Bank of America Downgrades MGIC Investment (NYSE:MTG) to Underperform

MGIC Investment (NYSE:MTG) was downgraded by stock analysts at Bank of America from a “buy” rating to an “underperform” rating in a note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $25.00 price target on the insurance provider’s stock, down from their prior price target of $26.00. Bank of America‘s target price would indicate a potential upside of 1.75% from the company’s current price.

MTG has been the subject of a number of other reports. Royal Bank of Canada lowered their target price on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Barclays boosted their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $26.00.

MGIC Investment Trading Down 0.2 %

MTG stock opened at $24.57 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. MGIC Investment has a twelve month low of $18.04 and a twelve month high of $26.56. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 8.65, a price-to-earnings-growth ratio of 1.82 and a beta of 1.27. The firm’s fifty day simple moving average is $25.28 and its two-hundred day simple moving average is $23.93.

MGIC Investment (NYSE:MTG) last issued its earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The firm had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The business’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 earnings per share. As a group, analysts anticipate that MGIC Investment will post 2.85 earnings per share for the current year.

Hedge Funds Weigh In On MGIC Investment

Several hedge funds and other institutional investors have recently bought and sold shares of MTG. State of Alaska Department of Revenue grew its stake in MGIC Investment by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock valued at $3,858,000 after acquiring an additional 540 shares during the period. Nations Financial Group Inc. IA ADV boosted its stake in MGIC Investment by 1.6% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock worth $761,000 after purchasing an additional 565 shares during the last quarter. Lindenwold Advisors INC boosted its stake in MGIC Investment by 3.7% during the 3rd quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after purchasing an additional 592 shares during the last quarter. Fortem Financial Group LLC boosted its stake in MGIC Investment by 1.0% during the 2nd quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock worth $1,626,000 after purchasing an additional 747 shares during the last quarter. Finally, Financial Strategies Group Inc. boosted its stake in MGIC Investment by 9.2% during the 3rd quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock worth $295,000 after purchasing an additional 966 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

About MGIC Investment

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, the District of Columbia, Puerto Rico, and Guam. 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.