MGIC Investment (MTG) Price Target Lowered to $18.00 at B. Riley

MGIC Investment (NYSE:MTG) had its price target trimmed by B. Riley from $19.00 to $18.00 in a report released on Tuesday morning. The brokerage currently has a buy rating on the insurance provider’s stock. B. Riley also issued estimates for MGIC Investment’s FY2018 earnings at $1.35 EPS and FY2019 earnings at $1.40 EPS.

MTG has been the subject of a number of other research reports. Macquarie assumed coverage on shares of MGIC Investment in a research report on Wednesday, March 14th. They set an outperform rating and a $17.00 target price for the company. Wells Fargo reissued a buy rating on shares of MGIC Investment in a research report on Wednesday, March 14th. ValuEngine downgraded shares of MGIC Investment from a strong-buy rating to a buy rating in a research report on Monday, April 9th. BTIG Research increased their target price 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. Finally, Bank of America downgraded shares of MGIC Investment from a buy rating to a neutral rating and set a $12.00 target price for the company. in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $16.33.

NYSE MTG opened at $10.77 on Tuesday. MGIC Investment has a 12 month low of $10.07 and a 12 month 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 $4,046.11, a PE ratio of 7.96, a P/E/G ratio of 1.10 and a beta of 1.95.



MGIC Investment (NYSE:MTG) last posted its earnings results on Thursday, January 18th. The insurance provider reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.16. The firm had revenue of $271.50 million during the quarter, compared to the consensus estimate of $273.66 million. MGIC Investment had a net margin of 33.37% and a return on equity of 17.36%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. analysts expect that MGIC Investment will post 1.42 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of MTG. New York State Common Retirement Fund grew its position in MGIC Investment by 14.0% in the third quarter. New York State Common Retirement Fund now owns 1,074,621 shares of the insurance provider’s stock valued at $13,465,000 after acquiring an additional 132,342 shares in the last quarter. Legal & General Group Plc grew its position in MGIC Investment by 24.4% in the third quarter. Legal & General Group Plc now owns 194,143 shares of the insurance provider’s stock valued at $2,434,000 after acquiring an additional 38,104 shares in the last quarter. JPMorgan Chase & Co. grew its position in MGIC Investment by 55.6% in the third quarter. JPMorgan Chase & Co. now owns 1,399,762 shares of the insurance provider’s stock valued at $17,567,000 after acquiring an additional 499,890 shares in the last quarter. Wells Fargo & Company MN grew its position in MGIC Investment by 18.0% in the third quarter. Wells Fargo & Company MN now owns 1,589,433 shares of the insurance provider’s stock valued at $19,916,000 after acquiring an additional 242,861 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its position in MGIC Investment by 11.1% in the third quarter. Allianz Asset Management GmbH now owns 451,531 shares of the insurance provider’s stock valued at $5,657,000 after acquiring an additional 44,935 shares in the last quarter. 92.74% of the stock is owned by institutional investors.

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About MGIC Investment

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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