Brokerages Set MGIC Investment Co. (NYSE:MTG) PT at $24.33

MGIC Investment Co. (NYSE:MTG) has received a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $24.33.

Several research firms have commented on MTG. Roth Mkm increased their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. BTIG Research raised their price target on MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Barclays raised their price target on MGIC Investment from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd.

MGIC Investment Trading Down 0.5 %

MGIC Investment stock opened at $25.31 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $6.75 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 1.37 and a beta of 1.28. MGIC Investment has a one year low of $16.32 and a one year high of $25.93. The company’s fifty day moving average price is $24.72 and its two-hundred day moving average price is $22.44.

MGIC Investment (NYSE:MTG) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.62 by $0.15. The firm had revenue of $305.28 million for the quarter, compared to the consensus estimate of $301.02 million. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. On average, analysts forecast that MGIC Investment will post 2.76 earnings per share for the current fiscal year.

MGIC Investment Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.13 per share. The ex-dividend date was Thursday, August 8th. This is an increase from MGIC Investment’s previous quarterly dividend of $0.12. This represents a $0.52 dividend on an annualized basis and a yield of 2.05%. MGIC Investment’s dividend payout ratio (DPR) is 20.00%.

Institutional Investors Weigh In On MGIC Investment

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its stake in MGIC Investment by 11.1% during the third quarter. SG Americas Securities LLC now owns 18,321 shares of the insurance provider’s stock worth $469,000 after purchasing an additional 1,832 shares during the period. Sanctuary Advisors LLC bought a new position in MGIC Investment during the second quarter worth about $622,000. NewEdge Advisors LLC lifted its stake in MGIC Investment by 255.9% during the second quarter. NewEdge Advisors LLC now owns 42,549 shares of the insurance provider’s stock worth $917,000 after purchasing an additional 30,594 shares during the period. Creative Planning lifted its stake in MGIC Investment by 49.9% during the second quarter. Creative Planning now owns 17,924 shares of the insurance provider’s stock worth $386,000 after purchasing an additional 5,969 shares during the period. Finally, Algert Global LLC bought a new position in MGIC Investment during the second quarter worth about $585,000. 95.58% of the stock is owned by institutional investors and hedge funds.

MGIC Investment Company Profile

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, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.