MGIC Investment Corporation [MTG] stock Upgrade by Keefe Bruyette analyst, price target now $13

MGIC Investment Corporation [NYSE: MTG] gained 3.71% on the last trading session, reaching $10.06 price per share at the time. The company report on October 31, 2020 that MGIC Treasurer Lisa Pendergast to retire; Nathan R. Abramowski promoted.

MGIC Investment Corporation (NYSE: MTG) today announced that Lisa Pendergast, who has been with the Company since 1998 and currently serves as Vice President, Treasurer & Investments, is retiring November 2, 2020. Nathan R. Abramowski, the Company’s Assistant Treasurer, will become Vice President – Treasurer effective upon Ms. Pendergast’s retirement.

“Lisa has had a long and distinguished career at MGIC,” said Tim Mattke, the Company’s CEO. “All of us will miss her leadership, camaraderie and passion for MGIC. While we look forward to Nate’s ongoing contributions, we will continue to benefit from the strong foundation and structure Lisa created within our Treasury group and the Company.”.

MGIC Investment Corporation represents 338.59 million in outstanding shares, while the company has a total market value of $3.28 billion with the latest information. MTG stock price has been found in the range of $9.49 to $10.09.

If compared to the average trading volume of 4.11M shares, MTG reached a trading volume of 5904103 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about MGIC Investment Corporation [MTG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MTG shares is $13.07 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MTG stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Keefe Bruyette have made an estimate for MGIC Investment Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on October 07, 2020. The new note on the price target was released on June 09, 2020, representing the official price target for MGIC Investment Corporation stock. On October 22, 2018, analysts increased their price target for MTG shares from 14.50 to 16.50.

The Average True Range (ATR) for MGIC Investment Corporation is set at 0.44, with the Price to Sales ratio for MTG stock in the period of the last 12 months amounting to 2.67. The Price to Book ratio for the last quarter was 0.78, with the Price to Cash per share for the same quarter was set at 1.12. Price to Free Cash Flow for MTG in the course of the last twelve months was 4.81.

Trading performance analysis for MTG stock

MGIC Investment Corporation [MTG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.37. With this latest performance, MTG shares gained by 9.71% in over the last four-week period, additionally plugging by 53.82% over the last 6 months – not to mention a drop of -26.62% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MTG stock in for the last two-week period is set at 51.56, with the RSI for the last a single of trading hit 51.06, and the three-weeks RSI is set at 53.72 for MGIC Investment Corporation [MTG]. The present Moving Average for the last 50 days of trading for this stock 9.55, while it was recorded at 9.93 for the last single week of trading, and 9.18 for the last 200 days.

MGIC Investment Corporation [MTG]: A deeper dive into fundamental analysis

MGIC Investment Corporation [MTG]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, MGIC Investment Corporation posted 0.48/share EPS, while the average EPS was predicted by analysts to be reported at 0.42/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 14.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MTG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for MGIC Investment Corporation go to -1.26%.

An analysis of insider ownership at MGIC Investment Corporation [MTG]

There are presently around $3,160 million, or 94.50% of MTG stock, in the hands of institutional investors. The top three institutional holders of MTG stocks are: VANGUARD GROUP INC with ownership of 36,271,336, which is approximately -1.454% of the company’s market cap and around 0.10% of the total institutional ownership; FMR LLC, holding 28,702,483 shares of the stock with an approximate value of $288.75 million in MTG stocks shares; and GOLDMAN SACHS GROUP INC, currently with $217.94 million in MTG stock with ownership of nearly 90.975% of the company’s market capitalization.

155 institutional holders increased their position in MGIC Investment Corporation [NYSE:MTG] by around 61,357,910 shares. Additionally, 174 investors decreased positions by around 62,373,474 shares, while 41 investors held positions by with 190,428,618 shares. The mentioned changes placed institutional holdings at 314,160,002 shares, according to the latest SEC report filing. MTG stock had 45 new institutional investments in for a total of 11,973,918 shares, while 52 institutional investors sold positions of 6,201,199 shares during the same period.

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