MGIC Investment Co. (NYSE:MTG) Receives $25.86 Consensus PT from Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have earned a consensus recommendation of “Hold” from the seven research firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $25.86.

MTG has been the subject of a number of recent analyst reports. Royal Bank of Canada lowered their target price 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. Keefe, Bruyette & Woods dropped their price objective on MGIC Investment from $29.00 to $28.00 and set a “market perform” rating for the company in a report on Wednesday. Bank of America cut MGIC Investment from a “buy” rating to an “underperform” rating and reduced their target price for the company from $26.00 to $25.00 in a report on Monday, December 9th. Finally, Barclays raised their price objective on MGIC Investment from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 8th.

MGIC Investment Price Performance

MTG stock opened at $22.90 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. The stock’s 50 day moving average price is $24.54 and its 200 day moving average price is $24.40. The firm has a market cap 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 1 year low of $18.68 and a 1 year high of $26.56.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings data on Monday, November 4th. The insurance provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.11. The business had revenue of $306.65 million during the quarter, compared to analyst estimates of $306.03 million. MGIC Investment had a net margin of 64.09% and a return on equity of 14.99%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 earnings per share. On average, sell-side analysts expect that MGIC Investment will post 2.85 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.27%. MGIC Investment’s payout ratio is currently 18.31%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC increased its position in shares of MGIC Investment by 89.2% in the 2nd quarter. Acadian Asset Management LLC now owns 300,968 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 141,888 shares during the last quarter. Quest Partners LLC raised its stake in MGIC Investment by 906,600.0% during the second quarter. Quest Partners LLC now owns 9,067 shares of the insurance provider’s stock valued at $195,000 after buying an additional 9,066 shares in the last quarter. United Services Automobile Association lifted its holdings in MGIC Investment by 9.2% during the 2nd quarter. United Services Automobile Association now owns 21,497 shares of the insurance provider’s stock worth $463,000 after buying an additional 1,807 shares during the last quarter. American Century Companies Inc. grew its position in shares of MGIC Investment by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 3,395,208 shares of the insurance provider’s stock worth $73,167,000 after acquiring an additional 50,307 shares in the last quarter. Finally, Vest Financial LLC increased its holdings in shares of MGIC Investment by 22.7% in the 2nd quarter. Vest Financial LLC now owns 1,073,756 shares of the insurance provider’s stock valued at $23,139,000 after acquiring an additional 198,553 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

About MGIC Investment

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.