MGIC Investment (NYSE:MTG – Get a rating) had its target price raised by Credit Suisse Group to $17.00 in a research report released Monday to clients and investors, Stock Target Advisor reports. Credit Suisse Group’s target price indicates an upside potential of 12.88% from the company’s current price.
MTG has been the subject of a number of other research reports. Bank of America downgraded MGIC Investment shares from a “neutral” rating to a “buy” rating and set a target price of $18.00 for the company in a research note on Thursday. Royal Bank of Canada upgraded shares of MGIC Investment from a “sector performance” rating to an “outperform” rating and raised its price target for the stock from $15.00 to $16.00 in a research note from Thursday, June 23. Finally, StockNews.com upgraded MGIC Investment’s shares from a “hold” rating to a “buy” rating in a Friday, August 5 report. One investment analyst gave the stock a hold rating and five gave the company a buy rating. Based on MarketBeat data, MGIC Investment currently has an average rating of “Moderate Buy” and a consensus price target of $18.33.
MGIC Investment Price Performance
Shares of MGIC Investment were down $0.25 at midday on Monday, hitting $15.06. 3,138,768 shares were traded, against an average volume of 3,075,143. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt ratio of 0.20. The company has a 50-day simple moving average of $13.46 and a 200-day simple moving average of $13.80. MGIC Investment has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 6.49, a growth price-to-earnings ratio of 1.26, and a beta of 1.47.
Institutional negotiation of MGIC Investment
A number of institutional investors have recently bought and sold shares of MTG. Allspring Global Investments Holdings LLC bought a new position in MGIC Investment in Q4 worth approximately $277,000. American Century Companies Inc. increased its holdings of MGIC Investment shares by 27.5% during the fourth quarter. American Century Companies Inc. now owns 1,040,842 shares of the insurance provider worth $15,009,000 after purchasing an additional 224,569 shares during the period. SG Americas Securities LLC increased its stake in MGIC Investment by 10.2% in the fourth quarter. SG Americas Securities LLC now owns 30,987 shares of the insurance provider valued at $447,000 after buying 2,863 additional shares last quarter. Victory Capital Management Inc. increased its position in MGIC Investment shares by 4.7% during the fourth quarter. Victory Capital Management Inc. now owns 2,792,922 shares of the insurance provider worth $40,274,000 after acquiring an additional 125,476 shares last quarter. Finally, ProShare Advisors LLC increased its stake in MGIC Investment by 9.0% during the fourth quarter. ProShare Advisors LLC now owns 57,447 shares of the insurance provider worth $829,000 after buying 4,741 additional shares in the last quarter. Institutional investors and hedge funds hold 94.10% of the company’s shares.
MGIC Investment Company Profile
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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 in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.
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