MGIC Investment (NYSE:MTG) upgraded to Royal Bank of Canada

MGIC Investment (NYSE:MTG – Get a rating) was upgraded by analysts at Royal Bank of Canada from an “sector performance” rating to an “outperform” rating in a research note released Thursday to investors, reports The Fly.

Several other research companies have also recently weighed in on MTG. StockNews.com upgraded MGIC Investment from a “hold” rating to a “buy” rating in a Friday, May 13 research rating. BTIG Research reduced its price target on MGIC Investment from $18.00 to $17.00 in a Tuesday, April 12 research note. Two research analysts rated the stock with a hold rating and four assigned the company a buy rating. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $17.92.

MTG stock opened at $11.66 on Thursday. The company has a debt ratio of 0.20, a quick ratio of 0.61 and a current ratio of 0.61. The company has a market capitalization of $3.61 billion, a price/earnings ratio of 5.95, a PEG ratio of 1.03 and a beta of 1.49. MGIC Investment has a fifty-two week low of $11.38 and a fifty-two week high of $16.84. The stock has a fifty-day moving average of $13.20 and a 200-day moving average of $14.15.

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MGIC Investment (NYSE:MTG – Get Rating) last released its quarterly results on Wednesday, May 4. The insurance provider reported earnings per share of $0.60 for the quarter, beating the consensus estimate of $0.58 by $0.02. The company posted revenue of $294.60 million in the quarter, versus a consensus estimate of $292.28 million. MGIC Investment had a return on equity of 14.61% and a net margin of 55.82%. The company’s quarterly revenue fell 1.1% from the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.42. Equity analysts expect MGIC Investment to post an EPS of 2.27 for the current year.

Several large investors have recently increased or reduced their stake in the company. Verition Fund Management LLC increased its equity stake in MGIC Investment by 11.6% in Q1. Verition Fund Management LLC now owns 36,062 shares of the insurance provider valued at $489,000 after acquiring 3,748 additional shares in the last quarter. Midwest Wealth Management Inc. increased its equity stake in MGIC Investment by 2.8% in Q1. Midwest Wealth Management Inc. now owns 95,670 shares of the insurance provider valued at $1,296,000 after acquiring 2,593 additional shares last quarter. Neuberger Berman Group LLC increased its equity stake in MGIC Investment by 42.0% in Q1. Neuberger Berman Group LLC now owns 53,896 shares of the insurance provider valued at $730,000 after acquiring an additional 15,936 shares last quarter. Weiss Multi Strategy Advisers LLC purchased a new equity stake from MGIC Investment in Q1 valued at approximately $7,791,000. Finally, Virtu Financial LLC increased its stake in MGIC Investment shares by 133.7% in the 1st quarter. Virtu Financial LLC now owns 24,030 shares of the insurance provider valued at $326,000 after acquiring 13,747 additional shares in the last quarter. 94.10% of the shares are currently held by hedge funds and other institutional investors.

About MGIC Investment (Get an evaluation)

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, Puerto Rico and in Guam. The company offers mortgage principal insurance that provides mortgage default protection on individual loans, as well as covers outstanding loan principal, overdue interest, and various expenses associated with default and subsequent foreclosure.

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Analyst Recommendations for MGIC Investment (NYSE: MTG)

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