BofA Securities lifts MGIC Investment Corporation [MTG] price estimate. Who else is bullish?

MGIC Investment Corporation [NYSE: MTG] gained 1.37% on the last trading session, reaching $15.56 price per share at the time. The company report on August 8, 2022 that Shreyans Jain and Richard Chang Join MGIC; Officer Promotions Announced.

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Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), today announced that Shreyans Jain and Richard Chang joined the company and announced the promotions of Danny García-Vélez to Group Vice President – Head of Regional Sales & Marketing and Leslie Schunk to Vice President – Securities Law Counsel.

Mr. Jain joins MGIC as Senior Vice President – Mortgage Risk Analytics, coming from PNC where he was responsible for analytics, strategy, portfolio management and data for a $10B business banking portfolio. Prior to that role, he held the position of Head of Analytics for Consumer Real Estate and Portfolio Management, and prior to joining PNC he was at Fannie Mae.

MGIC Investment Corporation represents 308.84 million in outstanding shares, while the company has a total market value of $4.64 billion with the latest information. MTG stock price has been found in the range of $15.44 to $15.76.

If compared to the average trading volume of 2.66M shares, MTG reached a trading volume of 2893651 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 $18.12 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 2.10. 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.

BofA Securities have made an estimate for MGIC Investment Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on August 18, 2022. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price from $15 to $16. The new note on the price target was released on June 23, 2022, representing the official price target for MGIC Investment Corporation stock. Previously, the target price had yet another raise from $16 to $16.50, while BofA Securities kept a Neutral rating on MTG stock.

The Average True Range (ATR) for MGIC Investment Corporation is set at 0.33, with the Price to Sales ratio for MTG stock in the period of the last 12 months amounting to 3.94. The Price to Book ratio for the last quarter was 1.05, with the Price to Cash per share for the same quarter was set at 1.37. Price to Free Cash Flow for MTG in the course of the last twelve months was 7.74.

Trading performance analysis for MTG stock

MGIC Investment Corporation [MTG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.64. With this latest performance, MTG shares gained by 14.08% in over the last four-week period, additionally sinking by -2.32% over the last 6 months – not to mention a rise of 4.15% 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 78.56, with the RSI for the last a single of trading hit 84.47, and the three-weeks RSI is set at 72.61 for MGIC Investment Corporation [MTG]. The present Moving Average for the last 50 days of trading for this stock 13.47, while it was recorded at 15.31 for the last single week of trading, and 14.17 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and MGIC Investment Corporation [MTG] shares currently have an operating margin of +76.75. MGIC Investment Corporation’s Net Margin is presently recorded at +53.55.

Return on Equity for this stock inclined to 13.28, with Return on Assets sitting at 8.77.

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

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 5.00%.

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

There are presently around $4,674 million, or 99.50% of MTG stock, in the hands of institutional investors. The top three institutional holders of MTG stocks are: VANGUARD GROUP INC with ownership of 35,842,690, which is approximately 8.529% of the company’s market cap and around 0.70% of the total institutional ownership; BLACKROCK INC., holding 27,154,424 shares of the stock with an approximate value of $422.52 million in MTG stocks shares; and GOLDMAN SACHS GROUP INC, currently with $314.74 million in MTG stock with ownership of nearly 93.402% of the company’s market capitalization.

Positions in MGIC Investment Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 150 institutional holders increased their position in MGIC Investment Corporation [NYSE:MTG] by around 34,037,319 shares. Additionally, 188 investors decreased positions by around 25,493,827 shares, while 55 investors held positions by with 240,864,891 shares. The mentioned changes placed institutional holdings at 300,396,037 shares, according to the latest SEC report filing. MTG stock had 37 new institutional investments in for a total of 2,945,497 shares, while 38 institutional investors sold positions of 3,990,974 shares during the same period.


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