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

Shares of MGIC Investment Co. (NYSE:MTG) have been assigned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $25.50.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MTG. O Shaughnessy Asset Management LLC grew its stake 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 worth $2,675,000 after acquiring an additional 4,906 shares during the period. Seven Eight Capital LP bought a new position in MGIC Investment in the 1st quarter worth about $445,000. CANADA LIFE ASSURANCE Co boosted its stake in MGIC Investment by 5.5% in 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 period. Vident Advisory LLC boosted its stake in MGIC Investment by 21.1% in 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 period. Finally, Public Employees Retirement System of Ohio boosted its stake in MGIC Investment by 1.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 189,400 shares of the insurance provider’s stock worth $4,235,000 after purchasing an additional 2,580 shares during the period. Institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Up 2.1 %

Shares of MGIC Investment stock opened at $25.49 on Wednesday. The stock has a fifty day simple moving average of $25.19 and a 200 day simple moving average of $23.49. MGIC Investment has a 12-month low of $17.31 and a 12-month high of $26.52. The company has a market capitalization of $6.46 billion, a P/E ratio of 8.79, a price-to-earnings-growth ratio of 1.78 and a beta of 1.28. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.

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, topping the consensus estimate of $0.66 by $0.11. MGIC Investment had a return on equity of 14.99% and a net margin of 64.09%. The business had revenue of $306.65 million during the quarter, compared to the consensus estimate of $306.03 million. During the same quarter in the prior year, the company posted $0.64 earnings per share. MGIC Investment’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that MGIC Investment will post 2.81 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th were paid a dividend of $0.13 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.52 annualized dividend and a dividend yield of 2.04%. MGIC Investment’s payout ratio is 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.