter. Aperio Group LLC now owns 50,848 shares of the insurance provider’s stock valued at $569,000 after purchasing an additional 8,278 shares during the period. Sei Investments Co. grew its stake in MGIC Investment by 67.6% in the 2nd quarter. Sei Investments Co. now owns 132,198 shares of the insurance provider’s stock valued at $1,480,000 after purchasing an additional 53,313 shares during the period. Canada Pension Plan Investment Board grew its stake in MGIC Investment by 162.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 77,500 shares of the insurance provider’s stock valued at $868,000 after purchasing an additional 48,000 shares during the period. Schwab Charles Investment Management Inc. grew its stake in MGIC Investment by 1.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,307,408 shares of the insurance provider’s stock valued at $25,843,000 after purchasing an additional 35,978 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in MGIC Investment by 1.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 27,369 shares of the insurance provider’s stock valued at $307,000 after purchasing an additional 407 shares during the period. Hedge funds and other institutional investors own 91.11% of the company’s stock.
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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.
