Barclays Raises MGIC Investment (NYSE:MTG) Price Target to $21.00

MGIC Investment (NYSE:MTG) had its price target raised by Barclays from $20.00 to $21.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the insurance provider’s stock.

A number of other analysts have also commented on MTG. Keefe, Bruyette & Woods raised shares of MGIC Investment from a market perform rating to an outperform rating and upped their price objective for the company from $24.00 to $25.00 in a research note on Monday, June 3rd. UBS Group increased their price target on shares of MGIC Investment from $21.00 to $22.00 and gave the stock a neutral rating in a research report on Wednesday, May 22nd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $22.17.

MGIC Investment Price Performance

Shares of NYSE MTG opened at $22.30 on Tuesday. MGIC Investment has a twelve month low of $15.98 and a twelve month 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 company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 8.58, a PEG ratio of 7.17 and a beta of 1.28. The firm has a 50-day moving average of $21.09 and a two-hundred day moving average of $20.40.

MGIC Investment (NYSE:MTG) last issued its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.05. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The company had revenue of $294.40 million during the quarter, compared to the consensus estimate of $301.62 million. During the same period in the prior year, the company earned $0.54 EPS. MGIC Investment’s revenue was up 3.7% on a year-over-year basis. As a group, analysts expect that MGIC Investment will post 2.52 earnings per share for the current fiscal year.

MGIC Investment Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Wednesday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is 17.69%.

Hedge Funds Weigh In On MGIC Investment

Hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in MGIC Investment by 482.7% in the second quarter. Versant Capital Management Inc now owns 1,142 shares of the insurance provider’s stock worth $25,000 after buying an additional 946 shares during the last quarter. GAMMA Investing LLC acquired a new position in MGIC Investment in the fourth quarter worth approximately $30,000. Pacific Capital Wealth Advisors Inc. acquired a new position in MGIC Investment in the fourth quarter worth approximately $31,000. Quarry LP increased its holdings in MGIC Investment by 244.4% in the fourth quarter. Quarry LP now owns 1,977 shares of the insurance provider’s stock worth $38,000 after buying an additional 1,403 shares during the last quarter. Finally, CWM LLC increased its holdings in MGIC Investment by 249.1% in the first quarter. CWM LLC now owns 2,175 shares of the insurance provider’s stock worth $49,000 after buying an additional 1,552 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company’s stock.

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.