MGIC Investment Co. (NYSE:MTG) Receives $21.08 Consensus Price Target from Analysts

Shares of MGIC Investment Co. (NYSE:MTG) have been given a consensus recommendation of “Hold” by the five brokerages that are presently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $21.08.

MTG has been the subject of a number of recent analyst reports. Roth Mkm increased their target price on shares of MGIC Investment from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $24.00 price objective (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th. Finally, Royal Bank of Canada boosted their target price on MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a report on Friday, February 2nd.

Hedge Funds Weigh In On MGIC Investment

A number of large investors have recently made changes to their positions in MTG. Vanguard Group Inc. grew its position in MGIC Investment by 6.0% during the third quarter. Vanguard Group Inc. now owns 37,980,396 shares of the insurance provider’s stock valued at $486,909,000 after purchasing an additional 2,137,706 shares in the last quarter. BlackRock Inc. grew its holdings in shares of MGIC Investment by 0.5% during the 1st quarter. BlackRock Inc. now owns 27,872,353 shares of the insurance provider’s stock valued at $377,670,000 after acquiring an additional 127,008 shares in the last quarter. First Trust Advisors LP increased its stake in shares of MGIC Investment by 450.2% in the first quarter. First Trust Advisors LP now owns 14,943,450 shares of the insurance provider’s stock worth $200,541,000 after acquiring an additional 12,227,328 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of MGIC Investment by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 14,412,645 shares of the insurance provider’s stock worth $278,023,000 after acquiring an additional 553,155 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in MGIC Investment by 2.3% during the first quarter. JPMorgan Chase & Co. now owns 14,350,838 shares of the insurance provider’s stock valued at $192,588,000 after purchasing an additional 328,140 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Stock Up 0.4 %

MGIC Investment stock opened at $19.90 on Tuesday. The firm has a market capitalization of $5.37 billion, a P/E ratio of 7.99, a P/E/G ratio of 1.71 and a beta of 1.24. The company has a 50-day simple moving average of $20.32 and a 200-day simple moving average of $18.90. MGIC Investment has a one year low of $13.83 and a one year high of $22.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.98 and a current ratio of 0.98.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, January 31st. The insurance provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $284.72 million for the quarter, compared to analyst estimates of $302.96 million. MGIC Investment had a net margin of 61.72% and a return on equity of 14.82%. As a group, equities analysts expect that MGIC Investment will post 2.43 earnings per share for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 5th. Stockholders of record on Thursday, February 15th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.31%. MGIC Investment’s dividend payout ratio is 18.47%.

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.