MGIC Investment Co. (NYSE:MTG) Receives Average Rating of “Hold” from Analysts

MGIC Investment Co. (NYSE:MTG) has earned a consensus rating of “Hold” from the seven analysts that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $25.86.

Several research firms have recently issued reports on MTG. Bank of America lowered MGIC Investment from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $26.00 to $25.00 in a research note on Monday, December 9th. Keefe, Bruyette & Woods cut their price objective on shares of MGIC Investment from $29.00 to $28.00 and set a “market perform” rating on the stock in a research report on Wednesday. Barclays increased their target price on shares of MGIC Investment from $23.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada dropped their price target on shares of MGIC Investment from $28.00 to $27.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th.

Institutional Trading of MGIC Investment

Large investors have recently modified their holdings of the company. Franklin Resources Inc. lifted its holdings in shares of MGIC Investment by 6.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,621,838 shares of the insurance provider’s stock worth $41,836,000 after buying an additional 98,369 shares during the period. GSA Capital Partners LLP raised its holdings in shares of MGIC Investment by 154.1% in the third quarter. GSA Capital Partners LLP now owns 96,732 shares of the insurance provider’s stock valued at $2,476,000 after acquiring an additional 58,664 shares in the last quarter. Vestcor Inc lifted its stake in MGIC Investment by 559.3% in the third quarter. Vestcor Inc now owns 60,094 shares of the insurance provider’s stock worth $1,538,000 after acquiring an additional 50,979 shares during the period. Edgestream Partners L.P. grew its holdings in MGIC Investment by 153.9% during the 2nd quarter. Edgestream Partners L.P. now owns 244,980 shares of the insurance provider’s stock worth $5,279,000 after acquiring an additional 148,494 shares in the last quarter. Finally, Hancock Whitney Corp purchased a new position in MGIC Investment during the 3rd quarter valued at about $777,000. Hedge funds and other institutional investors own 95.58% of the company’s stock.

MGIC Investment Trading Up 0.8 %

Shares of MTG opened at $23.62 on Thursday. The stock has a market capitalization of $5.98 billion, a PE ratio of 8.32, a P/E/G ratio of 1.75 and a beta of 1.29. The company’s fifty day moving average is $24.58 and its 200 day moving average is $24.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.25 and a current ratio of 1.25. MGIC Investment has a fifty-two week low of $18.68 and a fifty-two week high of $26.56.

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

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 7th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Thursday, November 7th. MGIC Investment’s dividend payout ratio 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.