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

MGIC Investment Corporation [NYSE: MTG] jumped around 0.06 points on Tuesday, while shares priced at $12.82 at the close of the session, up 0.47%. The company report on October 4, 2022 that MGIC Investment Corporation Schedules 3rd Quarter 2022 Earnings Call.


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MGIC Investment Corporation (NYSE: MTG) has announced plans to release its third quarter 2022 financial results after the market closes on Wednesday, November 2, 2022.  A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time on Thursday, November 3, 2022, to discuss the Company’s results for the quarter ended September 30, 2022.

Individuals interested in joining by telephone should register for the call “here” to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed via the Company’s Investor website found at http://mtg.mgic.com under Newsroom. A replay of the webcast will be available on the Company’s website through December 5, 2022.

MGIC Investment Corporation stock is now -11.10% down from its year-to-date (YTD) trading value. MTG Stock saw the intraday high of $13.14 and lowest of $12.6225 per share. The company’s 52-week high price is 16.84, which means current price is +12.70% above from all time high which was touched on 01/13/22.

Compared to the average trading volume of 2.76M shares, MTG reached a trading volume of 3879661 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 $17.25 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 1.90. 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 0.45, with the Price to Sales ratio for MTG stock in the period of the last 12 months amounting to 3.37. The Price to Book ratio for the last quarter was 0.87, with the Price to Cash per share for the same quarter was set at 1.33. Price to Free Cash Flow for MTG in the course of the last twelve months was 6.62.

How has MTG stock performed recently?

MGIC Investment Corporation [MTG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.42. With this latest performance, MTG shares dropped by -10.47% in over the last four-week period, additionally sinking by -6.56% over the last 6 months – not to mention a drop of -21.45% 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 42.47, with the RSI for the last a single of trading hit 44.09, and the three-weeks RSI is set at 42.66 for MGIC Investment Corporation [MTG]. The present Moving Average for the last 50 days of trading for this stock 13.98, while it was recorded at 12.67 for the last single week of trading, and 13.98 for the last 200 days.

MGIC Investment Corporation [MTG]: Deeper insight into the fundamentals

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.

Earnings analysis for MGIC Investment Corporation [MTG]

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 4.43%.

Insider trade positions for MGIC Investment Corporation [MTG]

There are presently around $3,891 million, 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 0.60% of the total institutional ownership; BLACKROCK INC., holding 27,154,424 shares of the stock with an approximate value of $348.12 million in MTG stocks shares; and GOLDMAN SACHS GROUP INC, currently with $259.31 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 November and at the time of the November reporting period, where 152 institutional holders increased their position in MGIC Investment Corporation [NYSE:MTG] by around 34,172,010 shares. Additionally, 180 investors decreased positions by around 25,478,685 shares, while 55 investors held positions by with 243,826,310 shares. The mentioned changes placed institutional holdings at 303,477,005 shares, according to the latest SEC report filing. MTG stock had 38 new institutional investments in for a total of 2,253,411 shares, while 35 institutional investors sold positions of 3,928,994 shares during the same period.

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