MGIC Investment Corporation [NYSE: MTG] stock went on a downward path that fall over -3.48% on Thursday, amounting to a one-week price decrease of less than -3.05%. The company report on February 1, 2023 that MGIC Investment Corporation Reports Fourth Quarter 2022 Results.
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Fourth Quarter 2022 Net Income of $191.4 million or $0.64 per Diluted Share.
Fourth Quarter 2022 Adjusted Net Operating Income (Non-GAAP) of $193.3 million or $0.64 per Diluted Share.
Over the last 12 months, MTG stock dropped by -2.84%. The one-year MGIC Investment Corporation stock forecast points to a potential upside of 17.67. The average equity rating for MTG stock is currently 2.20, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $3.83 billion, with 296.10 million shares outstanding and 285.32 million shares in the current float. Compared to the average trading volume of 2.79M shares, MTG stock reached a trading volume of 3559569 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 $16.19 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 2.20. 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.
Barclays have made an estimate for MGIC Investment Corporation shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on January 06, 2023. While these analysts kept the previous recommendation, Compass Point dropped their target price from $19 to $14.50. The new note on the price target was released on November 09, 2022, representing the official price target for MGIC Investment Corporation stock. Previously, the target price had yet another raise to $18, while BofA Securities analysts kept a Buy rating on MTG stock. On June 23, 2022, analysts increased their price target for MTG shares from 15 to 16.
The Average True Range (ATR) for MGIC Investment Corporation is set at 0.31, with the Price to Sales ratio for MTG stock in the period of the last 12 months amounting to 3.26. The Price to Book ratio for the last quarter was 0.85, with the Price to Cash per share for the same quarter was set at 1.14. Price to Free Cash Flow for MTG in the course of the last twelve months was 7.14.
MTG Stock Performance Analysis:
MGIC Investment Corporation [MTG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.05. With this latest performance, MTG shares dropped by -4.79% in over the last four-week period, additionally sinking by -4.92% over the last 6 months – not to mention a drop of -2.84% 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 36.76, with the RSI for the last a single of trading hit 28.06, and the three-weeks RSI is set at 42.13 for MGIC Investment Corporation [MTG]. The present Moving Average for the last 50 days of trading for this stock 13.64, while it was recorded at 13.74 for the last single week of trading, and 13.53 for the last 200 days.
Insight into MGIC Investment Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and MGIC Investment Corporation [MTG] shares currently have an operating margin of +100.47. MGIC Investment Corporation’s Net Margin is presently recorded at +73.79.
Return on Equity for this stock inclined to 18.21, with Return on Assets sitting at 12.93.
MTG Stock EPS
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 3.09%.
MGIC Investment Corporation [MTG] Insider Position Details
There are presently around $3,800 million, in the hands of institutional investors. The top three institutional holders of MTG stocks are: VANGUARD GROUP INC with ownership of 40,192,185, which is approximately 5.824% of the company’s market cap and around 0.60% of the total institutional ownership; BLACKROCK INC., holding 28,494,884 shares of the stock with an approximate value of $379.84 million in MTG stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $202.73 million in MTG stock with ownership of nearly -16.313% of the company’s market capitalization.
Positions in MGIC Investment Corporation stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 199 institutional holders increased their position in MGIC Investment Corporation [NYSE:MTG] by around 27,838,112 shares. Additionally, 158 investors decreased positions by around 46,264,110 shares, while 56 investors held positions by with 210,986,651 shares. The mentioned changes placed institutional holdings at 285,088,873 shares, according to the latest SEC report filing. MTG stock had 55 new institutional investments in for a total of 2,661,017 shares, while 35 institutional investors sold positions of 3,271,563 shares during the same period.