MGIC Investment (NYSE: MTG)B. Riley’s stock had its “buy” rating restated by B. Riley analysts in a report released Wednesday, Fly reports. They currently have a price target of $ 17.00 on the insurer’s stock, up from their previous price target of $ 16.00. B. Riley’s price target would suggest a potential rise of 23.01% from the company’s previous close.
A number of other equity research analysts have also recently commented on the stock. Zacks investment research raised MGIC Investment shares from a “hold” rating to a “buy” rating and set a target price of $ 16.00 for the company in a report released on Tuesday, April 27. BTIG Research increased its target price on MGIC Investment shares from $ 16.00 to $ 17.00 and gave the company a “buy” rating in a report released on Friday, May 7. Five equity research analysts rated the stock with a buy rating. The company currently has a consensus rating of “Buy” and an average price target of $ 15.50.
Shares of MTG opened at $ 13.82 on Wednesday. MGIC Investment has a one year minimum of $ 7.01 and a one year maximum of $ 15.68. The stock has a market cap of $ 4.69 billion, a PE ratio of 10.71, a PEG ratio of 1.68 and a beta of 1.76. The company has a current ratio of 0.34, a quick ratio of 0.34, and a debt ratio of 0.26. The company has a fifty-day moving average of $ 14.36.
MGIC Investment (NYSE: MTG) last reported its quarterly results on Wednesday, May 5. The insurance provider reported earnings per share of $ 0.42 for the quarter, meeting analyst consensus estimates of $ 0.42. MGIC Investment had a net margin of 37.50% and a return on equity of 9.98%. The company reported sales of $ 295.75 million in the quarter. On average, analysts expect MGIC Investment to post earnings per share of 1.67 for the current fiscal year.
In other MGIC Investment news, Executive Vice President James J. Hughes sold 80,051 shares of the company in a transaction dated Friday, May 7. The shares were sold at an average price of $ 14.39, for a total trade of $ 1,151,933.89. Following the transaction, the Executive Vice President now directly owns 265,500 shares of the company, valued at $ 3,820,545. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.67% of the company’s shares.
Hedge funds have recently increased or reduced their stakes in the company. The New York State Teachers’ Pension System increased its position in MGIC Investment shares by 38.7% in the first quarter. The New York State Teachers’ Pension System now owns 280,937 shares of the insurance provider valued at $ 3,891,000 after purchasing an additional 78,337 shares in the last quarter. Xponance Inc. acquired a new stake in shares of MGIC Investment in the fourth quarter valued at approximately $ 447,000. Brandywine Global Investment Management LLC increased its position in MGIC Investment shares by 168.3% in the first quarter. Brandywine Global Investment Management LLC now owns 632,646 shares of the insurance provider valued at $ 8,762,000 after purchasing an additional 396,828 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of MGIC Investment by 27.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,425,976 shares of the insurance provider valued at $ 42,993,000 after purchasing an additional 728,292 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in shares of MGIC Investment during the first quarter valued at approximately $ 212,000. Institutional investors and hedge funds hold 93.03% of the company’s shares.
Profile of the MGIC investment company
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, Puerto Rico and Guam. The company offers primary mortgage insurance that provides protection against default on individual loans, as well as the principal of the unpaid loan, overdue interest, and various expenses associated with default and subsequent foreclosure.
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