MGIC Investment (NYSE:MTG) Downgraded by Bank of America 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 research report issued to clients and investors on Monday, MarketBeat Ratings reports. They currently have a $25.00 price objective on the insurance provider’s stock, down from their previous price objective of $26.00. Bank of America‘s price target points to a potential upside of 1.75% from the company’s previous close.

Several other research analysts have also recently weighed in on MTG. Barclays boosted their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 8th. Royal Bank of Canada reduced their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, MGIC Investment presently has an average rating of “Hold” and an average target price of $26.00.

MGIC Investment Trading Down 0.2 %

Shares of MTG stock opened at $24.57 on Monday. The company’s 50-day moving average price is $25.28 and its 200-day moving average price is $23.93. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 1.82 and a beta of 1.27. MGIC Investment has a twelve month low of $18.04 and a twelve month high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.11. The firm had revenue of $306.65 million for the quarter, compared to analysts’ expectations of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. As a group, equities analysts predict that MGIC Investment will post 2.85 earnings per share for the current year.

Institutional Trading of MGIC Investment

A number of institutional investors and hedge funds have recently bought and sold shares of MTG. Dimensional Fund Advisors LP increased its stake in MGIC Investment by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,145,206 shares of the insurance provider’s stock worth $326,375,000 after purchasing an additional 556,859 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new stake in MGIC Investment during the third quarter worth about $13,535,000. WINTON GROUP Ltd increased its stake in MGIC Investment by 440.3% during the second quarter. WINTON GROUP Ltd now owns 521,001 shares of the insurance provider’s stock worth $11,228,000 after purchasing an additional 424,580 shares during the period. Vest Financial LLC grew its position in shares of MGIC Investment by 22.7% during the second quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock worth $23,139,000 after buying an additional 198,553 shares in the last quarter. Finally, Barclays PLC grew its position in shares of MGIC Investment by 75.1% during the third quarter. Barclays PLC now owns 457,706 shares of the insurance provider’s stock worth $11,716,000 after buying an additional 196,252 shares in the last quarter. 95.58% of the stock is currently owned by hedge funds and other institutional investors.

MGIC Investment Company Profile

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.