MGIC Investment Co. (NYSE:MTG) Given Average Recommendation of “Hold” by Brokerages

MGIC Investment Co. (NYSE:MTG) has been assigned a consensus rating of “Hold” from the five ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $21.08.

Several equities analysts have recently commented on the stock. Royal Bank of Canada boosted their price target on shares of MGIC Investment from $18.00 to $21.00 and gave the company a “sector perform” rating in a report on Friday, February 2nd. Roth Mkm upped their target price on MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $24.00 price target (up from $23.50) on shares of MGIC Investment in a report on Thursday, April 4th.

MGIC Investment Trading Down 1.4 %

Shares of NYSE MTG opened at $20.88 on Friday. The firm has a market capitalization of $5.57 billion, a PE ratio of 8.03, a PEG ratio of 1.67 and a beta of 1.24. MGIC Investment has a one year low of $14.51 and a one year high of $22.43. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $20.67 and a two-hundred day moving average price of $19.33.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $294.40 million during the quarter, compared to analysts’ expectations of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. As a group, analysts predict that MGIC Investment will post 2.48 earnings per share for the current fiscal year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 21st. Shareholders of record on Thursday, May 9th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.46 annualized dividend and a yield of 2.20%. MGIC Investment’s dividend payout ratio (DPR) is currently 17.69%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MTG. Vest Financial LLC lifted its position in MGIC Investment by 29.4% during the 4th quarter. Vest Financial LLC now owns 690,877 shares of the insurance provider’s stock worth $13,327,000 after acquiring an additional 157,036 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of MGIC Investment by 335.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 103,129 shares of the insurance provider’s stock worth $1,989,000 after purchasing an additional 79,457 shares during the period. NewEdge Wealth LLC lifted its position in shares of MGIC Investment by 8.8% during the 4th quarter. NewEdge Wealth LLC now owns 1,444,931 shares of the insurance provider’s stock worth $27,873,000 after purchasing an additional 117,301 shares during the last quarter. Invesco Ltd. boosted its stake in MGIC Investment by 47.3% during the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after purchasing an additional 1,019,759 shares during the period. Finally, LSV Asset Management grew its holdings in MGIC Investment by 8.5% in the 3rd quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after buying an additional 820,182 shares during the last quarter. 95.58% of the stock is owned by institutional investors.

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.