MGIC Investment (MTG) Given a $17.00 Price Target at Susquehanna Bancshares

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Susquehanna Bancshares set a $17.00 price objective on MGIC Investment (NYSE:MTG) in a report released on Thursday morning. The brokerage currently has a buy rating on the insurance provider’s stock.

A number of other analysts have also weighed in on MTG. ValuEngine lowered MGIC Investment from a hold rating to a sell rating in a research report on Monday, July 2nd. Bank of America upped their price objective on MGIC Investment from $13.00 to $23.00 and gave the stock an underperform rating in a research report on Monday, August 13th. Finally, B. Riley upped their price objective on MGIC Investment from $14.00 to $16.00 and gave the stock a buy rating in a research report on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $16.50.

Shares of MGIC Investment stock traded down $0.14 during trading hours on Thursday, reaching $12.40. 274,283 shares of the company were exchanged, compared to its average volume of 3,152,658. MGIC Investment has a 1 year low of $9.97 and a 1 year high of $16.21. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $4.70 billion, a P/E ratio of 9.21, a P/E/G ratio of 1.56 and a beta of 1.87.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Wednesday, October 17th. The insurance provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.13. MGIC Investment had a return on equity of 20.89% and a net margin of 48.63%. The business had revenue of $290.50 million for the quarter, compared to analyst estimates of $274.36 million. During the same quarter in the prior year, the company earned $0.32 earnings per share. The company’s revenue was up 7.5% on a year-over-year basis. Sell-side analysts predict that MGIC Investment will post 1.67 earnings per share for the current year.

Several hedge funds have recently modified their holdings of MTG. Stifel Financial Corp grew its stake in shares of MGIC Investment by 59.0% during the first quarter. Stifel Financial Corp now owns 30,173 shares of the insurance provider’s stock worth $399,000 after purchasing an additional 11,195 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in MGIC Investment by 6.4% in the first quarter. Commonwealth Equity Services LLC now owns 119,393 shares of the insurance provider’s stock valued at $1,552,000 after acquiring an additional 7,191 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in MGIC Investment by 38.5% in the first quarter. Allianz Asset Management GmbH now owns 623,878 shares of the insurance provider’s stock valued at $8,111,000 after acquiring an additional 173,561 shares in the last quarter. A.R.T. Advisors LLC acquired a new position in MGIC Investment in the first quarter valued at $254,000. Finally, Element Capital Management LLC acquired a new position in MGIC Investment in the first quarter valued at $155,000. Hedge funds and other institutional investors own 91.30% of the company’s stock.

About MGIC Investment

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance 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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Analyst Recommendations for MGIC Investment (NYSE:MTG)

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