MGIC Investment Co. (NYSE:MTG) Receives $25.50 Average PT from Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have received a consensus rating of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $25.50.

MTG has been the topic of a number of recent analyst reports. Royal Bank of Canada cut their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Barclays upped their price target on shares of MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 8th. BTIG Research raised their price objective on shares of MGIC Investment from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Roth Mkm upped their target price on MGIC Investment from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd.

Institutional Investors Weigh In On MGIC Investment

A number of institutional investors have recently modified their holdings of MTG. O Shaughnessy Asset Management LLC lifted its holdings in shares of MGIC Investment by 4.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 119,646 shares of the insurance provider’s stock valued at $2,675,000 after buying an additional 4,906 shares during the last quarter. Seven Eight Capital LP bought a new stake in MGIC Investment in the first quarter worth approximately $445,000. CANADA LIFE ASSURANCE Co increased its stake in shares of MGIC Investment by 5.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 303,583 shares of the insurance provider’s stock worth $6,787,000 after purchasing an additional 15,958 shares during the last quarter. Vident Advisory LLC increased its stake in shares of MGIC Investment by 21.1% during the 1st quarter. Vident Advisory LLC now owns 212,660 shares of the insurance provider’s stock worth $4,755,000 after purchasing an additional 37,030 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of MGIC Investment by 1.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 189,400 shares of the insurance provider’s stock valued at $4,235,000 after purchasing an additional 2,580 shares in the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Performance

Shares of MTG stock opened at $25.50 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average of $25.19 and a two-hundred day moving average of $23.54. The company has a market cap of $6.46 billion, a P/E ratio of 8.98, a PEG ratio of 1.81 and a beta of 1.28. MGIC Investment has a 52 week low of $17.31 and a 52 week high of $26.52.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Monday, November 4th. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.11. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts anticipate that MGIC Investment will post 2.81 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.04%. MGIC Investment’s dividend payout ratio (DPR) is presently 18.31%.

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.