MGIC Investment Co. (NYSE:MTG) Declares $0.10 Quarterly Dividend

MGIC Investment Co. (NYSE:MTGGet Rating) announced a quarterly dividend on Wednesday, January 25th, Wall Street Journal reports. Shareholders of record on Friday, February 17th will be given a dividend of 0.10 per share by the insurance provider on Thursday, March 2nd. This represents a $0.40 annualized dividend and a yield of 2.89%. The ex-dividend date is Thursday, February 16th.

MGIC Investment has increased its dividend by an average of 44.2% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. MGIC Investment has a dividend payout ratio of 18.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect MGIC Investment to earn $2.28 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 17.5%.

MGIC Investment Stock Up 0.7 %

MGIC Investment stock traded up $0.10 during mid-day trading on Wednesday, hitting $13.85. The company had a trading volume of 2,297,402 shares, compared to its average volume of 3,045,681. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $13.18 and its two-hundred day moving average price is $13.56. MGIC Investment has a 12 month low of $11.38 and a 12 month high of $16.41. The company has a market capitalization of $4.11 billion, a PE ratio of 5.15, a price-to-earnings-growth ratio of 1.21 and a beta of 1.36.

MGIC Investment (NYSE:MTGGet Rating) last released its earnings results on Wednesday, November 2nd. The insurance provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.55 by $0.31. The business had revenue of $296.06 million for the quarter, compared to the consensus estimate of $322.19 million. MGIC Investment had a return on equity of 19.66% and a net margin of 72.18%. As a group, sell-side analysts anticipate that MGIC Investment will post 2.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC bought a new position in MGIC Investment in the 1st quarter worth $26,000. Covestor Ltd increased its position in MGIC Investment by 84.1% in the first quarter. Covestor Ltd now owns 9,642 shares of the insurance provider’s stock worth $131,000 after buying an additional 4,404 shares in the last quarter. Beacon Pointe Advisors LLC bought a new position in shares of MGIC Investment in the first quarter worth about $154,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of MGIC Investment by 14.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,268 shares of the insurance provider’s stock valued at $167,000 after buying an additional 1,630 shares in the last quarter. Finally, Forum Financial Management LP purchased a new position in shares of MGIC Investment during the 1st quarter valued at about $196,000. Hedge funds and other institutional investors own 96.95% of the company’s stock.

Analysts Set New Price Targets

MTG has been the subject of a number of recent analyst reports. StockNews.com began coverage on MGIC Investment in a research report on Wednesday, October 12th. They issued a “buy” rating for the company. Compass Point downgraded shares of MGIC Investment from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $14.50 in a research report on Tuesday, November 8th. Credit Suisse Group cut their target price on shares of MGIC Investment to $15.00 in a research report on Thursday, October 13th. Finally, Barclays downgraded MGIC Investment from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $14.00 in a research note on Friday, January 6th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.75.

About MGIC Investment

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MGIC Investment Corp. is a private mortgage insurer that serves lenders throughout the United States, and Puerto Rico. It also provides lenders with underwriting and other services and products related to home mortgage lending through its subsidiaries, such as Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp.

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Dividend History for MGIC Investment (NYSE:MTG)

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