MGIC Investment (NYSE:MTG) Given New $14.00 Price Target at B. Riley

MGIC Investment (NYSE:MTG) had its price target decreased by B. Riley from $17.00 to $14.00 in a report released on Monday morning, BenzingaRatingsTable reports. B. Riley currently has a buy rating on the insurance provider’s stock. B. Riley also issued estimates for MGIC Investment’s FY2020 earnings at $1.65 EPS and FY2021 earnings at $1.65 EPS.

A number of other analysts have also weighed in on MTG. ValuEngine raised shares of MGIC Investment from a strong sell rating to a sell rating in a report on Wednesday, January 15th. BTIG Research reissued a buy rating and issued a $18.00 price target on shares of MGIC Investment in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $14.70.

Shares of MGIC Investment stock traded up $1.70 during midday trading on Monday, reaching $8.26. The company had a trading volume of 9,781,083 shares, compared to its average volume of 4,381,307. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 4.44, a price-to-earnings-growth ratio of 0.69 and a beta of 1.47. The stock has a fifty day simple moving average of $11.53 and a 200 day simple moving average of $13.19. MGIC Investment has a 1-year low of $4.34 and a 1-year high of $15.24.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Tuesday, February 4th. The insurance provider reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. The business had revenue of $311.60 million during the quarter, compared to analyst estimates of $307.10 million. MGIC Investment had a net margin of 55.50% and a return on equity of 16.41%. MGIC Investment’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. Sell-side analysts expect that MGIC Investment will post 1.72 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date was Monday, February 10th. MGIC Investment’s dividend payout ratio is currently 13.04%.

In other MGIC Investment news, CAO Julie K. Sperber sold 5,535 shares of MGIC Investment stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $14.28, for a total transaction of $79,039.80. Following the completion of the sale, the chief accounting officer now owns 82,239 shares of the company’s stock, valued at approximately $1,174,372.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.81% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. AJO LP grew its holdings in MGIC Investment by 5.7% during the 4th quarter. AJO LP now owns 10,494,761 shares of the insurance provider’s stock worth $148,710,000 after acquiring an additional 564,915 shares during the period. FMR LLC boosted its position in shares of MGIC Investment by 4.7% during the fourth quarter. FMR LLC now owns 8,465,359 shares of the insurance provider’s stock worth $119,955,000 after purchasing an additional 376,588 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of MGIC Investment by 24.0% during the fourth quarter. AQR Capital Management LLC now owns 8,361,055 shares of the insurance provider’s stock worth $118,476,000 after purchasing an additional 1,620,455 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of MGIC Investment by 31.6% during the third quarter. Point72 Asset Management L.P. now owns 8,021,746 shares of the insurance provider’s stock worth $100,914,000 after purchasing an additional 1,927,703 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of MGIC Investment by 7.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,293,178 shares of the insurance provider’s stock worth $103,344,000 after purchasing an additional 482,075 shares in the last quarter. 91.33% of the stock is owned by hedge funds and other institutional investors.

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 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.

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