MGIC Investment Co. (NYSE:MTG) Receives $24.50 Average PT from Brokerages

Shares of MGIC Investment Co. (NYSE:MTG) have received an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $24.50.

A number of equities research analysts have recently commented on the stock. Roth Mkm upped their target price on shares of MGIC Investment from $24.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Barclays upped their price objective on 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, BTIG Research increased their price objective on MGIC Investment from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 5th.

MGIC Investment Trading Up 1.1 %

MTG opened at $25.16 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.13. MGIC Investment has a 52 week low of $16.47 and a 52 week high of $26.52. The business’s 50 day moving average is $25.25 and its two-hundred day moving average is $22.92. The firm has a market cap of $6.52 billion, a price-to-earnings ratio of 9.28, a price-to-earnings-growth ratio of 1.32 and a beta of 1.28.

MGIC Investment (NYSE:MTG) last announced its earnings results on Wednesday, July 31st. The insurance provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.15. MGIC Investment had a net margin of 63.19% and a return on equity of 14.97%. The business had revenue of $305.28 million for the quarter, compared to analyst estimates of $301.02 million. During the same period last year, the firm posted $0.68 earnings per share. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, research analysts predict that MGIC Investment will post 2.76 EPS for the current year.

MGIC Investment Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a dividend of $0.13 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.52 annualized dividend and a yield of 2.07%. MGIC Investment’s dividend payout ratio is currently 19.19%.

Institutional Trading of MGIC Investment

Hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue boosted its holdings in MGIC Investment by 0.4% during the third 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. Nations Financial Group Inc. IA ADV grew its holdings in shares of MGIC Investment by 1.6% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 35,306 shares of the insurance provider’s stock worth $761,000 after acquiring an additional 565 shares during the period. Fortem Financial Group LLC increased its stake in MGIC Investment by 1.0% in the 2nd quarter. Fortem Financial Group LLC now owns 75,447 shares of the insurance provider’s stock valued at $1,626,000 after purchasing an additional 747 shares in the last quarter. Versant Capital Management Inc increased its stake in MGIC Investment by 482.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 946 shares in the last quarter. Finally, QRG Capital Management Inc. raised its holdings in MGIC Investment by 7.7% during the second quarter. QRG Capital Management Inc. now owns 15,152 shares of the insurance provider’s stock worth $327,000 after purchasing an additional 1,081 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

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.