Keefe, Bruyette & Woods Cuts MGIC Investment (NYSE:MTG) Price Target to $28.00

MGIC Investment (NYSE:MTG) had its price target reduced by Keefe, Bruyette & Woods from $29.00 to $28.00 in a research note published on Wednesday,Benzinga reports. They currently have a market perform rating on the insurance provider’s stock.

A number of other research analysts also recently commented on the company. Barclays increased their target price on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th. Royal Bank of Canada decreased their price objective on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Finally, Bank of America cut shares of MGIC Investment from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $26.00 to $25.00 in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $25.86.

MGIC Investment Stock Down 3.1 %

MTG stock opened at $22.90 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The firm has a 50 day simple moving average of $24.54 and a 200-day simple moving average of $24.38. The company has a market capitalization of $5.80 billion, a P/E ratio of 8.06, a PEG ratio of 1.75 and a beta of 1.29. MGIC Investment has a twelve month low of $18.68 and a twelve month high of $26.56.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, topping 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 analyst estimates of $306.03 million. During the same period last year, the business earned $0.64 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that MGIC Investment will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company 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. This represents a $0.52 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date was Thursday, November 7th. MGIC Investment’s payout ratio is 18.31%.

Institutional Investors Weigh In On MGIC Investment

Several large investors have recently made changes to their positions in MTG. State of Alaska Department of Revenue grew its holdings in MGIC Investment by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 150,750 shares of the insurance provider’s stock worth $3,858,000 after buying an additional 540 shares in the last quarter. Lindenwold Advisors INC grew its stake in shares of MGIC Investment by 3.7% in the third quarter. Lindenwold Advisors INC now owns 16,611 shares of the insurance provider’s stock worth $425,000 after purchasing an additional 592 shares in the last quarter. Financial Strategies Group Inc. increased its holdings in shares of MGIC Investment by 9.2% during the third quarter. Financial Strategies Group Inc. now owns 11,440 shares of the insurance provider’s stock valued at $295,000 after purchasing an additional 966 shares during the period. Hara Capital LLC bought a new stake in shares of MGIC Investment during the third quarter valued at about $25,000. Finally, KBC Group NV lifted its holdings in MGIC Investment by 16.4% in the third quarter. KBC Group NV now owns 7,386 shares of the insurance provider’s stock worth $189,000 after purchasing an additional 1,043 shares during the period. Institutional investors and hedge funds own 95.58% of the company’s stock.

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.